New York, US, Aug. 19, 2021 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Audit Software Market information by Deployment, by Components, by Organization Size and Region – forecast to 2027” the market size to grow at a compound annual growth rate of 14.48%.
Dominant Key Players on Audit Software Market Covered Are:
- Netwrix Corporation (US)
- SHLOKLABS (Portugal)
- MetricStream (US)
- Intelex Technologies (Canada)
- Inc. (US)
- Gensuite (US)
- IQVIA (US)
- AuditDesktop (Bulgaria)
- SAP SE (Germany)
- LogicManager (US)
- Onspring Technologies (US)
- IQS Inc. (US)
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Market USP Exclusively Encompassed:
Audit Software Market Drivers
Integration of Advanced Technologies with Audit Software to Boost Market Growth
The integration of several advanced technologies like machine learning (ML), cloud, and artificial intelligence (AI) with audit software will boost market growth. Such solutions are used for enhancing the risk handling capabilities of the enterprises.
Growing Adoption of Cloud-Based Audit Management to offer Robust Opportunities
The growing adoption of cloud-based audit management software will offer robust opportunities for the market in the forecast period for the increasing awareness about the benefits of cloud computing. Such software offers functionalities like a conventional document management system and also individual role access to the audit document. Besides it also offer other business advantages like fast resolution of audit issues, reduction in manual errors and paperwork, automated audit process, and audit process alignment. These advantages are boosting market growth.
Rapid Changes in Economic Strategies to act as Market Restraint
Rapid changes in economic strategies and lack of skilled technicians to resolve the failure of the systems in real-time applications may act as market restraints over the forecast period.
Data Security Concerns to act as Market Challenge
The use of audit software can boost the vulnerability of confidential information to data theft as this software helps in managing the sensitive financial data of the organization. Data security issues are thus likely to act as a market challenge over the forecast period. Besides, high capital investment at the initial phase for installation and training related to software use may also impede market growth.
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Segmentation of Market Covered in the Research:
The global audit software market is categorized on the basis of vertical, organization size, deployment model, and components.
By component, the global audit software market is segmented into services and solutions.
By deployment, the cloud-based segment will lead the market over the forecast period for its acceptance in every application for the increasing need for having high storage capacity.
By organization size, the small & medium enterprises will dominate the market over the forecast period for the increasing scale of small and medium scale industries and also their demand for proper auditing.
By vertical, the global audit software market is segmented into non-profit organizations, accounting/CPA firms, manufacturing, energy and utility, food and beverage, BFSI, and others.
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North America to Spearhead Audit Software Market
North America will spearhead the market over the forecast period. It is likely to touch USD 195.9 million at a 15.05% CAGR by 2027. The growing need for effective risk management and regulatory compliance, the presence of different companies, increasing investments from SMEs, increasing adoption of audit software in different verticals like healthcare, IT and telecom, BFSI, manufacturing, and others, growing input tax credit expenditure, various technological advances across the region, major solution providers focusing on launching audit management solutions for gaining a competitive edge like Ncontracts LLC launching its latest automated audit management software called Nverify to offer an audit software solution across the financial services industry are adding to the global audit software market growth in the region. Besides, the growing adoption of internal audit software, the growing need for effective risk management and regulatory compliance, the presence of several companies in the region, strict regulations laid down by government authorities, constant rise in demand for audit automation software in the presence of large number of enterprises, and the growing adoption in the US are also adding market growth.
COVID-19 Impact on the Global Audit Software Market
Several industries have been impacted by the COVID-19 crisis and the global audit software market too is no exception. It has also experienced the brunt of the deadly outbreak. Economic consequences, supply chain disruptions, fluctuations in demand share, and long-term & immediate impact of the COVID-19 crisis had a negative effect on the market growth. But with the relaxation of lockdowns, the market is likely to get back into normalcy soon.
On the brighter side, there has been a growing demand for remote auditing where audits are paperless done through audit software for planning, delivering, and documenting an audit work. As such people have been working offsite as a team effectively including the review process too. At the present time, audit timetables are being maintained with clients through Teams, Skype, and Zoom which are adding market growth.
The audit software market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
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