Press release
Audit Management Software Market Growth Accelerates: Strategic Forecast Predicts $3.39 Billion by 2029
Audit Management Software Market Size
What Will the Audit Management Software Industry Market Size Be by 2025?
The market for audit management software has seen swift growth lately. The forecast for market growth indicates an increase from $1.71 billion in 2024 to $1.92 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 12.0%. The surge during the historic period is believed to be the result of a heightened number of audits and inspections, concerns about data security, the worldwide expansion of businesses, the rise in quality management standards, the augmentation of business operation complexity, increased internal control needs, and the growing demand for instantaneous reporting.
What's the Long-Term Growth Forecast for the Audit Management Software Market Size Through 2029?
The market size for audit management software is anticipated to experience a swift expansion over the next few years, reaching a projected total value of $3.39 billion in 2029 with a compound annual growth rate (CAGR) of 15.3%. This growth for the projection period can be accredited to an increased demand for mobile auditing systems, continuous monitoring needs, emphasis on managing vendor risks, changes in the regulatory landscape, and integration with other business systems. Key trends for this period include migration to cloud-based solutions, emphasis on data analytics and AI, collaborative and remote auditing, automation of standard audit tasks, user-friendly interfaces and dashboards, and improved security features.
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What Are the Key Growth Drivers Fueling the Audit Management Software Market Expansion?
Because of the escalating interest in cloud services, experts anticipate a rise in the audit management software market. Cloud services encompass a variety of immediately accessible computing resources and applications distributed via the internet. Cloud-based audit management software presents enterprises with flexible solutions capable of seamlessly adjusting to growing data demands without considerable infrastructural expenditure. This adaptability permits businesses to enhance their audit abilities as they scale, thus causing a surge in the need for cloud-based solutions. For instance, Gartner, an American technology research firm, predicted significant growth in public address and voice alarm systems service and user spending in September 2023, projecting a boost of almost 22% to over $597 billion in 2023 from $491 billion in 2022. Moreover, by 2026, it's anticipated that 75% of organizations will implement strategies powered by cloud-based digital transformation. Consequently, the rising demand for cloud services is projected to contribute to the growth of the audit management software market.
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What Are the Key Trends Driving Audit Management Software Market Growth?
Top companies in the audit management software market are integrating AI assistants into their offerings to fortify their market standing. For example, in July 2023, KPMG International Limited, an accounting firm based in the Netherlands, added generative AI to its services for tax professionals. This move is part of its $2 billion investment to incorporate sophisticated technology into daily business processes. Through its extended collaboration with Microsoft, KPMG uses the Azure cloud platform and OpenAI's ChatGPT to develop the skills of its accountants and consultants. The organization's objective is to deliver quicker insights and improve productivity throughout its tax department by giving professionals access to ChatGPT as a 'virtual assistant' for duties like tax data collection and the preparation of global tax obligation reports.
How Is the Audit Management Software Market Segmented?
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, Healare, Other Industries
Subsegments:
1) By Solution: Audit Planning and Scheduling, Risk Assessment And Management, Compliance Management, Reporting And Analytics, Workflow Management
2) By Services: Consulting Services, Implementation Services, Training And Support Services, Maintenance And Upgrades
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Which Companies Are Leading the Charge in Audit Management Software Market Innovation?
Major companies operating in the audit management software market 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.
Which Regions Are Leading the Global Audit Management Software Market in Revenue?
North America was the largest region in the audit management software market in 2024. The regions covered in the audit management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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