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Global Audit Software Market: By Component: Solution, Service; By Deployment Model: On-Premises, Cloud; By Organization Size: Large Enterprises, Small and Medium Enterprises; By Vertical; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Audit Software Market Outlook

The global audit software market is expected to grow at a CAGR of 11.3% during the period 2022-2027. 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. North America, Europe and Asia are expected to be key markets.

 

Global Audit Software Market

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Global Market Likely to be Driven by Technological Developments and Automated Workflow Requirements

Audit software help auditors and audit departments manage all facets of the audit process; these software enable identification and evaluation of risk, creation and management of audits, allocation of resources and scheduling of projects, managing issue remediation, capturing T&E, and monitoring and reporting status with dashboards and notifications.

Audit software enable firms to plan for, address and lessen risks that may threaten the safety and quality of services or goods provided. Audit management is crucial to compliance and risk-management stratagems of firms adhering to government rules and industry standards. Audit management software standardize audit management procedures across a firm; these software enable automation of different steps involved in the audit lifecycle, permitting businesses to carry out audits in one comprehensive framework.

Audit software generally encompass the various types of audit, including internal audits, supplier audits, quality audits, etc. The various steps in an audit life cycle include:

Planning and scheduling – This stage involves prioritizing risk areas, generating targeted risk-based plans, planning when the audit would take place, arranging resources, creating and assigning checklists and tasks, etc.

Conducting the audit – The stage involves actually carrying out the audit, applying document controls, and tracking observations and recording findings.

Managing findings – This step entails tracking progress, monitoring trends, analyses, generating audit reports, reviewing recommendations with management and devising risk management implementation plans.

Implementation and review – The step involves implementing action plans, observing and recording findings, monitoring and tracking success of action items and noting inconsistencies that may warrant audits in future.

 

Capabilities and Advantages Offered by Audit Software Likely to Contribute to Growth of Global Audit Software Market

Capabilities of audit software generally include audit scheduling, task and time tracking, configurable forms and checklists, email notifications, dashboards and reporting. Benefits offered by audit software include decreased risk (through eliminating inconsistencies and standardizing audit management procedures), better security (through safely storing and managing audit documents and implementation plans in a central system), better compliance with government rules and industry standards while keeping a trackable and accurate audit trail. Audit software also enable automatic audit scheduling, safety and quality, mobility in the audit procedure, automated templates for audits and checklists, and integration of audits with EHS and QMS systems. These capabilities and benefits offered by audit software are expected to boost the market.

 

AI Audit Software Expected to Witness Greater Demand

In recent years, audit software have been increasingly combining machine learning, data analytics, and artificial intelligence (AI) to enhance automation levels on routine tasks. Processes automated by AI audit software may witness significantly less errors and more in-depth analyses. The use of AI audit software may also reduce time consumed in the auditing process and offer greater value. Due to these factors, AI audit software is expected to witness greater demand and contribute to the growth of the global audit software market.

 

Market Segmentation

 

Global Audit Software Market by Segments

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By component, the market is segmented into:

  • Solution
  • Service

By deployment model, the market is divided into:

  • On-Premises
  • Cloud

By organization size, the market is classified into:

  • Large Enterprises
  • 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
  • Others

By region, the market is divided into:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

 

Global Audit Software Market by Region

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Key Industry Players in the Global Audit Software Market

The report presents a detailed analysis of the following key players in the market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • Netwrix Corporation
  • MasterControl Inc.
  • MetricStream
  • Intelex Technologies
  • Gensuite
  • IQVIA
  • AuditDesktop
  • Others

The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

*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.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Audit Software Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Audit Software Historical Market (2017-2021) 
    8.3    Global Audit Software Market Forecast (2022-2027)
    8.4    Global Audit Software Market by Component
        8.4.1    Solution
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2017-2021)
            8.4.1.3    Forecast Trend (2022-2027)
        8.4.2    Service
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2017-2021)
            8.4.2.3    Forecast Trend (2022-2027)
    8.5    Global Audit Software Market by Deployment Model
        8.5.1    On-Premises
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2017-2021)
            8.5.1.3    Forecast Trend (2022-2027)
        8.5.2    Cloud
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2017-2021)
            8.5.2.3    Forecast Trend (2022-2027)
    8.6    Global Audit Software Market by Organization Size
        8.6.1    Large Enterprises
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2017-2021)
            8.6.1.3    Forecast Trend (2022-2027)
        8.6.2    Small and Medium Enterprises
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2017-2021)
            8.6.2.3    Forecast Trend (2022-2027)
    8.7    Global Audit Software Market by Vertical
        8.7.1    BFSI
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2017-2021)
            8.7.1.3    Forecast Trend (2022-2027)
        8.7.2    Energy and Utility
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2017-2021)
            8.7.2.3    Forecast Trend (2022-2027)
        8.7.3    Manufacturing
            8.7.3.1    Market Share
            8.7.3.2    Historical Trend (2017-2021)
            8.7.3.3    Forecast Trend (2022-2027)
        8.7.4    Food and Beverage
            8.7.4.1    Market Share
            8.7.4.2    Historical Trend (2017-2021)
            8.7.4.3    Forecast Trend (2022-2027)
        8.7.5    Accounting/CPA Firms
            8.7.5.1    Market Share
            8.7.5.2    Historical Trend (2017-2021)
            8.7.5.3    Forecast Trend (2022-2027)
        8.7.6    Non-Profit Organizations
            8.7.6.1    Market Share
            8.7.6.2    Historical Trend (2017-2021)
            8.7.6.3    Forecast Trend (2022-2027)
        8.7.7    Others
    8.8    Global Audit Software Market by Region
        8.8.1    Market Share
            8.8.1.1    North America
            8.8.1.2    Europe
            8.8.1.3    Asia Pacific
            8.8.1.4    Latin America
            8.8.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2017-2021)
        9.1.2    Forecast Trend (2022-2027)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2017-2021)
        9.2.2    Forecast Trend (2022-2027)
        9.2.3    Breakup by Country
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2017-2021)
        9.3.2    Forecast Trend (2022-2027)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2017-2021)
        9.4.2    Forecast Trend (2022-2027)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2017-2021)
        9.5.2    Forecast Trend (2022-2027)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Competitive Landscape
    11.1    Market Structure
    11.2    Company Profiles
        11.2.1    Netwrix Corporation
            11.2.1.1    Company Overview
            11.2.1.2    Product Portfolio
            11.2.1.3    Demographic Reach and Achievements
            11.2.1.4    Certifications
        11.2.2    MasterControl Inc.
            11.2.2.1    Company Overview
            11.2.2.2    Product Portfolio
            11.2.2.3    Demographic Reach and Achievements
            11.2.2.4    Certifications
        11.2.3    MetricStream
            11.2.3.1    Company Overview
            11.2.3.2    Product Portfolio
            11.2.3.3    Demographic Reach and Achievements
            11.2.3.4    Certifications
        11.2.4    Intelex Technologies
            11.2.4.1    Company Overview
            11.2.4.2    Product Portfolio
            11.2.4.3    Demographic Reach and Achievements
            11.2.4.4    Certifications
        11.2.5    Gensuite
            11.2.5.1    Company Overview
            11.2.5.2    Product Portfolio
            11.2.5.3    Demographic Reach and Achievements
            11.2.5.4    Certifications
        11.2.6    IQVIA
            11.2.6.1    Company Overview
            11.2.6.2    Product Portfolio
            11.2.6.3    Demographic Reach and Achievements
            11.2.6.4    Certifications
        11.2.7    AuditDesktop
            11.2.7.1    Company Overview
            11.2.7.2    Product Portfolio
            11.2.7.3    Demographic Reach and Achievements
            11.2.7.4    Certifications
        11.2.8    Others
12    Industry Events and Developments

