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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.

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
  • Europe
  • 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?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across 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.

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Cloud Audit Management Solutions Services Market

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