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Financial Audit Software Market: Introduction

  • Financial audit software reviews and analyzes financial transactions to adhere to compliance and reduce fraud. This type of software allows companies to identify doubtful transactions that may affect their profitability and ensures compliance with internal financial regulations and policies.
  • Accounting departments mainly use financial audit software but can also be used by procurement teams to monitor travel or for expenditure audits and cost transactions.
  • Financial audit tools need to integrate with solutions that capture financial transactions such as ERP systems, accounting software, procurement software, and travel & expense software.
  • Financial Audit category product must provide functionality to automate the auditing of all types of financial transactions like identify and analyze the transactions which will allow users to audit transactions and deliver reports on suspicious behavior, risk assessment, and audit performance.
  • The COVID-19 crisis is affecting industries worldwide, and the global economy is anticipated to take the worst hit in the year 2020. The outbreak has generated significant interference in banking, financial services and insurance sector. However, by the end of year 2021, the market is expected to grow at a healthy rate.
financial audit software market size and forecast

Global Financial Audit Software Market: Dynamics

Global Financial Audit Software Market: Key Drivers

  • Financial audit software provides customers with bookkeeping, maximum efficiency in accounting, compiling and reporting financial statements and value added analysis.
  • Significant growth in the global financial audit software market is expected in the near future due to strict government regulations for compliance and growing need for effective risk management. Financial audit software helps businesses to consolidate audit information to derive an idea of the company’s financial statistics.
  • Vendors in the market have combined financial audit software with many cognitive technology-based solutions such as AI to streamline and standardize the process of financial audit.

North America to Account for Major Share of the Global Financial Audit Software Market

  • In terms of region, the global financial audit software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa and South America.
  • North America is expected to hold the largest share in the global financial audit software market. In this region, major vendors have adopted various organic and inorganic strategies to maintain their competitive position in the market.
  • Growth rate of the market in the APAC region is projected to be the highest during the forecast period, credited to various financial audit software vendors that are expanding their reach in the region to cater to changing customer requirements.
financial audit software market region analysis

Global Financial Audit Software Market: Competitive Landscape

Keys Players Operating in the Global Financial Audit Software Market

Organic and inorganic growth strategies are followed in the financial audit software market. Product approvals, product launches, and patents are the organic growth strategies on which many companies are focusing. Inorganic growth strategies such as acquisitions, and partnership & collaborations are observed in the market. These activities have resulted in the expansion of business and customer base of market players. Key players in the financial audit software market are expected to experience profitable growth opportunities in the future with the rising demand for products in the global financial audit software market.

  • AppZen Inc.
  • AuditDesktop
  • Chrome River Technologies, Inc.
  • GreenLine
  • Hubdoc Inc.
  • MindBridge Analytics Inc.
  • Audit Prodigy
  • Wolters Kluwer Tax & Accounting
  • Suralink Inc.
  • Thomson Reuters

In July 2019, Thomson Reuters announced the acquisition of HighQ. HighQ provides a secure cloud-based platform for client engagement, workflow automation, and business collaboration.

In March 2020, Wolters Kluwer Tax & Accounting launched its cloud-based financial audit software. This solution helps audit departments of the public sector to automate tasks and audit executions.

financial audit software market size by competition landscape

Global Financial Audit Software Market: Research Scope

Global Financial Audit Software Market, by Software

  • Audit, Risk & Compliance Management
  • BI & Analytics Applications
  • Business Transaction Processing
  • Customer Experience
  • Enterprise IT

Global Financial Audit Software Market, by Service

  • Consulting Services
  • Integration Services
  • Training & Support Services
  • Operations and Maintenance Services

Global Financial Audit Software Market, by Deployment Mode

  • Cloud-based
  • Web-based

Global Financial Audit Software Market, by Enterprise Size

  • SMBs
  • Large Enterprises

Global Financial Audit Software Market, by Solution

  • Automation
  • Fraud Detection
  • Data Mining
  • Network Security

Global Financial Audit Software Market, by Applications

  • IT
  • Telecom
  • Healthcare
  • BFSI
  • Others

Global Financial Audit Software Market, by Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • Italy
    • U.K.
    • Netherlands
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Taiwan
    • Australia
    • Rest of Asia Pacific
  • Middle East & Africa
    • Africa
    • Middle East
  • South America
    • Brazil
    • Argentina
    • Rest of 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
  • 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?

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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Financial Audit Software Market