Pune, Feb. 07, 2022 (GLOBE NEWSWIRE) -- The global Audit Software Market size is poised to expand at a steady pace owing to the increasing number of auditing frauds, states Fortune Business Insights™ in its report, titled “Audit Software market size, share & industry analysis, By Deployment (Cloud, On-premises), By Enterprise Size (SMEs, Large Enterprise), By Vertical (BFSI, Retail & Ecommerce, IT & Telecommunication, Government, Energy & Utility, Healthcare, Others (Education, Manufacturing, etc.)) and regional forecast 2022-2029”. The size and enormity of financial scams and scandals have grown with a staggering intensity over the past few decades. In 1998, for instance, Houston-based Waste Management reported USD 1.7 billion in fake earnings by manipulating the depreciation rate of the plants and equipment. Similarly, in 2001, the energy company Enron orchestrated an auditing fraud by keeping huge debts off their balance sheets, which led to its shareholders to lose USD 74 billion. More recently, in 2018, poor accounting practices led the UK-based construction giant, Carillion, to collapse under a £1.5 billion debt. Modern auditing software solutions can aid in the detection of fraudulent activities and help financial regulators to take effective measures to prevent auditing scams and save billions of taxpayers’ money.
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Companies in the Audit Software Market Report:
- Tronixss
- ComplianceBridge
- ProcessGene
- Perillon Software
- Oversight Systems
- Resolver
- Oracle Corporation
- IBM Corporation
- MasterControl
- Reflexis Systems
- Wolters Kluwer
- Gensuite
- Microsoft Corporation
- SAP SE
Covid-19 Impact-
The arrival of the COVID-19 pandemic has created an atmosphere of gloom and doom across the global economic spectrum. Government entities are taking all possible measures to wade their countries out of this crisis, while the private sector is exploring alternatives to survive these hard times. At Fortune Business Insights™, we are taking constant efforts to provide you with comprehensive market intelligence and aid your business to emerge successfully from this crisis. We are offering precise market reports based on our expertise and experience in the field of market research.
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Highlights of the Report:
- Detailed analysis of the major factors driving and constraining the market;
- Actionable insights into the key market players and their strategies;
- Granular examination of the various market segments; and
- A comprehensive evaluation of the regional developments in the market.
Driving Factor
Growing Availability of Intelligent Auditing Software to Boost the Market
Audit management has become a critical area for organizations, prompting innovators to develop intelligent audit software and launch them in the market. For example, US-based MetricStream offers an audit management suite that can handle a wide range of audit-related operations, including quality audits, internal audits, and supplier audits. The system is armed with advanced tools such as risk assessing methodologies and built-in remediation. Intelex Technologies, a Canada-based cloud specialist, has developed software that can organize, plan, and streamline audit reports to ensure smooth business operations as well as centralize, manage, and store business data. The product is also capable of performing compliance management functions. Another prominent example is AuditBoard, which is a popular cloud-based platform that empowers companies to report, collaborate, and automate risk management. These auditing solutions are aimed at enhancing the efficiency and productivity of auditors as well as lowering auditing costs for companies. The increasing presence of such software will be essential in boosting the audit software market growth in the near future.
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Regional Insights
North America to Headline the Global Market; Asia Pacific to Emerge as an Investment Hub
Among regions, North America is expected to dominate the audit software market share backed by the heightening demand for smart auditing solutions from diverse industry verticals, ranging from BFSI and IT to healthcare and automotive. Besides this, the introduction of innovative auditing software by tech companies in the region will also contribute to the growth of the market.
In Asia Pacific, the speedy emergence of technology companies such as Huawei and Infosys is anticipated to create a favorable investment climate in the region. Furthermore, these companies are set to experience exponential growth as several small & medium enterprises along with government agencies across Asia Pacific are rapidly digitizing their financial systems, which in turn will prove beneficial for this market.
Competitive Landscape
Key Players to Focus on Introducing Cutting-Edge Audit Solutions
The top companies in this market are looking to capitalize on the growing demand for efficient and cost-effective auditing tools from the private as well as the public sector. This is leading market players to investment in next-gen technologies and engineer cutting-edge auditing software and solutions to expand their presence in the global market.
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Industry Developments:
- July 2020: Ncontracts announces the launch of Nverify, its much-awaited audit management software. Nverify is designed as an integrated, automated auditing solution that ensures compliance, recommends improvements in internal processes, and streamlines auditing to detect and reduce risk.
- March 2020: Wolters Kluwer Tax & Accounting released its cloud audit management system, TeamMate+ Public Sector, to augment the efficiency of auditors in the public sector. The solution has been conceived to facilitate a data-driven, risk-based approach for public auditors so as to maximize performance.
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