Press release
2025-2034 Audit Management Software Market Outlook: Key Drivers, Emerging Challenges, and Strategic Insights
Audit Management Software
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What Will the Audit Management Software Industry Market Size Be by 2025?_x000D_
In recent times, there has been swift growth in the size of the audit management software market. It is projected to escalate from a worth of $1.71 billion in 2024 to a significantly larger market value of $1.9 billion by the end of 2025. The compound annual growth rate (CAGR) during this period is estimated to be 11.2%. This striking increase in the historical period can be credited to several factors including the increase in audits and inspections, growing concern over data security, globalization of businesses, the need to adhere to quality management standards, the complexity involved in managing business operations, obligatory internal control requirements and a rising demand for real-time reports._x000D_
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What's the Long-Term Growth Forecast for the Audit Management Software Market Size Through 2029?_x000D_
The market size for audit management software is predicted to experience swift expansion within the coming years. The market is projected to surge to $3.35 billion by 2029, with a compound annual growth rate (CAGR) of 15.2%. The boost in growth over the projected period is credited to the rising demand for mobile audit solutions, the need for continuous monitoring, emphasis on vendor risk management, the changing regulatory environment, and integration with other enterprise systems. The future trends include the transition to cloud-based solutions, heightened focus on data analytics and AI, cooperative and distant auditing, the automation of regular audit tasks, user-friendly interfaces and dashboards, and advanced security features._x000D_
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What Are the Key Growth Drivers Fueling the Audit Management Software Market Expansion?_x000D_
The expected surge in cloud service requirements is predicted to propel the expansion of the audit management software market. Cloud services encompass a wide array of applications and computing resources that are made available on-demand via the Internet. By delivering scalable solutions that can smoothly adjust to escalating data needs without sizeable investment in infrastructure, cloud-based audit management software empowers businesses. This adaptability allows enterprises to enhance their audit competencies as they grow, thus sparking the need for cloud-based solutions. For example, in 2023, Gartner, an American tech research firm, anticipated considerable growth in the sector of public address and voice alarm systems service and user expenditures, projecting a rise of nearly 22%, from $491 billion in 2022 to over $597 billion in 2023. Additionally, by 2026, it's predicted that 75% of corporations will have adopted strategies powered by the cloud for digital transformation. Consequently, the growing need for cloud services will underpin the expansion of the audit management software market._x000D_
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What Are the Key Trends Driving Audit Management Software Market Growth?_x000D_
Key players in the audit management software market are integrating AI assistants into their offerings to bolster their market presence. For example, KPMG International Limited, an accounting services firm from the Netherlands, unveiled a generative AI to its tax professionals in July 2023, backed by its $2 billion commitment to fuse progressive technologies in regular business activities. As part of their expanded collaboration with Microsoft, KPMG is making use of the Azure cloud platform and OpenAI's ChatGPT to amplify the capacities of their accountants and consultants. The company's ambition is to offer quicker insights and elevate efficiency in its tax practice, granting professionals the comfort of using ChatGPT as a 'virtual assistant' for responsibilities like gathering tax data and producing reports on global tax duties._x000D_
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How Is the Audit Management Software Market Segmented?_x000D_
The audit management softwaremarket covered in this report is segmented - _x000D_
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1) By Component: Solution, Services_x000D_
2) By Deployment Mode: On-Premise, Cloud_x000D_
3) By Organization Size: Large Enterprises, Small And Medium Enterprises_x000D_
4) By Industry Vertical: BFSI, Retail And E-commerce, Manufacturing, Government And Defense, Energy And Utilities, IT And Telecom, Education, Healthcare, Other Industries_x000D_
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Subsegments:_x000D_
1) By Solution: Audit Planning and Scheduling, Risk Assessment And Management, Compliance Management, Reporting And Analytics, Workflow Management _x000D_
2) By Services: Consulting Services, Implementation Services, Training And Support Services, Maintenance And Upgrades _x000D_
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Which Companies Are Leading the Charge in Audit Management Software Market Innovation?_x000D_
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. _x000D_
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Which Regions Are Leading the Global Audit Management Software Market in Revenue?_x000D_
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._x000D_
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