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The market for Audit Software is now going through big changes and patterns that are making the look of this important business part. Recently, there has been a clear move towards using high tech tools and digital choices in the area of audits. Businesses all over the world are starting to understand that using audit software makes their money-management tasks more efficient, accurate and in line with rules. A big thing making the market go is when computer smarts like AI and ML are added into software used for audits. These tools help do simple jobs without people, looking at data and identifying patterns.
This lowers the chance of mistakes by humans and makes audits better overall. Audit software that uses AI can quickly look at huge sets of data in a way regular methods can't. This helps auditors get useful information and find problems faster. Cloud programs are now a big player in the audit software market. The freedom and ease we get from using cloud services are extra helpful for businesses with teams in different places or lots of offices. Audit software in the cloud lets auditors work together fast, get data from anywhere and makes sure all team members have latest information.
This change goes along with the wider shift towards using cloud in several different businesses. The focus on keeping data safe and private has made people create check software with strong online security features. As companies use more digital tools to handle delicate money details, having secure audit software has become very important. People selling audit software are spending money on safety measures like encryption and multi-step login to protect important information. This helps build trust among those who use these programs. Compliance with rules is an important reason why people use audit software
. As rules get harder and more confusing, companies are using computer programs that can do part of the process on its own. This helps to prevent mistakes in following these laws and saves money from penalties they might have if not done correctly. Software with rules for the law helps companies understand new laws. It also checks if their money actions follow legal standards.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Increase in the integration of emerging technologies with audit management software |
| Market Dynamics | Rising adoption of audit software Integration of audit software with cloud-based technology |
Audit Software Market Highlights:
Audit Software Market Overview
The Audit Software Market is projected to grow from USD 1.27 Billion in 2024 to USD 3.02 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.3% during the forecast period (2024 - 2032). Additionally, the market size for Audit Software was valued at USD 1.14 billion in 2023.
The key market drivers enhancing market growth are the increase in the integration of emerging technologies with audit management software and the rise in the adoption of audit management software by various small & medium enterprises.
Figure 1: Audit Software Market Size, 2023-2032 (USD Billion)
Source: Secondary Research, MRFR Database, Primary Research, and Analyst Review
Audit Software Market Trends
Integration of software with cloud-based technology to boost the market growth
Integrating advanced technologies such as artificial intelligence (AI), cloud, and machine learning (ML) with audit software is expected to boost the demand for audit software solutions. These solutions are used to enhance the risk-handling capabilities of enterprises. The rising adoption of audit software in various industries such as BFSI, government, manufacturing, IT & telecom, among others, is also likely to propel the audit software market revenue.
Further, Key players in this market focus on new product launch to improve customer experience. For instance, in May 2019, NIIT Technologies Limited launched its new cloud-based audit solution - "Cognitive Service Desk Audit". This audit solution is built on the Microsoft Azure platform. This solution is designed to enhance the productivity of organizations by reducing audit efforts, increasing operational efficiency, and improving vigilance and quality. The rising awareness of the benefits of audit software functionalities is expected to strengthen the market growth.
Additionally, internal auditors and compliance officials use internal audit software as a digital tool for walkthrough inspections and data analysis. In order to apply the necessary corrective measures, it enables the identification of weak points, inefficiencies, and noncompliance in corporate operations. Implementing a systematic, disciplined strategy to evaluate and improve the effectiveness of control, risk management, and governance procedures aids a company in achieving its objectives. The internal audit activity is carried out by experts who have a thorough understanding of the business culture, systems, and procedures, and it ensures that internal controls are sufficient to mitigate risks, governance processes are useful and effective, and organizational goals and objectives are met.
However, the strict government regulations for compliance and the need for effective risk management are driving the audit management software market. Audit software designed for organizations to manage all audit-related activities and to ensure that all the process is in a single comprehensive framework has enhanced the audit software market CAGR across the globe in recent years.
Audit Software Market Segment Insights
Audit Software Component Insights
The audit software market segmentation, based on components, includes solutions and services. The solution segment held the majority share of 2021 the audit software market revenue. This is primarily due to a surge in enterprise data volume, rising business process automation, and growing digitization. However, service is the fastest-growing category over the forecast period due to the growing demand of service of audit services among existing customers.
Audit Software Deployment Model Insights
The audit software market segmentation, based on the deployment model, includes on-premise and cloud. The on-premise category dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Enterprises across the globe have adopted on-premise deployment as it allows easy software customization per the client's business processes. However, the cloud is the fastest-growing category over the forecast period. Businesses widely prefer this software since it is housed on the vendor's server and can be accessed using a web browser. Hence, the widespread use of audit software on cloud-based platforms positively impacts market growth.
