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Audit Software Market by Deployment and Geography - Forecast and Analysis 2021-2025

  • Published: Jan 2022
  • Pages: 120
  • SKU: IRTNTR71946
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The audit software market share is expected to increase by USD 746.51 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 12.70%. This report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.

This audit software market research report extensively covers market segmentation by deployment (on-premises and cloud) and geography (North America, Europe, APAC, MEA, and South America).

The audit software market report also offers information on several market vendors, including Benchmark Digital Partners LLC, CaseWare International Inc., ComplianceBridge Corp., Dassault Systemes SE, Diligent Corp., Ideagen Plc, International Business Machines Corp., NAVEX Global Inc., Wolters Kluwer NV, and Workiva Inc. among others.

What will the Audit Software Market Size be During the Forecast Period?

Audit Software Market Size

Download the Free Report Sample to Unlock the Audit Software Market Size for the Forecast Period and Other Important Statistics

 

Audit Software Market: Key Drivers, Trends, and Challenges

The increased demand for cloud-based audit software is notably driving the audit software market growth, although factors such as data security concerns may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the audit software industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Audit Software Market Driver

  • The increased demand for cloud-based audit software is one of the key drivers supporting the audit software market growth. 
  • The beneficial attributes of cloud-based audit software are reduced upfront costs and low integration complexities. 
  • The cloud-based audit software enables easy and secured collaboration with clients and colleagues via the internet.
  • The adoption of the software has enabled enterprises to adopt emerging technologies such as cognitive technology, blockchain, and others and these are used to predict insight-driven audits to validate conclusions.
  • Such benefits are increasing the adoption of cloud-based audit software by end-users and will result in market growth during the forecast period.

Key Audit Software Market Trend

  • The integration of cognitive technology with audit software is another factor supporting the audit software market growth. 
  • The cognitive technology-based audit software involving algorithms applies data analysis on huge volumes of financial data to extract data insights and generate reports based on organizations' financial structure.
  • AI also enables the application of strategies on generated data insights to improve risk handling in the audit reporting process.
  • An AI-based analysis can also be used to generate high-quality audits to analyze the risks faced by organizations, financial reporting controls, and operating environments.
  • The adoption of AI in auditing is emerging across all regions and will drive market growth during the forecast period.

Key Audit Software Market Challenge

  • Data security is one of the key factors hindering the audit software market growth.
  • As the software handles sensitive finances, the use of audit software can increase the vulnerability of confidential information to data thefts from the organization.
  • Meanwhile, cloud-based audit software is provided access to companies' business data and storage of data with an external service provider makes the data vulnerable to risks and attacks.
  • The ease in procuring and accessing cloud services can also create loopholes to scan, identify, and exploit the vulnerabilities within a computer network.
  • The rising volumes of financial data being generated are also increasing the number of security breaches and privacy threats.
  • Such factors are expected to hamper market growth during the forecast period.

This audit software market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the audit software market as a part of the global application software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the audit software market during the forecast period.

Who are the Major Audit Software Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • Benchmark Digital Partners LLC
  • CaseWare International Inc.
  • ComplianceBridge Corp.
  • Dassault Systemes SE
  • Diligent Corp.
  • Ideagen Plc
  • International Business Machines Corp.
  • NAVEX Global Inc.
  • Wolters Kluwer NV
  • Workiva Inc.

 

This statistical study of the audit software market encompasses successful business strategies deployed by the key vendors. The audit software market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Benchmark Digital Partners LLC - The company offers audit management software namely Gensuite Audit Management Software.
  • Benchmark Digital Partners LLC - The unified segment focuses on audit and compliance assurance, chemical management, incident management, and product stewardship among others.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The audit software market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Audit Software Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the audit software market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the application software market includes the following core components:

  • Inputs
  • Software development process
  • Marketing and distribution
  • Post-selling services
  • Maintenance and support
  • Innovation

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

 

Which are the Key Regions for the Audit Software Market?

Audit Software Market Market segmentation by region

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43% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for the audit software market in North America. Market growth in this region will be slower than the growth of the market in APAC.

