Market Research Future published a research report on “Covid 19 Analysis on Audit Software Market Research Report - Global Forecast to 2025” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2025.
Covid 19 Analysis on Audit Software Market is expected to register a CAGR of 14.48% during the forecast period, 2019–2025.
Auditing is the process of inspecting the operations of the company. There are different types of auditing, including financial, safety, and IT. In the scope of the research report, all the above-mentioned types of auditing have been considered. Audit software is an audit management software that helps enterprises in managing the audit processes. Through a single integrated platform, the software helps a company or organization to manage all the steps from audit planning, preparation, scheduling, and development of audit plans and checklists, to execution, observation, reporting, and monitoring.
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The market is driven by the growing demand for corporate governance, regulatory requirements, and compliance and the need to increase operational efficiency by the organizations. Corporate governance malpractices have been on the rise globally in the last few years. For instance, the recent financial mismanagement in Nissan has raised questions regarding the inadequate corporate governance practices prevalent in the company. Another highly publicized corporate governance infraction involved Kobe Steel, Ltd. The company admitted to having falsified data on some products being sold to buyers, such as Boeing, Ford, and Toyota. Mitsubishi Materials, a giant in the manufacturing industry, also admitted to forging data on auto and airplane parts sold to more than 274 clients The growing adoption of cloud-based services and the integration of various technologies such as machine learning and artificial intelligence with audit software enable it to provide multiple features such as high-quality reports and enhanced accuracy. These factors are expected to create lucrative growth opportunities for the players operating in the Covid 19 Analysis on Audit Software Market during the forecast 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).
Global Audit Software Market has been segmented Based On Component, Deployment Model, Organization Size, Vertical, and Region. The market, by component, has been segmented into solution and service. By deployment model, the market has been segmented into on-premise and cloud. By Organization Size, the market has been segmented into large enterprises and small & medium enterprises. By Vertical, the market has been segmented into BFSI, energy & utility, manufacturing, food & beverage, accounting/CPA firms, non-profit organizations, and others. Regional markets being North America, Europe, Asia-Pacific, and the rest of the world.
Detailed Regional Analysis
Global Audit Software Market spans across North America, Europe, Asia-Pacific, and the rest of the world. North America is dominating the global audit software market due to the rising need for effective risk management and regulatory compliance. The presence of numerous companies in the region and investments from small and medium-sized businesses are some of the factors that drive the regional market growth. North America has been divided into the US, Canada, and Mexico. The US accounted for the largest market share in 2018 in the North America audit software market and is expected to record a CAGR of 14.57% during the forecast period due to the presence of large market players in the region. For instance, MetricStream, Inc. offers software that is specifically designed to help its customers manage their auditing operations, data, and other related functions. It supports all audit types that include internal, operational, IT, supplier, and quality audits. Other features offered are structured processes, transparency and compliance assurance, closed-loop audit cycles, and efficiency of the auditing staff members. Some other companies from the region include MasterControl, Inc., Netwrix Corporation, and others.
Europe accounted for the second-largest market share in 2018 in the global audit software market. To facilitate analysis, the European market has been further divided into Germany, the UK, France, and the rest of Europe. Germany accounted for the largest market share in 2018 and is expected to register a CAGR of 14.9% during the forecast period. The UK was the second-largest market in 2018. However, the market in France is expected to register the highest CAGR of 15.9% during the forecast period.
Globally, Asia-Pacific is expected to be the fastest-growing regional market for audit software. The enterprises are now increasingly shifting their interest from traditional to advanced solutions to alleviate risks. In the Asia-Pacific region, we have covered Japan, India, China, and the rest of Asia-Pacific. Japan accounted for the largest market share in 2018 due to the wide adoption of risk-management and compliance-management software in the country. Japan has witnessed the maximum number of corporate scandals, such as inaccurate accounting and insider trading, which further affects the social credibility of organizations.
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