Internal Audit Management Software Global Market Report 2024

The internal audit management software market size has grown strongly in recent years. It will grow from $38.33 billion in 2023 to $40.41 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The rise during the historical period can be credited to the uptick in the adoption of cloud-based internal audit software solutions, integration of predictive analytics to facilitate market expansion, escalating regulatory compliance needs, increasing desire for mobile-compatible internal audit software, and broadening of internal audit software capabilities.

The internal audit management software market size is expected to see strong growth in the next few years. It will grow to $50.76 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The anticipated expansion in the forecast period can be linked to the rising need for data-centric internal audit solutions, ongoing advancements aimed at driving industry advancement, heightened uptake of cloud-based internal audit management software solutions, emphasis on real-time monitoring and alerts, and the adoption of advanced analytics tools. Key trends expected during this period encompass the utilization of cloud-based solutions, integration with enterprise resource planning (ERP) systems, mobile accessibility, adoption of continuous auditing practices, and the integration of artificial intelligence (AI) and machine learning (ML).

The upward trajectory of the internal audit management software market is being fueled by the increasing favor towards subscription-based pricing models. Such models entail customers paying for services or products regularly, typically on a monthly or annual basis, at a predetermined price point. This preference is attributed to the benefits of cost predictability and scalability based on usage or features. Moreover, subscription-based pricing models often incur lower upfront costs compared to traditional perpetual licensing models. Consequently, this accessibility makes internal audit management software more attainable to organizations of varying sizes, including small and medium-sized enterprises (SMEs), without necessitating a substantial initial investment. For example, as of March 2024, Netflix, a leading provider of streaming entertainment services, employs a subscription pricing model offering basic, standard, and premium services, with a projected customer base of 282.68 million, marking an 8.6% increase from 2023's 260.28 million subscribers.

Prominent players within the internal audit management software realm are actively advancing innovative and adaptable digital platforms to elevate auditing processes. One notable example is the EY Virtual Internal Auditor (VIA), developed by Ernst & Young Global Limited (EY), a UK-based provider of consulting, assurance, tax, and transaction services. Launched in July 2022, VIA represents a flexible digital solution furnishing an encompassing view of an organization's risks throughout its audit procedures. By harnessing market-leading analytics and Software as a Service (SaaS) technology, VIA is adept at seamless integration with existing systems and can be tailored to individual Internal Audit (IA) methodologies. Leveraging the robust foundation of Microsoft Azure, VIA offers autonomous reporting, continuous risk monitoring, a versatile audit response framework, and comprehensive Internal Control over Financial Reporting (ICFR) control testing capabilities.

In March 2022, Kroll Advisory Private Limited, a US-based entity specializing in data, technology, and insights pertinent to risk, governance, and growth, completed the acquisition of Resolver, Inc., for an undisclosed sum. This strategic move enables the integration of Resolver's cloud-based risk intelligence software into Kroll's suite of risk and security technologies. Resolver, Inc., headquartered in the US, is renowned for its audit management software and assists organizations in revolutionizing their risk management, audit, compliance, incident management, investigations, security operations, and information security practices.

Major companies operating in the internal audit management software market are SAP Audit Management, Wolters Kluwer N.V., Protiviti Inc., Workiva, MetricStream Inc., Netwrix Auditor, Riskonnect Inc., SAI Global Assurance Pty Ltd, Reflexis Systems Inc., Resolver Inc., ACL Services Ltd, Gensuite LLC, Onspring Inc., Oversight Systems Inc., AuditFile Inc., Plan Brothers Oy, Insight Lean Solutions Inc., VComply, Perillon Software Inc., Isolocity Corporation, MasterControl Inc., ComplianceBridge Corporation, AuditDesktop, Ideagen Pentana Audit.

North America was the largest region in the internal audit management software market in 2023. The regions covered in the internal audit management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the internal audit management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Internal audit management software is a specialized tool designed to streamline and automate internal audit processes within organizations. This software enables internal audit teams to efficiently manage audits, track activities, and ensure compliance with regulations and organizational standards.

The primary offerings of internal audit management software include both cloud-based and on-premises solutions. Cloud-based solutions are accessed over the internet, while on-premises solutions are hosted locally. This software caters to various industries, including banking, financial services, insurance, energy, manufacturing, food and beverage, as well as accounting firms and non-profit organizations.

The internal audit management software market research report is one of a series of new reports that provides internal audit management software market statistics, including the internal audit management software industry global market size, regional shares, competitors with internal audit management software market share, detailed internal audit management software market segments, market trends, and opportunities, and any further data you may need to thrive in the internal audit management software industry. This internal audit management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The internal audit management software market includes revenues earned by entities by providing services such as audit planning and scheduling, issue tracking and remediation, security, and compliance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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