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Global Audit Software Market to reach USD 2.81 billion by the end of 2030.

Global Audit Software Market Size Study & Forecast, by Deployment (Cloud, On-premises), By Enterprise Size (SMEs, Large Enterprise), By Vertical (BFSI, Retail & E-commerce, IT & Telecommunication, Government, Energy & Utility, Healthcare, Others), and Regional Analysis, 2023-2030

Product Code: ICTEITS-21886261
Publish Date: 27-06-2023
Page: 200

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:
IBM Corporation
Oracle Corporation
Microsoft Corporation
Oversight Systems
Wolters Kluwer/TeamMate
Perillon Software
Reflexis Systems

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 Deployment:

By Enterprise Size:
Large Enterprise

By Vertical:
Retail & Ecommerce
IT & Telecommunication
Energy & Utility

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Audit Software Market, by Region, 2020-2030 (USD Billion)
1.2.2. Audit Software Market, by Deployment, 2020-2030 (USD Billion)
1.2.3. Audit Software Market, by Enterprise Size, 2020-2030 (USD Billion)
1.2.4. Audit Software Market, by Vertical, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Audit Software Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Audit Software Market Dynamics
3.1. Audit Software Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Surging demand for automated audit processes Rising focus on technological development
3.1.2. Market Challenges Rising security and privacy concerns Lack of awareness
3.1.3. Market Opportunities Increasing integration of advanced technologies such as artificial intelligence (AI), cloud, and machine learning (ML) with audit software Rising number of strategic initiatives by the key market players
Chapter 4. Global Audit Software Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Audit Software Market, by Deployment
5.1. Market Snapshot
5.2. Global Audit Software Market by Deployment, Performance – Potential Analysis
5.3. Global Audit Software Market Estimates & Forecasts by Deployment 2020-2030 (USD Billion)
5.4. Audit Software Market, Sub Segment Analysis
5.4.1. Cloud
5.4.2. On-premises
Chapter 6. Global Audit Software Market, by Enterprise Size
6.1. Market Snapshot
6.2. Global Audit Software Market by Enterprise Size, Performance – Potential Analysis
6.3. Global Audit Software Market Estimates & Forecasts by Enterprise Size 2020-2030 (USD Billion)
6.4. Audit Software Market, Sub Segment Analysis
6.4.1. SMEs
6.4.2. Large Enterprise
Chapter 7. Global Audit Software Market, by Vertical
7.1. Market Snapshot
7.2. Global Audit Software Market by Vertical, Performance – Potential Analysis
7.3. Global Audit Software Market Estimates & Forecasts by Vertical 2020-2030 (USD Billion)
7.4. Audit Software Market, Sub Segment Analysis
7.4.1. BFSI
7.4.2. Retail & Ecommerce
7.4.3. IT & Telecommunication
7.4.4. Government
7.4.5. Energy & Utility
7.4.6. Healthcare
7.4.7. Others
Chapter 8. Global Audit Software Market, Regional Analysis
8.1. Top Leading Countries
8.2. Top Emerging Countries
8.3. Audit Software Market, Regional Market Snapshot
8.4. North America Audit Software Market
8.4.1. U.S. Audit Software Market Deployment breakdown estimates & forecasts, 2020-2030 Enterprise Size breakdown estimates & forecasts, 2020-2030 Vertical breakdown estimates & forecasts, 2020-2030
8.4.2. Canada Audit Software Market
8.5. Europe Audit Software Market Snapshot
8.5.1. U.K. Audit Software Market
8.5.2. Germany Audit Software Market
8.5.3. France Audit Software Market
8.5.4. Spain Audit Software Market
8.5.5. Italy Audit Software Market
8.5.6. Rest of Europe Audit Software Market
8.6. Asia-Pacific Audit Software Market Snapshot
8.6.1. China Audit Software Market
8.6.2. India Audit Software Market
8.6.3. Japan Audit Software Market
8.6.4. Australia Audit Software Market
8.6.5. South Korea Audit Software Market
8.6.6. Rest of Asia Pacific Audit Software Market
8.7. Latin America Audit Software Market Snapshot
8.7.1. Brazil Audit Software Market
8.7.2. Mexico Audit Software Market
8.8. Middle East & Africa Audit Software Market
8.8.1. Saudi Arabia Audit Software Market
8.8.2. South Africa Audit Software Market
8.8.3. Rest of Middle East & Africa Audit Software Market

Chapter 9. Competitive Intelligence
9.1. Key Company SWOT Analysis
9.1.1. Company 1
9.1.2. Company 2
9.1.3. Company 3
9.2. Top Market Strategies
9.3. Company Profiles
9.3.1. IBM Corporation Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
9.3.2. SAP SE
9.3.3. Oracle Corporation
9.3.4. Microsoft Corporation
9.3.5. Resolver
9.3.6. Gensuite
9.3.7. Oversight Systems
9.3.8. Wolters Kluwer/TeamMate
9.3.9. Perillon Software
9.3.10. Reflexis Systems
Chapter 10. Research Process
10.1. Research Process
10.1.1. Data Mining
10.1.2. Analysis
10.1.3. Market Estimation
10.1.4. Validation
10.1.5. Publishing
10.2. Research Attributes
10.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
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