Audit Management Software Global Market Report 2024

The global audit management software market has grown rapidly in recent years. It will grow from $1.55 billion in 2023 to $1.75 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period of Audit Management Software can be attributed to various factors, including an increase in audits and inspections, concerns about data security, the globalization of businesses, adherence to quality management standards, the heightened complexity of business operations, internal control requirements, and a growing demand for real-time reporting. These factors collectively drove the adoption of Audit Management Software during this period.

The global audit management software market is expected to see rapid growth in the next few years. It will grow to $2.9 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. The growth in the forecast period for Audit Management Software can be attributed to several factors, such as the demand for mobile auditing solutions, continuous monitoring requirements, an increased focus on vendor risk management, the evolving regulatory landscape, and integration with other enterprise systems. Major trends in this period include a shift towards cloud-based solutions, an emphasis on data analytics and artificial intelligence, collaborative and remote auditing practices, automation of routine audit tasks, and the incorporation of user-friendly interfaces and dashboards with enhanced security features.

The audit management software market is set to experience significant growth owing to the escalating demand for cloud-based solutions. Cloud-based audit software presents advantages such as reduced initial costs and seamless integration, fostering secure online collaboration among stakeholders. Businesses leveraging audit management software have harnessed advanced technologies like blockchain and cognitive tools to enable insight-driven audits and validate outcomes. A survey conducted by the Institute of Internal Auditors Inc. in 2021 revealed that 22% of respondents intended to implement cloud-based technology, signifying a rapid digital transformation in internal audit practices. This shift anticipates a widespread adoption of cloud-based audit management or Governance, Risk, and Compliance (GRC) software solutions among internal audit teams, propelling market growth.

The surge in financial fraud incidents is poised to be a key driver for the growth of the audit management software market. This software facilitates proactive risk mitigation, streamlined investigations, and compliance adherence to anti-fraud regulations. Its adoption is fueled by the capability to fortify internal controls, integrate advanced technologies, and shield against financial losses and reputational harm linked with fraud. Notably, a report from UK Finance Limited in May 2023 highlighted that in 2022, financial criminals pilfered over $1.6 billion (£1.2 billion), illustrating the urgency to address fraudulent activities. Consequently, the escalating prevalence of financial frauds is propelling the demand for audit management software solutions.

Prominent players within the audit management software market are integrating AI assistants into their offerings to reinforce their market positions. For instance, KPMG International Limited unveiled generative artificial intelligence (AI) for its tax professionals in July 2023, as part of a $2 billion commitment to integrate advanced technology into business operations. Leveraging an expanded partnership with Microsoft, KPMG utilizes the Azure cloud platform and OpenAI's ChatGPT to enhance the capabilities of its accountants and consultants. This initiative aims to deliver expedited insights and heightened productivity within the firm's tax practice by providing professionals access to ChatGPT as a 'virtual assistant.' These AI-driven assistants streamline tasks such as collecting tax data and preparing reports on global tax obligations, reinforcing KPMG's market presence.

Key players in the audit management software market are actively developing automation solutions like AuditBoard to secure a competitive advantage. AuditBoard Analytics delivers pre-packaged functionalities for audit testing and personalized analytics workflows, employing a No/Low Code model. An illustration of this innovation comes from AuditBoard, a US-based software development company, which in October 2023, introduced advanced AI and analytics capabilities aimed at enhancing audit, risk, compliance, and ESG (Environmental, Social, and Governance) management. Among these features is AuditBoard AI, utilizing generative AI, machine learning, and natural language processing to provide insights, recommendations, and automated actions spanning various programs. Additionally, the Operational Risk Management (ORM) feature aids in expanding risk coverage, enabling effective interaction with frontline teams for self-reporting and assessments. These capabilities are intended to equip teams with contemporary tools for crucial insights, seamless collaboration, and prompt responses within a dynamic risk landscape.

In a significant move in April 2021, Diligent Corporation, a US-based software company, acquired Galvanize Inc. for an undisclosed sum. This acquisition strategically positions Diligent Corporation as the world's largest Governance, Risk, and Compliance (GRC) Software-as-a-Service (SaaS) provider, offering a comprehensive modern governance platform catering to clients' GRC requirements from IT operations to boardroom activities. This consolidation of Galvanize and Steele under Diligent Corporation's umbrella accentuates their focus on modern governance, bolstering visibility and advocating for purpose-driven capitalism. Galvanize Inc., headquartered in Canada, specializes in crafting security, risk management, compliance, and audit software solutions.

Major companies operating in the audit management software market report are ACL Services Limited, MasterControl Inc., Wolters Kluwer NV, The International Business Machines Corporation, Thomson Reuters Corporation, SAP SE, Protiviti Inc., RiskLogix Solutions Limited, Workiva Inc., ComplianceBridge Corporation, SAI Global Pty. Limited, TRONIXSS, Ideagen PLC, Lockpath Inc., AuditBoard Inc., Siemens AG, Alteryx Inc., Syntelic Solutions Corporation, Hitachi Limited, Conduent Inc., Oracle Corporation, Envista LLC, Thales Group, Xactium Limited, MetricStream Inc., Resolver Inc., AuditFile Inc., AuditSoft Inc., AuditWare Development Company Inc., Workrunner Inc.

North America was the largest region in the audit management software market in 2023. The regions covered in the audit management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the audit management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary components of audit management software encompass both solutions and services. The solutions represent the software itself, designed to automate internal audit procedures and manage the complexities of the auditor's tasks. Deployment options include on-premise and cloud solutions, catering to the needs of large enterprises and small to medium enterprises, respectively. End-users of audit management software span across industries such as BFSI, retail and e-commerce, manufacturing, government and defense, energy and utilities, IT and telecom, education, healthcare, and other sectors.

This report provides audit management software market statistics, including audit management software industry global market size, regional shares, competitors with an audit management software market share, detailed audit management software market segments, market trends and opportunities, and any further data you may need to thrive in the audit management software industry. This audit management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The audit management software market consists of revenues earned by entities by providing personal computer-based and mobile-based audit management solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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