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Audit Management Software Market Size, Growth Analysis, Share, Leading Key Players, Trends, And Forecast To 2033
Audit Management Software Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
The increasing prevalence of financial frauds is expected to propel the growth of audit management software market going forward. Audit management software enables proactive risk mitigation and efficient investigations and ensures compliance with anti-fraud regulations. The adoption of audit management software is driven by its capacity to strengthen internal controls, integrate advanced technologies, and safeguard against financial losses and reputational damage associated with fraud. For instance, in May 2023, according to UK Finance Limited, a UK-based non-profit organization, In 2022, criminals managed to steal over $1.6 billion (£1.2) billion through a combination of authorized and unauthorized fraud, equating to more than $3,124 (£2,300) every minute. Therefore, the increasing prevalence of financial frauds is driving the growth of audit management software market.
Major companies operating in the audit management software market are incorporating Ai assistants into their products to strengthen their positions in the market. For instance, in July 2023, KPMG International Limited, a Netherlands-based accounting services company launched generative artificial intelligence (AI) to its tax professionals, leveraging its $2 billion commitment to integrate advanced technology into everyday business operations. As part of its expanded partnership with Microsoft, KPMG is utilizing the Azure cloud platform and OpenAI's ChatGPT to enhance the capabilities of its accountants and consultants. The firm aims to provide faster insights and boost productivity across its tax practice, allowing professionals access to ChatGPT as a ""virtual assistant"" for tasks such as gathering tax data and preparing reports on global tax obligations.
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Major Key Players of the Market:
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.
Audit Management Software Market 2024 Key Insights:
• 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%.
• Surging Demand For Cloud-Based Audit Management Software Drives Market Growth
• Integration Of Ai Assistants Reshapes The Landscape Of Audit Management Software Market
• North America was the largest region in the audit management software market in 2023
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