The need for streamlining enterprises' financial structure and complying with the set regulations will facilitate the audit software market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the audit software market in North America witnessed a slowdown owing to the COVID-19 pandemic. In April 2020, around 37 state governments in the US ordered or recommended state-wide closures until further announcements to reduce the spread of the disease. However, various IT companies offered the work-from-home facility to their employees and gradually started opting for cloud-based audit software to manage auditing work through their remote workforce since H1 2020. The increased adoption of cloud-based audit software is expected to drive the regional market's growth during the forecast period.

What are the Revenue-generating Deployment Segments in the Audit Software Market?

Audit Software Market Segmentation

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The audit software market share growth by the on-premises segment will be significant during the forecast period.  The on-premises software is mainly deployed by global enterprises to gain more control over the auditing process as global enterprises deal with critical financial data. The software also provides more control over the process and an optimum level of data security with security protocols and access controls. Owing to the growth of cloud computing, software vendors are adopting the cloud architecture and offering cloud-based software with all the features of on-premises software. Hence, the growth momentum of this segment is expected to decelerate during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the audit software market size and actionable market insights on post COVID-19 impact on each segment.

 

Audit Software Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 12.70%

Market growth 2021-2025

$ 746.51 million

Market structure

Fragmented

YoY growth (%)

11.58

Regional analysis

North America, Europe, APAC, MEA, and South America

Performing market contribution

North America at 43%

Key consumer countries

US, Canada, UK, Germany, and France

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Benchmark Digital Partners LLC, CaseWare International Inc., ComplianceBridge Corp., Dassault Systemes SE, Diligent Corp., Ideagen Plc, International Business Machines Corp., NAVEX Global Inc., Wolters Kluwer NV, and Workiva Inc.

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, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Audit Software Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive audit software market growth during the next five years
  • Precise estimation of the audit software market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the audit software industry across North America, Europe, APAC, MEA, and South America
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of audit software market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Deployment

    • Market segments
    • Comparison by Deployment
    • On-premises - Market size and forecast 2020-2025
    • Cloud - Market size and forecast 2020-2025
    • Market opportunity by Deployment

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • North America - Market size and forecast 2020-2025
      • Europe - Market size and forecast 2020-2025
      • APAC - Market size and forecast 2020-2025
      • MEA - Market size and forecast 2020-2025
      • South America - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Vendor Landscape
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • Benchmark Digital Partners LLC
      • CaseWare International Inc.
      • ComplianceBridge Corp.
      • Dassault Systemes SE
      • Diligent Corp.
      • Ideagen Plc
      • International Business Machines Corp.
      • NAVEX Global Inc.
      • Wolters Kluwer NV
      • Workiva Inc.

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      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.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
      Interested in this report?
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      Audit Software Market market growth will increase by $746.51 mn during 2021-2025.
      The audit software market market is expected to grow at a CAGR of 12.70% during 2021-2025.
      Technavio has segmented the audit software market market by deployment (On-premises and Cloud) and geography (North America, Europe, APAC, MEA, and South America).
      Benchmark Digital Partners LLC, CaseWare International Inc., ComplianceBridge Corp., Dassault Systemes SE, Diligent Corp., Ideagen Plc, International Business Machines Corp., NAVEX Global Inc., Wolters Kluwer NV, Workiva Inc. are a few of the key vendors in the audit software market market.
      North America will register the highest growth rate of 43% among the other regions. Therefore, the audit software market market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the audit software market market growth are:
      • increased demand for cloud-based audit software
      The audit software market market vendors should focus on grabbing business opportunities from the on-premises segment as it accounted for the largest market share in the base year.
      • What are the key global market and the regional market share?
      • What are the revenue-generating key market segments?
      • What are the key factors driving and challenging this market’s growth?
      • Who are the key market vendors and their growth strategies?
      • What are the latest trends influencing the growth of this market?
      • What are the variables influencing the market growth in the primary regions?
      • What are the factors influencing the growth of the parent market?
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