Global Audit Management Software Market Statistics, Revenue, Cost, Gross Margin, Dynamics, Opportunities and Industry News
Two of the most important driving factors in the global audit management software market, as of current, are the need for efficient risk management and meeting strict government regulations for compliance requirements. Software for audit management that is nowadays created is advanced. As end-to-end software, they manage all auditing requirements at an organization and the information can be processed over a single dedicated portal. The software is further designed to meet the requirements of quality audits, external audits, supplier audits, IT audits, internal audits and operational audits.
How Software for Audit Management Become Efficient and Reliable
The software supports all stages of the audit lifecycle, including
- audit planning
- development of standard protocols
- report development
- recommendations and their implementation
Similarly, nowadays, software for audit management frequently has new and advanced features, such as
- offline audit functions
- email notifications
- built-in remediation workflow
- time tracking
Drivers and Challenges in the Audit Management Software Market
Automation of workflow is a growing trend in the organizational culture through the current times. It renders a positive impact on the global audit management software market.
Varied government compliance regulations, including ISO 9000 create significant demands over the audit management software markets. As the complexities associated with auditing and report preparations increase, corporate organizations feel the need to adopt software for audit management. This is one of the key drivers for the audit management software markets through the current times. A few of the other most important drivers include a quicker auditing lifecycle and finding a low-cost, high-efficiency solution.
One of the most important challenges faced by the audit management software market is the use of spreadsheet-based systems. Organizations that used manual or spreadsheet-based systems are sometimes reluctant to switch over to software for audit management. But there is a significant gap between the auditing results delivered by manual or spreadsheet-based systems and software for audit management. The differences become more prominent when we take large-scale organizations into perspective.
Another important challenge encountered by the audit management software market is the threat of cyber and network hacking. It is hence recommendable to take the services of a reliable vendor for creating software for audit management. Software created by such a vendor will feature the finest security measures in the industry. It keeps confidential business data secure and ensures complete peace of mind for the business owner.
The Key Developments in Audit Management Software Market
A forecast for Audit Management Software Market
In the phase of 2018-2023, the audit management software market is expected to grow at a CAGR of 12%. Similarly, in 2019-2023, the market size will grow by 543.5 million. The growth momentum of the market will persistently accelerate while the forecast period lasts.
In 2018, North America was the largest market for Audit Management Software. It will continue at the top position for 2019-2023. Market growth for North America will however be slower as compared to other geographies. But 38% of the total market will nevertheless emerge from the continent. Hence, in terms of growth opportunities as well, North America will have the maximum to offer for the vendors of audit management software.
On-premise vs. On Cloud Audit Management Software
In 2018, on-premise software was the clear winner among the two categories defined. On-premise software will stay the preferred segment among the two aforementioned categories, for the forecast period, 2019-2023. The growth of cloud audit management software will nevertheless be higher than the overall market growth. The market for audit management software is fragmented, and right up to 2023, the degree of fragmentation is expected to stay the same. The fast growth rates, however, will create immense growth opportunities for all market players.
Cognitive technology will influence audit management software market growth. The integration of solutions based on cognitive technology, such as AI will boost organizations’ risk handling capabilities. AI-enabled audit management software is better placed to ingest large volumes of data. This is useful for the generation of high-quality audit reports. Such software comes in to be highly useful for both, the organizations that conduct internal audits and external audits.
Audit Management Software by Harrington Group International (HGI) is highly advanced and easy-to-use software for audit management and the best fit for your organizational requirements. HGI is the global leader in business management solutions.