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Audit software is a specialized computer program that performs a variety of audit functions such as generating confirmation letters and sampling databases of the vendors and consumers. Audit software helps to streamlines the auditing process and facilitates the compliance through management, reporting, and monitoring. Additionally, the audit software delivers supplementary advantages including efficiency enhancement and performance improvement.
The integration of advanced technologies such as artificial intelligence (AI), cloud, and machine learning (ML) with audit software is expected to boost the demand for the audit software solutions. These solutions are used to enhance the risk handling capabilities of the enterprises. The rising adoption of the audit software in various industries such as BFSI, government, manufacturing, IT & telecom, among others is also likely to propel the market growth. Key players in this market are focusing on new product launches to improve customer experience. For instance, in May 2019, NIIT Technologies Limited launched its new cloud-based audit solution - "Cognitive Service Desk Audit". This audit solution is built on the Microsoft Azure platform. This solution is designed to enhance the productivity of organizations by reducing audit efforts, increasing operational efficiency, and improving vigilance and quality. The rising awareness over the benefits of the audit software functionalities is expected to strengthen the market growth. However, the data security concerns are anticipated to hinder the market growth.
Key Market Driver -
• Integration of the emerging technologies such as artificial intelligence (AI), cloud, and machine leaning (ML) with audit software to fuel the market growth • The rise in adoption of audit software solutions to drive the market growth
Key Market Restraint -
• Information security and privacy concerns proving to be inhibiting factor for market growth
Major solution provider are focused on offering advanced audit software to gain a competitive edge in the market. Key players are also focused on R&D investments in audit software to cater to the rising demand from the consumers. Also, the rising preference of customers towards artificial intelligence (AI), cloud, and machine leaning (ML) enabled audit software is expected to present growth opportunities for new market entrants. Some of the key players in this market are IBM Corporation, SAP SE, Oracle Corporation, Microsoft Corporation, Resolver, Gensuite, Oversight Systems, Wolters Kluwer/TeamMate, Perillon Software, Plan Brothers, ProcessGene, Reflexis Systems, ComplianceBridge, MasterControl, Tronixss, and others.
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North America is expected to lead the market in terms of share during the forecast period. The growth is owing to the increase in demand for audit software in various verticals such as manufacturing, BFSI, IT and telecom, healthcare, and others. Also, the growing input tax credit (ITC) expenditure and technological advancements across the region are anticipated to drive the market. Major solution provider in this region are focused on launching audit management solutions to gain a competitive edge in the market. For instance, in July 2020, Ncontracts, LLC launched its new automated audit management software – “Nverify”. The aim is to offer an audit software solution across the financial services industry.
The Asia Pacific is expected to exhibit healthy growth in the market, owing to the presence of market players such as Huawei Technologies Co., Ltd., ThinkPalm Technologies Pvt. Ltd., Yonyou Audit Software Co., Ltd., and others. These key market players are focused on a new product development strategy to enhance the product portfolio. For instance, in November 2019, ThinkPalm Technologies Pvt. Ltd. launched the mobile and web audit management software – “Q-Aud”. The aim is to offer paperless and prompt audits to improve customer experience.
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