An increasing number of businesses such as banks and insurance and payment card companies have to pay hefty fines and penalties due to non-compliance with standard industry regulations. The audit management process is becoming a costly and time consuming challenge for these businesses, especially where cloud migration is concerned. Audit management tools help companies arrive at risk-aware decisions and thus improve their business performance. With enterprises striving to reduce catastrophic losses, the adoption of cloud audit management has been a rising trend in recent years. Regulations differ from one country to another. Developed regions such as North America and Europe have set standard regulations for every industrial and service sector. These regulations have been introduced in order to safeguard consumer rights and promote fair competition in the industry.
However, an increase in the number of regulations and lack of understanding by companies is leading to non-compliance of regulations. Therefore, companies need to invest heavily in audit management in order to resolve regulations-related problems. Cloud audit solution and service providers formulate custom audit solutions by comparing the global rule library with compliance requirements given by the company. The company then implements this solution in order to transform its organization goals. Audit management solutions and service providers resolve any warning generated due fraudulent activities and help improve efficiency and corporate governance.
Factors such as need for compliance and collaboration, shift to omni-channel experiences, and rapid adoption of cloud services are expected to drive the cloud audit management solutions and services market. Increase in adoption of digital business strategies and organizations’ move toward cloud-based solutions and services are expected to fuel the growth of the cloud audit management solutions and services market. Auditing helps to mitigate business risk and protects a company’s brand at a lesser cost. One of the main challenges in the adoption of cloud audit solutions and services is an organization’s hesitation in outsourcing audit management due to security reasons.
However, a rise in the number of compliance violations and increase in regulatory pressure are anticipated to boost the adoption of cloud audit management solutions and services across various industrial sectors in the coming years. Auditing finds applications in the areas of banking, financial services, and insurance (BFSI); government; health care; energy & utility; retail & consumer goods; education, and cloud computing.
The global cloud audit management solutions and services market can be segmented based on type, service model, organization size, deployment model, and region. In terms of type, the market can be classified into solutions and services. The solutions segment can be further divided into compliance management, exceptions management, internal controls management, issue management, and risk assessment solutions. The services segment can be further divided into managed services and professional services. Based on service model, the cloud audit management solutions and services market can be categorized into software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (IaaS). In terms of organization size, the cloud audit management solutions and services market can be classified into small & medium enterprises (SMEs) and large enterprises.
Based on deployment model, the cloud audit management solutions and services market can be segmented into public cloud, private cloud, and hybrid cloud. In terms of region, the market can be categorized into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to hold a prominent market share of the cloud audit management solutions and services market, due high adoption of cloud audit management solutions in the region. The market in Asia Pacific is expected to expand at a rapid pace during the forecast period, owing to positive economic outlook in the region and significant potential in the core sectors for cloud adoption.
Major players operating in the cloud audit management solutions and services market include are Wolters Kluwer, ACL, Workiva, Dell Technologies (RSA), Thomson Reuters, AuditBoard, Magique Galileo Software, SAP, IBM, Protiviti, and MetricStream.
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3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
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