Audit Automation Software Market - Introduction
- Various audits need to be done by a company/organization due to the growing complexity of businesses
- Non-compliance with audit regulations can result in problems for the business organization
- Audit automation software are increasingly being used by organizations to meet the growing demand for timely and accurate auditing as per mandates laid down by regulatory authorities
- Audit automation software forms an important part of a business entity as it reduces the risk of non-compliance
- Audit automation software helps the organization to manage all audit related functions and data, and processes everything in a single, comprehensive framework
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Key Drivers of the Audit Automation Software Market Dynamics
Increasing requirement for effective risk management and compliance with government regulations expected to fuel the demand for audit automation software
- One of the most important factors driving the demand for audit automation software is the growing complexity in the business environment
- The complex nature of business and functions necessitates compliance with government regulations on a timely basis.
- Audit automation software ensures various types of audit (internal audit, operational audit, IT audit, supplier audit, and quality audit) are done on time.
- Audit automation software helps in managing the whole audit lifecycle, from audit planning, scheduling, to creating audit standards and checklists. This systematic process results in easing the audit process and improves process efficiency.
- Demand for this software is expected to grow at a high pace during the forecast period due to these advantages offered by audit automation software
High initial investment by small enterprises expected to hinder the growth of the audit automation software market
- Even though audit automation software streamlines the audit process, it also requires high capital investment in the initial phase for installation and training pertaining to software usage.
- This factor restrains the demand for audit automation software from small enterprises, which in turn can hinder the growth of the audit automation software market.
North America to dominate the global audit automation software market
- North America is expected to account for notable share of the audit automation software market during the forecast period. Stringent regulations laid down by government authorities in North American countries is one of the major factors attributed to this dominance.
- Another factor resulting in continuous increase in demand for audit automation software is the presence of large number of enterprises in countries of North America
- The market in the U.S. is projected to expand at a considerable pace during the forecast period, which in turn is anticipated to drive the audit automation software market in the region.
Audit automation software market in Asia Pacific to expand significantly
- The audit automation software market is expected to expand at the highest rate in the Asia Pacific region
- This is due to continuous growth in businesses in India and China. As a result, demand for audit automation software is expected to grow at a considerable rate during the forecast period in the region.
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Audit Automation Software Market - Competitive Landscape
The top five players are expected to account for 20% to 25% share of the global audit automation software market. A few of the key players operating in the global audit automation software market include:
- ACL Services Ltd.
- Lockpath Inc.
- MasterControl, Inc.
- MetricStream Inc.
- Pilgrim Quality Solution
- Sparta Systems, Inc.
- Wolters Kluwer (UK) Limited
- Workiva Inc.
Global Audit Automation Software Market - Segmentation
Global Audit Automation Software Market, by Component
Global Audit Automation Software Market, by Deployment Model
Global Audit Automation Software Market, by Region
- North America
- Middle East & Africa (MEA)
- Asia Pacific
- South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.