The IT spending market by audit firms market share is expected to increase by USD 3.14 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 8.52%.
This IT spending market by audit firms market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers IT spending market by audit firms market segmentation by type (IT services, IT software, and IT hardware) and geography (North America, Europe, APAC, South America, and MEA). The IT spending market by audit firms market report also offers information on several market vendors, including Accenture Plc, Apple Inc., Capgemini SE, Cisco Systems Inc., Dell Technologies Inc., Fujitsu Ltd., Hewlett Packard Enterprise Co., International Business Machines Corp., Microsoft Corp., and SAP SE among others.
What will the IT Spending Market By Audit Firms Market Size be During the Forecast Period?
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IT Spending Market By Audit Firms Market: Key Drivers, Trends, and Challenges
Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The increasing adoption of audit management services is notably driving the IT spending market by audit firms 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 IT spending market by audit firms industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key IT Spending Market By Audit Firms Market Driver
One of the key factors driving growth in the IT spending by audit firms market is the increasing adoption of audit management services. Many audit firms are adopting audit management software with advanced features such as time-tracking, built-in remediation workflows, and risk assessment methodologies. Cloud-based audit management software is becoming increasingly popular among audit firms due to various benefits such as the low up-front cost of ownership, flexible payment options, and the lack of maintenance overhead costs. Audit firms are investing in adopting audit management software and services, which will support the growth of the global IT spending by audit firms market.
Key IT Spending Market By Audit Firms Market Trend
The integration of blockchain technology into audit software is another factor supporting the IT spending by audit firms market share growth. Blockchain technology is a list of records, called blocks, which are linked using cryptography. The integration of blockchain technology with audit software can help audit firms use a permanent shared record of all the transactions and auditing information. Audit software integrated with blockchain can also enable the automation of the verification process for reported transactions, eliminate the manual data extraction of audit activities, minimize auditing errors, and drive cost-effectiveness in the audit environment. Therefore, audit firms are integrating blockchain into audit software to perform in-depth reviews of business transitions and to improve their auditing efficiency.
Key IT Spending Market By Audit Firms Market Challenge
The data security concerns will be a major challenge for the IT spending by audit firms market during the forecast period. Audit firms have substantial amounts of critical data and information related to auditing. These firms require complex IT security infrastructure to protect their confidential data. Audit firms increasingly focus on securing their clients' data because of the rise in the number of cyberattacks and security breaches. An auditing firm that fails to secure its clients’ data can lose its reputation, which will reduce its profits drastically. For instance, in August 2021, Accenture Plc was attacked by the LockBit gang. The hackers accessed customer information and confidential emails. The hack was facilitated because the admin user failed to use the two-factor authentication method for confidential accounts. Such instances can negatively impact the brand image of audit firms. Thus, data security concerns are expected to limit the growth of the market.
This IT spending market by audit firms 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 IT spending market by audit firms as a part of the global information technology (IT) spending market. The parent global IT spending market covers revenue generated from the sales and subscription of IT services, communications services, cloud services, IT hardware, and IT software. 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 IT spending market by audit firms market during the forecast period.
Who are the Major IT Spending Market By Audit Firms Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- Accenture Plc
- Apple Inc.
- Capgemini SE
- Cisco Systems Inc.
- Dell Technologies Inc.
- Fujitsu Ltd.
- Hewlett Packard Enterprise Co.
- International Business Machines Corp.
- Microsoft Corp.
- SAP SE
This statistical study of the IT spending market by audit firms market encompasses successful business strategies deployed by the key vendors. The IT spending market by audit firms market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Product Insights and News
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Accenture Plc. - The company offers software and platforms, such as Powering the platform future.
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 IT spending market by audit firms 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.
IT Spending Market By Audit Firms Market Value Chain Analysis
Our report provides extensive information on the value chain analysis for the IT spending market by audit firms 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 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 IT Spending Market By Audit Firms Market?
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35% of the market’s growth will originate from North America during the forecast period. US and Canada are the key markets for IT spending market by audit firms market in North America. Market growth in this region will be slower than the growth of the market in other regions.
Countries such as the US and Canada have strict laws and regulations. This demands the presence of organizations that issue security to the public, which, in turn, is compelling organizations to produce financial statements that comply with the generally accepted accounting standards. This will facilitate the IT spending market by audit firms 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
According to the Organization for Economic Co-operation and Development (OECD), the number of online job postings dropped significantly on job portals since the mid of March 2020 due to the pandemic and introduction of COVID-19-related containment measures. The number of job vacancies advertised online in Canada and the US declined sharply, and the volume of online job vacancies fell by over 50% in Q2 2020 compared to that at the beginning of 2020. The pandemic has driven organizations across the globe to digitize their operations and support remote workforces at a faster speed and greater scale. Vendors remained focused on providing the technology and solutions for customers and need to accelerate their digital organizations. These strategies have been supporting regional vendors to recover the loss faced in 2020. Many companies that are undergoing the crisis of pandemic uncertainty announced plans to increase productivity by investing in automation technologies and accelerating the effects of technology megatrends and thereby driving the growth of the regional market during the forecast period.
What are the Revenue-generating Type Segments in the IT Spending Market By Audit Firms Market?
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The IT spending market by audit firms market share growth by the IT services segment will be significant during the forecast period. The spending on IT services is growing due to the increasing investments in IT hardware infrastructure and IT software. Audit firms are implementing advanced IT software solutions to modernize their IT infrastructure and to gain a competitive edge in the market.
This report provides an accurate prediction of the contribution of all the segments to the growth of the IT spending market by audit firms market size and actionable market insights on post COVID-19 impact on each segment.
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IT spending Market By Audit Firms Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.52% |
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Market growth 2021-2025 |
$ 3.14 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
8.23 |
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Regional analysis |
North America, Europe, APAC, South America, and MEA |
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Performing market contribution |
North America at 35% |
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Key consumer countries |
US, Canada, UK, China, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Accenture Plc, Apple Inc., Capgemini SE, Cisco Systems Inc., Dell Technologies Inc., Fujitsu Ltd., Hewlett Packard Enterprise Co., International Business Machines Corp., Microsoft Corp., and SAP SE |
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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, 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. |
What are the Key Data Covered in this IT Spending Market By Audit Firms Market Report?
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive IT spending market by audit firms market growth during the next five years
- Precise estimation of the IT spending market by audit firms market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the IT spending market by audit firms industry across North America, Europe, APAC, South America, and MEA
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of the IT spending market by audit firms market vendors
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