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Audit Management Software Market Size, Share, Trends, Growth Analysis And Forecast 2024-2033 | ACL Services Limited, MasterControl Inc., Wolters Kluwer NV, The International Business Machines Corporation, Thomson Reuters Corporation
Audit Management Software Market Report
The Business Research Company presents an extensive market research report on the Audit Management Software Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The audit management software market size has grown rapidly in recent years. It will grow from $1.55 billion in 2023 to $1.75 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to rise in audits and inspections, data security concerns, globalization of businesses, quality management standards, increased complexity of business operations, internal control requirements, demand for real-time reporting.
The audit management software market size is expected to see rapid growth in the next few years. It will grow to $2.9 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. The growth in the forecast period can be attributed to demand for mobile auditing solutions, continuous monitoring requirements, focus on vendor risk management, evolving regulatory landscape, integration with other enterprise systems. Major trends in the forecast period include shift to cloud-based solutions, focus on data analytics and ai, collaborative and remote auditing, automation of routine audit tasks, user-friendly interfaces and dashboards, enhanced security features..
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Key Market Players:
Major companies operating in the audit management software market report are ACL Services Limited, MasterControl Inc., Wolters Kluwer NV, The International Business Machines Corporation, Thomson Reuters Corporation, SAP SE, Protiviti Inc., RiskLogix Solutions Limited, Workiva Inc., ComplianceBridge Corporation, SAI Global Pty. Limited, TRONIXSS, Ideagen PLC, Lockpath Inc., AuditBoard Inc., Siemens AG, Alteryx Inc., Syntelic Solutions Corporation, Hitachi Limited, Conduent Inc., Oracle Corporation, Envista LLC, Thales Group, Xactium Limited, MetricStream Inc., Resolver Inc., AuditFile Inc., AuditSoft Inc., AuditWare Development Company Inc., Workrunner Inc.
Market Drivers:
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, in 2021, according to a survey by the Institute of Internal Auditors Inc., a US-based non-profit organization, 22% of respondents planned to implement cloud-based technology in 2021, signaling a rapid acceleration in the ongoing digital transformation of internal audit. This shift is expected to result in a majority of internal audit teams adopting a cloud-based audit management or Governance, Risk, and Compliance (GRC) software solution for the first time. Therefore, the market will rise throughout the forecast period as a result of end-users' embracing cloud-based audit software more quickly.
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https://www.thebusinessresearchcompany.com/report/audit-management-software-global-market-report
The audit management software market covered in this report is segmented -
1) By Component: Solution, Services
2) By Deployment Mode: On-Premise, Cloud
3) By Organization Size: Large Enterprises, Small and Medium Enterprises
4) By Industry Vertical: BFSI, Retail and E-commerce, Manufacturing, Government and Defense, Energy and Utilities, IT and Telecom, Education, Healthcare, Other Industries
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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