Press Release

Amid Ukraine-Russia crisis, our analysts and industry experts are closely monitoring the markets and working hard to identify, gather and timely deliver analysis of the impact of the situation and the impact that it has on various markets. All our reports are updated with the latest impact on the market before being sent out to our customers.

Global Audit Software Market to Grow at a CAGR of 11.3% During the Period 2022-2027, Driven by Technological Advances and Automation of Audit Processes

According to a new report by EMR titled, ‘Global Audit Software Market Report and Forecast 2022-2027’, the global audit software market is expected to grow at a CAGR of 11.3% during the period 2022-2027, led by the need to effectively manage and analyse large amounts of data.

Advancements in technology, growing volume of audit evidence in electronic format, extensive practice of carrying out internal audits driven by data, regulatory mandates, and need to manage large amounts of crucial data are expected to be drivers of the global audit software market. Technological advancements in business processes have led to internal audit functions adapting to technologically driven changes in the business environment. The internal audit function has also been under pressure by stakeholders to efficiently and effectively expand audit coverage. As a result, firms have been upgrading internal audit functions with modern tech-based tools. Additional impetus to adopt modern audit software has come from regulatory requirements and evolving accounting standards. North America, Europe and Asia are projected to be key markets.

Recent years have witnessed increased demand for audit software with professionals and firms feeling the need to quickly perform routine procedures and offer clients value added and deeper insights on financial and regulatory issues. AI audit software have been reported to enable improved risk assessments and development of robust audit plans. Further, modern software have enabled auditors to efficiently analyse increasing volumes of data. Conventional audit and analytical techniques are more time consuming, expensive, and carry greater risk of error. Hence, there has been greater adoption of audit software, which allows more automation in accounting practices. Modern audit software incorporate artificial intelligence (AI), data analytics and machine learning to enable greater automation levels.

AI audit software enable auditors to analyse and interpret large amounts of data in relatively less time, leading to increased productivity and efficiency, and more accurate analysis. Also, AI audit software makes possible more effective fraud detection and risk assessment. In recent times, cloud-based software have gained much popularity in the accounting and finance domains. As cloud applications are hosted in secure, isolated data-centres, accountants may readily access data even from home offices. Indeed, cloud-based solutions are being increasingly adopted for effective project management and client communication. Due to the factors mentioned above, AI and cloud-based audit software are expected to witness increased demand during the forecast period.

Some popular audit management software include AuditBoard, Laika, Fastpath Assure, ZenGRC, Workiva, Pulse, Diligent HighBond, LogicGate Risk Cloud, TeamMate+, EASE, etc.

Key Findings of the Report:

  • Technological advancements, automation of accounting and finance related processes, and need comply with regulations are expected to boost the market. 
  • AI and cloud-based audit software are expected to witness greater demand.
  • North America, Europe and Asia are expected to be key markets.

Market Analysis by Component, Deployment Model, Organization Size, Vertical, and Region:

  • By component, the market is segmented into Solution and Service.
  • By deployment model, the market is divided into On-Premises and Cloud.
  • By organization size, the market is classified into Large Enterprises and Small and Medium Enterprises.
  • By vertical, the market is segmented into BFSI, Energy and Utility, Manufacturing, Food and Beverage, Accounting/CPA Firms, Non-Profit Organizations, and Others.
  • By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

About Us

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

Contact Us:

Expert Market Research
Website: www.expertmarketresearch.com
Email: sales@expertmarketresearch.com
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790

*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

Why Expert Market Research?

Right People

We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.

Right Methodology

We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.

Right Price

We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.

Right Support

Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.

Similar Reports





NEWSLETTER