Exploring the Global Audit Management Software Market: A Comprehensive Overview

The audit management software market size has grown rapidly in recent years. It will grow from $1.55 billion in 2023 to $1.75 billion in 2024 at a compound annual growth rate (CAGR) of 12.9%. The growth in the historic period can be attributed to rise in audits and inspections, data security concerns, globalization of businesses, quality management standards, increased complexity of business operations, internal control requirements, demand for real-time reporting.

The audit management software market size is expected to see rapid growth in the next few years. It will grow to $2.9 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. The growth in the forecast period can be attributed to demand for mobile auditing solutions, continuous monitoring requirements, focus on vendor risk management, evolving regulatory landscape, integration with other enterprise systems. Major trends in the forecast period include shift to cloud-based solutions, focus on data analytics and ai, collaborative and remote auditing, automation of routine audit tasks, user-friendly interfaces and dashboards, enhanced security features.

Market Overview -
The Audit Management Software refers to software for simplifying the process of planning, scheduling, and carrying out the audit. An audit is a formal review and authentication of records and accounts, particularly financial accounts. Audit Management Software supports all types of audits, such as quality audits, operational audits, external audits, IT audits, and supplier audits, and easily tailors how the information is sent and viewed by key personnel, management, and other authorized users.

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Surging Demand For Cloud-Based Audit Management Software Drives Market Growth
The increasing demand for cloud-based audit management software will propel the growth of the audit management software market. Cloud-based audit software provides benefits such as lower initial costs and simpler integration. It enables safe online collaboration with clients and colleagues. Because of the use of audit management software, businesses have been able to use cutting-edge technologies to forecast insight-driven audits and validate outcomes, including blockchain, cognitive technology, and others. For instance, in 2021, according to a survey by the Institute of Internal Auditors Inc., a US-based non-profit organization, 22% of respondents planned to implement cloud-based technology in 2021, signaling a rapid acceleration in the ongoing digital transformation of internal audit. This shift is expected to result in a majority of internal audit teams adopting a cloud-based audit management or Governance, Risk, and Compliance (GRC) software solution for the first time. Therefore, the market will rise throughout the forecast period as a result of end-users' embracing cloud-based audit software more quickly.

Competitive Landscape -
Major companies operating in the audit management software market report are ACL Services Limited, MasterControl Inc., Wolters Kluwer NV, The International Business Machines Corporation, Thomson Reuters Corporation, SAP SE, Protiviti Inc., RiskLogix Solutions Limited, Workiva Inc., ComplianceBridge Corporation, SAI Global Pty. Limited, TRONIXSS, Ideagen PLC, Lockpath Inc., AuditBoard Inc., Siemens AG, Alteryx Inc., Syntelic Solutions Corporation, Hitachi Limited, Conduent Inc., Oracle Corporation, Envista LLC, Thales Group, Xactium Limited, MetricStream Inc., Resolver Inc., AuditFile Inc., AuditSoft Inc., AuditWare Development Company Inc., Workrunner Inc.

Integration Of Ai Assistants Reshapes The Landscape Of Audit Management Software Market
Major companies operating in the audit management software market are incorporating Ai assistants into their products to strengthen their positions in the market. For instance, in July 2023, KPMG International Limited, a Netherlands-based accounting services company launched generative artificial intelligence (AI) to its tax professionals, leveraging its $2 billion commitment to integrate advanced technology into everyday business operations. As part of its expanded partnership with Microsoft, KPMG is utilizing the Azure cloud platform and OpenAI's ChatGPT to enhance the capabilities of its accountants and consultants. The firm aims to provide faster insights and boost productivity across its tax practice, allowing professionals access to ChatGPT as a ""virtual assistant"" for tasks such as gathering tax data and preparing reports on global tax obligations.

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Key Segments -

The audit management software market covered in this report is segmented -
1) By Component: Solution, Services
2) By Deployment Mode: On-Premise, Cloud
3) By Organization Size: Large Enterprises, Small and Medium Enterprises
4) By Industry Vertical: BFSI, Retail and E-commerce, Manufacturing, Government and Defense, Energy and Utilities, IT and Telecom, Education, Healthcare, Other Industries

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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