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The Audit Software Market size is projected to increase by USD 1,177.2 million, at a CAGR of 13.89% between 2023 and 2028. The growth rate of the market depends on several factors such as the need of organizations to comply with auditing regulations, increased demand for cloud-based audit software and rise in adoption of audit software due to several benefits. Audit software is a computer application that performs a variety of audit functions such as planning and scheduling the audit, documentation, preparing and generating audit reports, providing notes in the interim auditing process, and implementing recommendations. The various types of audits are internal audits, external audits, operational audits, supplier audits, IT audits, and quality audits. Audit software supports all types of audits in a single audit package or a combination of audit packages.
The report includes a comprehensive outlook on the market offering forecasts for the industry segmented by Deployment, which comprises on-premises and cloud. Additionally, it categorizes End-user into large enterprise and SMEs and covers Region, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
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The rise in the adoption of audit software due to several benefits is notably driving market development. The adoption of technologies in performing auditing is gaining popularity among auditors, owing to advantages such as the automation of auditing processes, from planning and scheduling to documenting and generating reports. The growing adoption of audit software is also attributed to the increasing importance of auditing in organizations working with regulations and standards. An auditing process conducted in-house or through an auditor takes up more time and requires more manual work and paperwork.
Furthermore, audit software helps maintain the accuracy of the data captured during an auditing process. The software also helps organizations maintain compliance with the auditing regulations of their respective countries. Owing to these benefits, the adoption of audit software is expected to increase, which will augment the growth of the market during the forecast period.
Blockchain audit technology is an emerging trend shaping market growth. Blockchain accounting is growing as the future step in the accounting sector. Many of the developments in audit processes are attributed to the business applications of blockchain and accounting technology. There is an increase in the amount of transactional data that needs to be captured for auditing purposes. Blockchain tools enable businesses to record and process audit transactions efficiently. Blockchain technology is the base for an Internet-based peer-to-peer network that uses computer-powered cryptography to facilitate value exchange.
Moreover, the adoption of blockchain in audit processes also results in the streamlining of the processes. The streamlining of audit processes provides access to real-time data, which can enable the continuous audit of organizations using blockchain. This eliminates the need for manual data extraction and audit activities. The adoption of blockchain in audit software will support the growth of the market during the forecast period.
Entry barriers for small audit firms are a significant challenge hindering market growth. For small audit firms, adopting audit software integrated with advanced technologies, such as AI, blockchain, and predictive analytics, can be a tough task due to budget constraints and the difficulties associated with staff resourcing and training. This is expected to limit the growth of the market during the forecast period. Audit software is used for auditing the sales and revenues of enterprises.
Consequently, the software handles critical business information. Global enterprises mainly rely on big, established audit firms to audit their financial data and for audit advisory services. This is limiting the opportunities of small firms, which is expected to hinder the adoption of audit software which will negatively impact the growth of the global audit software market during the forecast period.
The market share growth by the on-premises segment will be significant during the forecast period. The on-premises deployment model requires a high initial cost for setting up servers and forming a dedicated IT support team for maintenance. On-premises audit software is mainly deployed by global enterprises to gain more control over the auditing process as global enterprises deal with critical financial data.
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The on-premises segment was the largest and was valued at USD 502.86 million in 2018. On-premises audit software also provides more control over the process and an optimum level of data security with security protocols and access controls. The changing regulations regarding auditing are making companies perform auditing offline, making changes according to the regulations, and generating audit reports. The adoption of on-premises software also eliminates vendor dependency and allows for change in different aspects of the auditing system as per the regulations of different countries. These factors under the on-premises segment will drive the growth of the global audit software market during the forecast period.
A large enterprise is a corporation or organization with a significant number of employees, revenue, and operational complexity. Typically, a large enterprise has a substantial presence in the global audit software market with operations that span multiple industries and geographic regions. The number of large enterprises is growing worldwide. With the increasing number of large enterprises, the demand for audit software is also expected to grow. Further, the increased use of audit software in large enterprises is beneficial in enhancing the effectiveness of auditing functions, risk assessment, fraud detection, and compliance monitoring. As regulatory compliance becomes more complex and data analytics technology continues to mature, it is expected that more large enterprises will increasingly invest in audit software. These factors under the large enterprise segment will drive the growth of the market during the forecast period.
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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 provided extensive insight into the market forecast, detailing the regional market trends and analysis, and drivers influencing the market's trajectory throughout the forecast period. The increasing importance of carrying out effective auditing procedures is driving the demand for audit software. The US and Canada are the main revenue-generating countries in the market in North America. In the US, most organizations are facing issues in managing emerging and atypical risks during their financial structuring. Further, North America is an early adopter of advanced technologies, including audit software. Most of the organizations in the region are mainly adopting audit software to counter the issues that are impacting their business models such as gathering audit documents, third-party risks, atypical risks, and data protection-related issues.
In addition, future investments in audit software by enterprises in this region will be driven by their need to integrate emerging technologies such as blockchain, AI, and data analytics, into their existing audit software. Companies offering in-built application programming interfaces (APIs) for these advanced technologies will have the opportunity to generate additional revenues through product upgrades and maintenance fees. Such factors are expected to drive the regional market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, 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 market growth and trends strategies.
Global Market Customer Landscape
Companies 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.
ComplianceBridge Corp. - The company offers audit software such as ComplianceBridge risk audit management software, which is a simple and feature rich solution for managing risk audits.
Benchmark Digital Partners LLC - The company offers audit software such as Benchmark ESG audit management software, which helps to build user business level audit programs, including planning staffing, and scheduling.
CaseWare International Inc. - The company offers audit software such as Caseware Audit, it dynamically integrates intelligent content that leverages risk identification and assessment to enhance audit execution.
The Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Market analysis and report of qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Audit Software Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.89% |
Market Growth 2024-2028 |
USD 1,177.2 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
12.8 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 43% |
Key countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
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 the forecast period. |
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. |
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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 End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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