 

List of Figures and Tables

1.    Global Audit Software Market: Key Industry Highlights, 2017 and 2027
2.    Global Audit Software Historical Market: Breakup by Component (USD Million), 2017-2021
3.    Global Audit Software Market Forecast: Breakup by Component (USD Million), 2022-2027
4.    Global Audit Software Historical Market: Breakup by Deployment Model (USD Million), 2017-2021
5.    Global Audit Software Market Forecast: Breakup by Deployment Model (USD Million), 2022-2027
6.    Global Audit Software Historical Market: Breakup by Organization Size (USD Million), 2017-2021
7.    Global Audit Software Market Forecast: Breakup by Organization Size (USD Million), 2022-2027
8.    Global Audit Software Historical Market: Breakup by Vertical (USD Million), 2017-2021
9.    Global Audit Software Market Forecast: Breakup by Vertical (USD Million), 2022-2027
10.    Global Audit Software Historical Market: Breakup by Region (USD Million), 2017-2021
11.    Global Audit Software Market Forecast: Breakup by Region (USD Million), 2022-2027
12.    North America Audit Software Historical Market: Breakup by Country (USD Million), 2017-2021
13.    North America Audit Software Market Forecast: Breakup by Country (USD Million), 2022-2027
14.    Europe Audit Software Historical Market: Breakup by Country (USD Million), 2017-2021
15.    Europe Audit Software Market Forecast: Breakup by Country (USD Million), 2022-2027
16.    Asia Pacific Audit Software Historical Market: Breakup by Country (USD Million), 2017-2021
17.    Asia Pacific Audit Software Market Forecast: Breakup by Country (USD Million), 2022-2027
18.    Latin America Audit Software Historical Market: Breakup by Country (USD Million), 2017-2021
19.    Latin America Audit Software Market Forecast: Breakup by Country (USD Million), 2022-2027
20.    Middle East and Africa Audit Software Historical Market: Breakup by Country (USD Million), 2017-2021
21.    Middle East and Africa Audit Software Market Forecast: Breakup by Country (USD Million), 2022-2027
22.    Global Audit Software Market Structure

Key Questions Answered in the Report

The global audit software market is projected to grow at a CAGR of 11.3% between 2022 and 2027.

The major drivers of the market include the extensive practice of carrying out internal audits driven by data, regulatory mandates, the need to manage large amounts of crucial data, decreased risk, and better security.

Advancements in technology and the growing volume of audit evidence in electronic format are the key industry trends propelling the market's growth.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The major components are solution and service.

Based on deployment model, the market is divided into cloud and on-premises.

The different organisation sizes include small and medium enterprises and large enterprises.

The various verticals are BFSI, energy and utility, manufacturing, food and beverage, accounting/CPA firms, and non-profit organisations, among others.

The major players in the industry are Netwrix Corporation, MasterControl Inc., MetricStream, Intelex Technologies, Gensuite, IQVIA, and AuditDesktop, among others.

Analyst Review

The global audit software market was driven by the growing volume of audit evidence in electronic format in the historical period. Aided by the extensive practice of carrying out internal audits driven by data and advancements in technology, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 11.3%.

EMR's meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The major components are solution and service. Based on deployment model, the market is divided into cloud and on-premises. The different organisation sizes include small and medium enterprises and large enterprises. The various verticals are BFSI, energy and utility, manufacturing, food and beverage, accounting/CPA firms, and non-profit organisations, among others. The major regional markets for audit software market are North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. The major players in the industry are Netwrix Corporation, MasterControl Inc., MetricStream, Intelex Technologies, Gensuite, IQVIA, and AuditDesktop, among others.

EMR's research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable and help them remain ahead of their competition.

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