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Audit Management Software Market 2023-2032: Industry Analysis, Market Trends, Growth, Opportunities, and Forecast
Audit Management Software Market
The Business Research Company's Audit Management Software Global Market Report 2023 identifies The increasing demand for cloud-based audit management software will propel the growth of the audit management software market. Cloud-based audit software provides benefits such as lower initial costs and simpler integration. It enables safe online collaboration with clients and colleagues. Because of the use of audit management software, businesses have been able to use cutting-edge technologies to forecast insight-driven audits and validate outcomes, including blockchain, cognitive technology, and others. For instance, according to Thomson Reuters Corporation, a Canada-based media conglomerate, in 2020, cloud accounting audits were preferred by 67% of accounting professionals, and businesses that only use cloud accounting have five times as many clients and a 15% increase in sales year over year. Therefore, the market will rise throughout the forecast period as a result of end-users' embracing cloud-based audit software more quickly.
The global audit management software market size is expected to grow from $1.37 billion in 2022 to $1.55 billion in 2023 at a compound annual growth rate (CAGR) of 13.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The audit management software market size is expected to grow to $2.52 billion in 2027 at a CAGR of 13.0%.
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Major competitors in the Audit Management Software market are ACL Services Limited, MasterControl Inc., Wolters Kluwer NV, IBM Corporation, Thomson Reuters Corporation, SAP SE, Protiviti Inc., RiskLogix Solutions Limited, Workiva Inc.
A key trend in the Audit Management Software market includes technological advancement. Advancements such as artificial intelligence, machine learning, and cloud-based software are adopted in the market to improve operational efficiency and enable auditors to prioritize things needing more inquiry. Key players gain a competitive advantage in the market with such advancements. For instance, in September 2020, AppZen, a US-based finance AI software provider, launched Mastermind Analytics. It helps finance teams identify patterns of behavior to find areas for improvement, identify spending concerns, and provide benchmarks on demand. The solution uses AI technology to automate the auditing of invoices and expenditure data to provide additional information about inefficient spending patterns.
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The Audit Management Software market is segmented -
• By Component: Solution, Services
• By Deployment Mode: On-Premise, Cloud
• By Organization Size: Large Enterprises, Small and Medium Enterprises
• By Industry Vertical: BFSI, Retail and E-commerce, Manufacturing, Government and Defense, Energy and Utilities, IT and Telecom, Education, Healthcare, Other Industries
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Audit Management Software market.
The Business Research Company's "Global Audit Management Software Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Audit Management Software Market Include:
1. Executive Summary
2. Audit Management Software Market Characteristics
3. Audit Management Software Market Trends And Strategies
4. Audit Management Software Market - Macro Economic Scenario
5. Audit Management Software Market Size And Growth
……
27. Audit Management Software Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Audit Management Software Market
29. Audit Management Software Market Future Outlook and Potential Analysis
30. Appendix
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