Global Audit Software Market is valued at approximately USD 1.02 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 13.50% over the forecast period 2023-2030. Audit software is a computer program that is used to improve and automate the audit process. It is usually used to test and evaluate accounting procedures, which can be used by both external auditors and internal auditors. Audit software generally uses data analytics, algorithms, and artificial intelligence to analyze large volumes of financial and accounting data to identify potential errors, inconsistencies, or other anomalies. The growing emphasis on cost reduction, surging demand for automated audit processes, increasing regulatory compliance requirements, and rising adoption of cloud-based audit software are the major driving factors for market growth across the globe.
The rising adoption of audit software in various industries BFSI, retail & e-commerce, IT & telecommunication, and government are playing a significant role in market development. For instance, in March 2023, Revenue Solutions, Inc. introduced its TaxMaster V5, the next-generation tax audit execution software that enables digital transformation for state and local governments. TaxMaster is a tried-and-true audit work papers solution that offers tools and templates to boost auditor uniformity and productivity. With more than 30 tax types supported and a brand-new set of closely integrated functions, TaxMaster V5 offers audit managers, supervisors, and auditors more productivity, functionality, adaptability, and creativity. Thereby, the growing focus on technological development is substantially augmenting the prominence of audit software in a wide range of end-use industries. Moreover, the increasing integration of advanced technologies such as artificial intelligence (AI), cloud, and machine learning (ML) with audit software, as well as the rising number of strategic initiatives by the key market players are presenting various lucrative opportunities over the forecasting years. However, the rising security and privacy concerns and the lack of awareness are challenging the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Audit Software Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the increasing focus on technological advancements, and the presence of well-established market players. Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecasting years. The rise in demand for audit software in various verticals, the growing trend of automated workflow, as well as recent developments and innovations are significantly propelling the market demand across the region.
Major market players included in this report are:
Recent Developments in the Market:
Ø In October 2022: HotWax Commerce announced the introduction of Omnichannel Retail Sales Audit- OReSA- the company’s latest software. OReSA performs daily sales data reconciliation, which also uses automation to make month-end financials simpler and swiftly detects crucial data integration issues. It was created to assist current clients who have experienced these all-too-common problems.
Ø In March 2020, Wolters Kluwer Tax & Accounting declared the launch of the company’s TeamMate+ Public Sector- a cloud-based auditing software. The audit departments in the public sector benefit from this solution’s ability to automate processes and speed audit execution.
Global Audit Software Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Deployment, Enterprise Size, Vertical, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Enterprise Size:
Retail & Ecommerce
IT & Telecommunication
Energy & Utility
Middle East & Africa
Rest of Middle East & Africa