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
audit automation software market

Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report

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.  
audit automation software market 1

Looking for Regional Analysis or Competitive Landscape , ask for a customized report

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

audit automation software market 2

Global Audit Automation Software Market, by Component   

  • Software
  • Services   

Global Audit Automation Software Market, by Deployment Model  

  • On-cloud
  • On-premise

Global Audit Automation Software Market, by Region

  • North America
  • Europe
  • Middle East & Africa (MEA)
  • Asia Pacific
  • South America

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold 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.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

REQUEST CUSTOMIZATION

Audit Automation Software Market

Pre Book