Market Outlook
According to the report by Expert Market Research (EMR), the global audit software market size is projected to grow at a CAGR of 11.3% between 2024 and 2032. Aided by the increasing demand from various end-use sectors and the growing volume of audit evidence in electronic format, the market is expected to grow significantly by 2032.
Audit software refers to a type of software that automates and streamlines the auditing process. This software can perform diverse auditing operations including database sampling, highlighting exceptions of data, and generating confirmation letters for clients and vendors, among others. Modern audit software offers flexible and easily accessible solutions for end-to-end audit management.
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The audit software market growth is primarily driven by the software’s ability to ensure accuracy, analyse data efficiently, generate reports, and transform complex audits into manageable operations. In addition, audit software performs some of exceptional functions such as eliminating ambiguity in audit reports, demonstrating compliance throughout the audit trail, and reducing the duplication of efforts, thereby propelling its demand across businesses.
The audit software market demand is witnessing a surge across various end-use sectors. In the BFSI sector, for instance, audit software is used to provide a consistent framework for the entire audit lifecycle and bolsters the coordination integration, especially during risk management activities. Meanwhile, in the energy and utility sector, audit software reduces the auditing time.
The heightening demand for cloud-based solutions is further influencing the audit software market outlook. Most businesses rely on cloud-based solutions to enhance their efficiency, boost productivity, and save valuable time. These solutions also reduce manual work, enabling the workforce to execute other important tasks.
Moreover, the incorporation of artificial intelligence (AI) and machine learning (ML) in audit software is making the execution of the audit process more sophisticated. These technologies also enhance the analytical and predictive abilities of the software, rendering them more reliable and efficient.
Geographically, North America holds a significant portion of the audit software market share. The market is driven by the well-established IT infrastructure in the region, coupled with the digitalisation taking place in enterprises.
Market Segmentation
The market can be divided based on component, deployment model, organisation size, vertical, and region.
Market Breakup by Component
- Solution
- Service
Market Breakup by Deployment Model
- On-Premises
- Cloud
Market Breakup by Organisation Size
- Large Enterprises
- Small and Medium Enterprises
Market Breakup by Vertical
- BFSI
- Energy and Utility
- Manufacturing
- Food and Beverage
- Accounting/CPA Firms
- Non-Profit Organisations
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global audit software market. Some of the major players explored in the report by Expert Market Research are as follows:
- Netwrix Corporation
- MasterControl Inc.
- MetricStream
- Intelex Technologies
- Gensuite
- IQVIA
- AuditDesktop
- Others
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