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Internal Audit Management Software Global Market Exhibit a Remarkable CAGR of 5.9% and is expected to reach $50.76 Billion By 2028 | Protiviti Inc., Workiva, MetricStream Inc., Netwrix Auditor, Riskonnect Inc.
Internal Audit Management Software Market
According to The Business Research Company's, The internal audit management software market size has grown strongly in recent years. It will grow from $38.33 billion in 2023 to $40.41 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historical period can be attributed to the increasing adoption of cloud-based internal audit software solutions, incorporation of predictive analytics to aid market expansion, growing regulatory compliance requirements, growing demand for mobile-friendly internal audit software, and expansion of internal audit software functionalities.
The internal audit management software market size is expected to see strong growth in the next few years. It will grow to $50.76 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to the growing demand for data-driven internal audit solutions, current development to foster industry progress, increased adoption of cloud-based internal audit management software solutions, focus on real-time monitoring and alerts, and adoption of advanced analytics tools. Major trends in the forecast period include cloud-based solutions, integration with ERP systems, mobile accessibility, continuous auditing practices, and integration of artificial intelligence (AI) and machine learning (ML)
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Market Drivers and Trends:
The growing preference for subscription-based pricing models is expected to propel the growth of the internal audit management software market going forward. Subscription-based pricing models refer to payment structures in which customers pay for a service or product regularly, typically monthly or annually, for an agreed-upon set price. Subscription-based pricing models are preferred because customers can benefit from cost predictability and scalability based on usage or features. Subscription-based pricing models often involve lower upfront costs than traditional perpetual licensing models. This makes internal audit management software more accessible to organizations of all sizes, including small and medium-sized enterprises (SMEs), without requiring a significant initial investment. For instance, in March 2024, according to BankMyCell, a US-based price comparison site, Netflix, a US-based provider of streaming entertainment services, used a pricing subscription model of basic, standard, and premium services, which is predicted to have 282.68 million customers in 2024, an increase of 8.6% from 260.28 million in 2023. Therefore, the growing preference for subscription-based pricing models is driving the growth of the indoor location market.
Major companies operating in the internal audit management software market are developing innovative, flexible digital platforms, such as EY Virtual Internal Auditor (VIA), to enhance auditing processes. EY Virtual Internal Auditor (VIA) is a digital platform that provides an overview of an organization's risks across its audit processes. For instance, in July 2022, Ernst & Young Global Limited (EY), a UK-based consulting, assurance, tax, and transaction services provider, launched the EY Virtual Internal Auditor (VIA), a flexible digital platform. VIA integrates market-leading analytics and SaaS technology, designed to easily integrate with existing systems and configurable to individual IA methodologies. Built on Microsoft Azure, VIA offers autonomous reporting, continuous risk monitoring, a flexible audit response model, and ICFR control testing.
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Major Key Players of the Market:
SAP Audit Management, Wolters Kluwer N.V., Protiviti Inc., Workiva, MetricStream Inc., Netwrix Auditor, Riskonnect Inc., SAI Global Assurance Pty Ltd, Reflexis Systems Inc., Resolver Inc., ACL Services Ltd, Gensuite LLC, Onspring Inc., Oversight Systems Inc., AuditFile Inc., Plan Brothers Oy, Insight Lean Solutions Inc., VComply, Perillon Software Inc., Isolocity Corporation, MasterControl Inc., ComplianceBridge Corporation, AuditDesktop, Ideagen Pentana Audit
Internal Audit Management Software Market 2024 Key Insights:
• The internal audit management software market size is expected to see strong growth in the next few years. It will grow to $50.76 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Growing Preference For Subscription-Based Pricing Models Driving The Internal Audit Management Software Market
• Advanced Technology In The Internal Audit Management Software Market
• North America was the largest region in the internal audit management software market in 2023
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