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
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