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The audit software market size is estimated to grow at a CAGR of 13.36% between 2022 and 2027. The market size is forecast to increase by USD 999.24 million. The growth of the market depends on several factors, including the increased demand for cloud-based audit software, the need for organizations to comply with auditing regulations, and the rise in the adoption of audit software due to several benefits.
This audit software market report extensively covers market segmentation by deployment (on-premise and cloud), Type (large enterprise and SMEs), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rise in the adoption of audit software due to several benefits is notably driving the market growth, although factors such as entry barriers for small audit firms may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rise in the adoption of audit software due to several benefits is notably driving the market growth. The use of technology to conduct audits is growing in popularity among auditors due to benefits such as automating the audit process from planning and scheduling to documenting and generating reports. The growing acceptance of auditing software is also due to the growing importance of auditing in organizations dealing with regulations and standards.
When the audit process is performed in-house or by an auditor, it takes longer and requires more manual work and paperwork. Efforts taken by companies to improve audit efficiency and time to completion are driving the adoption of audit software. Auditing software allows companies to automate their data paths and consolidate all their business and financial documents in one place. Auditing software also has other benefits such as improved performance, time and cost savings, and increased efficiency. Additionally, audit software helps maintain the accuracy of the data collected during the audit process. The software also helps companies comply with national audit regulations. These advantages are expected to drive the growth of the global exam software market during the forecast period.
The emergence of audit software with predictive analytics is the key trend shaping the market. Audit software integrated with predictive analytics makes audit evidence more efficient, reliable, and relevant. Audits using predictive analytics can predict future outcomes based on data insights. To achieve high-quality audits, companies use digital tools to extract information and apply predictive analytics to generate patterns that align with planned outcomes and strategies. The use of predictive analytics also helps identify a company's financial risks and gain insight into its customers' businesses. By combining the generated customer data with market data, companies can gain a deeper understanding of their customer's business and identify deeper risks associated with their business.
Analytics also allows auditors to evaluate customer financial data to facilitate fraud detection. Analysis can establish links between an organization's financial structure and business processes and identify potential risk factors. Internal audits can also benefit from analytics, using more unstructured, non-financial information to control risk. Thus, the increasing adoption of analytics in audit software is expected to drive the growth of the global audit software market during the forecast period.
The entry barriers for small audit firms may impede the market growth. For small audit firms, deploying audit software integrated with advanced technologies such as AI, blockchain, and predictive analytics is a daunting task due to budget constraints and difficulties in recruiting and training staff. This is expected to limit the growth of the market during the forecast period. Auditing software is used to audit a company's sales and earnings. Therefore, software processes important business information.
Global companies primarily rely on large, established accounting firms for financial audits and audit advice. The global audit software market is dominated by four major accounting firms, namely Deloitte, KPMG, PwC, and EY. This is expected to limit opportunities for SMEs and hinder the adoption of audit software, which adversely affects the growth of the global audit software market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Audit Software Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Benchmark Digital Partners LLC: The company offers audit software such as Benchmark ESG audit management software.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the on-premise segment will be significant during the forecast period. The on-premises segment is expected to grow moderately during the forecast period. The on-premises deployment model requires a large initial cost to assemble her dedicated IT support team for server setup and maintenance.
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The on-premise segment was valued at USD 456.48 million in 2017 and continued to grow until 2021. On-premise audit software is primarily used by global companies to gain more control over the audit process when they work with sensitive financial data. On-premises auditing software gives companies more control over the process with security logs and access controls to provide the optimal level of data security. Such benefits are driving the growth of the segment.
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North America is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The audit software market in North America is expected to register a steady growth rate during the forecast period, owing to the need to streamline the financial structures of companies and comply with the regulations set. The increasing importance of conducting an effective testing process has increased the demand for testing software. The US and Canada are the major revenue-generating countries in the North American market.
In the US, most companies face problems managing emerging and non-traditional risks during financial construction. These organizations also face challenges in aligning strategy with their financial structure. This can result in business interruption and loss of revenue. To overcome these challenges, companies are turning to audit software that helps streamline the entire audit process. Audits help predict financial risks, which can be avoided through corrective actions. With such advantages of audit software, the North American market is growing steadily.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 had multiple impacts on the regional market. Certain industries, such as oil and gas and hospitality, saw a decline in demand for auditing software, while other industries, such as healthcare and e-commerce, saw an increase in demand for auditing software services. Vendors are increasing their focus on privacy, security, and compliance amid growing concerns about cyber threats in remote working environments. Additionally, as audits become more and more data-driven, there is a need for audit software that can effectively collect, analyze, and interpret large amounts of data. All the factors mentioned above will drive the growth of the regional exam software market during the forecast period.
The audit software market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global audit software market as a part of the global application software market within the global information technology (IT) software market. The overall global IT software market covers companies that are engaged in developing and producing applications and system software. It also includes companies offering database management software. The global application software market covers companies that are engaged in developing and producing software designed for specialized applications for the business or consumer market. It includes enterprise and technical software, as well as cloud-based software. It excludes companies classified in the interactive home entertainment sub-industry and companies producing systems or database management software classified in the systems software sub-industry. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Audit Software Market Scope |
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Report Coverage |
Details |
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Page number |
162 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 13.36% |
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Market growth 2023-2027 |
USD 999.24 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
12.3 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 43% |
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Key countries |
US, Canada, China, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AuditBoard Inc., Benchmark Digital Partners LLC, CaseWare International Inc., ComplianceBridge Corp., Dassault Systemes SE, Diligent Corp., Ideagen, International Business Machines Corp., Intertek Group Plc, Kroll LLC, MasterControl Solutions Inc., MetricStream Inc., NAVEX Global Inc., Netwrix Corp., Optial UK Ltd., Oversight Systems Inc., Perillon Software Inc., SAP SE, Wolters Kluwer NV, and Workiva Inc. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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