Industry Insight —
As the world grapples with the coronavirus outbreak that has shaken the world, the global audit software market 2020 is doing its part to fight the outrage. The year is an extremely eventful year due to COVID 19; thus, the market is screening some positive instincts when studied by Market Research Future. As per the study presented by MRFR, the global Audit Software Market has the probable to show enormous growth, which is recorded at ~14.48% CAGR. At this pace, the market would reach higher valuations from the years 2019 and 2025 (forecast period).
Global Audit Software Market – Notable Developments
One of the most significant factors motivating the demand for audit automation software is the rising complication in the business environment. The complex business and functions necessitate compliance with government regulations on a timely basis, which resulted in the adoption of audit automation software. Currently, it is gaining maximum polarity, which has given it's market a substantial boost to expand more worldwide.
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Audit automation software ensures a variety of audit types, such as operational audit, internal audit, supplier audit, IT audit, and quality audit. These are done at equal intervals of time and helps in managing the entire audit lifecycle, ranging from scheduling, audit planning to create audit standards and checklists. This orderly process results in easing the audit process and improves process efficiency. Thus, MRFR finds that ascent in demand for this software is anticipated to inflate at a sky-scraping pace during the forecast period in support of advantages offered by audit automation software.
Despite these factors, the high initial investment by small enterprises is causing a hindrance to 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 about software usage. This factor restrains the demand for audit automation software from small enterprises, in which the growth of the audit automation software market seems to be sluggish in some years in the forecasted period.
The Key Players in the Global Audit Software Market are Netwrix Corporation (US), SHLOKLABS (Portugal), MetricStream (US), Intelex Technologies (Canada), MasterControl, Inc. (US), Gensuite (US), IQVIA (US), AuditDesktop (Bulgaria), SAP SE (Germany), LogicManager (US), Onspring Technologies (US), and IQS, Inc. (the US).
MRFR’s report offers a comprehensive evaluation of the global audit software market with the help of segmental analysis. The segments covered are component, deployment model, organization size, and vertical.
In terms of the component segment– This includes solution and service.
In terms of deployment model – This includes on-premise and cloud
In terms of organization size segment – This includes large enterprises and small & medium enterprises.
In terms of the vertical segment – This includes energy & utility, BFSI, food & beverage, manufacturing, non-profit organizations, accounting/CPA firms, and more.
Detailed Regional Analysis
MRFR decodes key regions that segregate the global software-defined networking market. The regional segmentation included North America, Europe, Asia-Pacific, and the rest of the world. Of these, presently, North America is the highlighted region as it accounted for the largest market share back in 2018, with a market value of USD 195.9 million, and now the regional market is possible to register a CAGR of 15.05% during the forecast period. The rising need for effective risk management and regulatory compliance, the incidence of copious companies in the region, and investments from small and medium-size businesses are some of the factors that motivate the regional market expansion. The market in the U.S. might expand at a considerable pace during the forecast period, which in turn is probable to drive the audit automation software market in the region.
On the other hand, the Asia-Pacific market might also expand at a higher CAGR of 16.43% during the forecast period. The expansion is attributed to the mounting need for the presence of numerous companies, effective risk management and regulatory compliance, and investments from the small and medium businesses in the region. Also, growth in businesses in India and China are resulting in towering demand for audit automation software. This is expected to grow at a considerable rate during the forecast period in the region.
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