The Audit Software Market size to grow by USD 999.24 million from 2022 to 2027 | North America to contribute 43% of the market growth - Technavio

NEW YORK, Sept. 3, 2023 /PRNewswire/ -- The audit software market is expected to grow by USD 999.24 million from 2022 to 2027, progressing at a CAGR of 13.36% as per the latest Technavio market research report. North America is going to have lucrative growth during the forecast period. About 43% of the market's overall growth is expected to originate from North America. This is driven by the need to optimize corporate finance frameworks and meet regulatory requirements. The US and Canada are important revenue-generating countries in the region. Furthermore, many U.S. companies face obstacles in effectively managing new and unusual risks when structuring financing. Aligning strategic goals with the financial structure is also a challenge. To overcome these obstacles, organizations are increasingly adopting audit software to facilitate seamless coordination of the entire audit lifecycle. Hence, these factors are expected to drive market growth in the region during the forecast period. For more insights on the market share of various regions- Download a sample report in MINUTES

Audit Software Market - Market Dynamics

Key Driver

The rise in the adoption of audit software due to several benefits is a key factor driving market growth. The application of technology in auditing is increasingly favored by auditors because of the benefits it brings, including automating the entire audit process from planning to reporting. Auditing software streamlines data management and centralizes financial and business documents. Furthermore, it offers improved performance, time and cost savings, and increased efficiency for companies that use it during audits. The software also helps companies comply with national audit regulations. Hence, these advantages are expected to drive market growth during the forecast period.

Major Trend

The emergence of audit software with predictive analytics is a major trend in the market. Integrating predictive analytics into audit software improves the efficiency, reliability, and relevance of audit evidence. Audits using predictive analytics can predict future outcomes by leveraging the insights provided by data. In addition, predictive analytics helps to identify a company's financial vulnerabilities and gain insight into customer activity. Through analysis, links between the entity's financial framework and operational processes can be created, making it easier to identify potential risk factors. Hence, these advantages are expected to drive market growth during the forecast period.

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Some of the key Audit Software Market Players:

The audit software market is fragmented and the companies are deploying organic and inorganic growth strategies to compete in the market.

AuditBoard Inc., Benchmark Digital Partners LLC, CaseWare International Inc., ComplianceBridge Corp., Dassault Systemes SE, Diligent Corp., Ideagen, International Business Machines Corp., Intertek Group Plc, Kroll LLC, MasterControl Solutions Inc., MetricStream Inc., NAVEX Global Inc., Netwrix Corp., Optial UK Ltd., Oversight Systems Inc., Perillon Software Inc., SAP SE, Wolters Kluwer NV, and Workiva Inc.

This market research report segments the audit software market by Deployment (On-premise and Cloud), Type (Large enterprise and SMEs), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).

• The market share growth in the on-premise segment will be significant during the forecast period. Deployment of an on-premises deployment model requires a significant initial investment to build a dedicated IT support team for server setup and maintenance. On-site audit software is mainly used by multinational corporations to improve the monitoring of the audit process, especially when dealing with sensitive financial information. In addition, this approach gives companies greater control over the process through secure logging and access control, ensuring the highest level of data security. Hence, these factors are expected to drive segment growth during the forecast period.

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• Companies covered
• Company classification
• Market positioning of companies
• Competitive scenario

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The software as a service (SaaS) market is estimated to grow at a CAGR of 19.19% between 2022 and 2027. The market size is forecast to increase by USD 313.45 billion.

The enterprise asset management (EAM) market is estimated to grow at a CAGR of 7.85% between 2022 and 2027. The market size is forecast to increase by USD 2,046.52 million.

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Deployment

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

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SOURCE Technavio