Audit Software Organization Size Insights
The audit software market data has been bifurcated by organization size into large enterprises and small & medium enterprises. The large enterprises category dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Large enterprises use enterprise software to manage their business operations. These enterprises focus on automating their various business tasks to reduce human intervention and workforce costs which fuel the market for audit software. However, small & medium enterprises are the fastest-growing category over the forecast period. SMEs are significantly adopting enterprise software to enrich employees’ productivity, quickly expand the customer base, minimize compliance risks, and increase business profitability.
Figure 2: Audit Software Market by Organization Size, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Audit Software Vertical Insights
Based on Vertical, the audit software industry has been segmented into BFSI, energy & utility, manufacturing, food & beverage, accounting/CPA firms, and non-profit organizations. BFSI held the largest segment share in 2021, owing to the growing use of audit software, which offers advantages, including secure transactions and continuous access to client databases while enhancing the customer experience. However, manufacturing is the fastest-growing category due to an increase in the demand for audit software among manufacturers to keep the data in stock.
Audit Software Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America audit software market accounted for USD 0.39 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the increasing high-speed data network demand, and several software vendors are attributed to the region's market growth. Companies are investing heavily in software and analytics projects in this region. Further, the US audit software market held the largest market share, and the Canada audit software market was the fastest-growing market in the North America region.
Further, the prominent countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: AUDIT SOFTWARE MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Europe audit software market accounts for the second-largest market share. Major investments in software and services by large companies, along with the adoption of new technologies across industries, have contributed to the positive growth of the regional market. Further, the Germany audit software market held the largest market share, and the UK audit software market was the fastest-growing market in the European region.
The Asia-Pacific audit software market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to enterprises in the region taking opportunities beyond safeguarding their conventions and compliances and applying technology to limit threats on enterprise devices. Moreover, China audit software market held the largest market share, and the India audit software market was the fastest-growing market in the Asia-Pacific region.
Audit Software Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the audit software market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the audit software industry must offer cost-effective items to expand and survive in an increasingly competitive and growing market environment.
One of the major business strategies manufacturers adopt in the audit software industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. The audit software markets major players such as Logic manager, Netwrix Corporation, SAP SE, and others are working on expanding the market demand by investing in research and development activities.
Wolters Kluwer is a provider of software solutions, professional information, and services for clinicians, accountants, lawyers, and tax, finance, audit, risk, compliance, and regulatory sectors. Wolters Kluwer reported 2021 annual revenues of $5.22 billion. The group serves customers in over 180 countries and maintains operations in over 40 countries. In March 2020 - Wolters Kluwer Tax & Accounting launched its cloud-based audit software - "TeamMate+ Public Sector." This solution will help the public sector audit departments automate tasks and streamline audit executions.
Also, Thomson Reuters is a leading provider of business information services. Their products include highly specialized information-enabled software and tools for legal, accounting, tax, trade and compliance professionals combined with the world's news service, Reuters. In July 2019, Thomson Reuters announced the acquisition of HighQ. HighQ provides a secure cloud-based platform for client engagement, workflow automation, and business collaboration.
Key Companies in the audit software market include
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Thomson Reuters/Tax & Accounting (Canada)
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SAP SE (Germany)
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Protiviti Inc. (US)
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RiskLogix
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Workiva. (US)
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Ideagen Plc. (UK)
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Lockpath, Inc. (US)
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AuditBoard, Inc. (US)
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Dell (US)
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BWise. (Netherlands)
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Enablon S.A (France)
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MetricStream Inc. (US)
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Compliance Bridge Corporation. (US)
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Resolver (India)
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SAI Pty Limited. (Australia)
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TRONIXSS (US)
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AuditFile, Inc. (US)
Audit Software Industry Developments
October 2022: HotWax Commerce launched its latest software, the Omnichannel Retail Sales Audit, OReSA. OReSA reconciles accurate sales data daily, quickly catches critical data integration errors, and leverages automation to simplify month-end financials. It was built to serve existing clients like Steve Madden, that faced these all-too-common challenges, but is now publicly available as an extension through the HotWax Commerce Order Management Solution.
Audit Software Market Segmentation
Audit Software Component Outlook
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Solution
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Service
Audit Software Organization Size Outlook
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Large Enterprises
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Small & Medium Enterprises
Audit Software Deployment Model Outlook
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On-Premise
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Cloud
Audit Software Vertical Outlook
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BFSI
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Energy & Utility
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Manufacturing
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Food & Beverage
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Accounting/CPA Firms
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Non-Profit Organizations
Audit Software Regional Outlook
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North America
- US
- Canada
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Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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