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The Audit Software Market size to grow by USD 999.24 million from 2022 to 2027 | North America to contribute 43% of the market growth - TechnavioNEW YORK, Sept. 3, 2023 /PRNewswire/ -- The audit software market is expected to grow by USD 999.24 million from 2022 to 2027, progressing at a CAGR of 13.36% as per the latest Technavio market research report. North America is going to have lucrative growth during the forecast period. About 43% of the market's overall growth is expected to originate from North America. This is driven by the need to optimize corporate finance frameworks and meet regulatory requirements. The US and Canada are important revenue-generating countries in the region. Furthermore, many U.S. companies face obstacles in effectively managing new and unusual risks when structuring financing. Aligning strategic goals with the financial structure is also a challenge. To overcome these obstacles, organizations are increasingly adopting audit software to facilitate seamless coordination of the entire audit lifecycle. Hence, these factors are expected to drive market growth in the region during the forecast period. For more insights on the market share of various regions- Download a sample report in MINUTES
Audit Software Market - Market Dynamics Key Driver The rise in the adoption of audit software due to several benefits is a key factor driving market growth. The application of technology in auditing is increasingly favored by auditors because of the benefits it brings, including automating the entire audit process from planning to reporting. Auditing software streamlines data management and centralizes financial and business documents. Furthermore, it offers improved performance, time and cost savings, and increased efficiency for companies that use it during audits. The software also helps companies comply with national audit regulations. Hence, these advantages are expected to drive market growth during the forecast period. Major Trend The emergence of audit software with predictive analytics is a major trend in the market. Integrating predictive analytics into audit software improves the efficiency, reliability, and relevance of audit evidence. Audits using predictive analytics can predict future outcomes by leveraging the insights provided by data. In addition, predictive analytics helps to identify a company's financial vulnerabilities and gain insight into customer activity. Through analysis, links between the entity's financial framework and operational processes can be created, making it easier to identify potential risk factors. Hence, these advantages are expected to drive market growth during the forecast period. To know about more drivers, trends along challenges - Download a sample now! Some of the key Audit Software Market Players: The audit software market is fragmented and the companies are deploying organic and inorganic growth strategies to compete in the market. AuditBoard Inc., Benchmark Digital Partners LLC, CaseWare International Inc., ComplianceBridge Corp., Dassault Systemes SE, Diligent Corp., Ideagen, International Business Machines Corp., Intertek Group Plc, Kroll LLC, MasterControl Solutions Inc., MetricStream Inc., NAVEX Global Inc., Netwrix Corp., Optial UK Ltd., Oversight Systems Inc., Perillon Software Inc., SAP SE, Wolters Kluwer NV, and Workiva Inc. Audit Software Market: Segmentation Analysis This market research report segments the audit software market by Deployment (On-premise and Cloud), Type (Large enterprise and SMEs), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).
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Gain instant access to 17,000+ market research reports. Related Reports The software as a service (SaaS) market is estimated to grow at a CAGR of 19.19% between 2022 and 2027. The market size is forecast to increase by USD 313.45 billion. The enterprise asset management (EAM) market is estimated to grow at a CAGR of 7.85% between 2022 and 2027. The market size is forecast to increase by USD 2,046.52 million.
Table of Contents 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation by Deployment 7 Market Segmentation by Type 8 Customer Landscape 9 Geographic Landscape 10 Drivers, Challenges, and Trends 11 Company Landscape 12 Company Analysis 13 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research
SOURCE Technavio 
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