Audit Automation Software Market To be at Forefront By 2027

Audit Automation Software Market - Introduction

Various audits need to be done by a company/organization due to the growing complexity of businesses
Non-compliance with audit regulations can result in problems for the business organization
Audit automation software are increasingly being used by organizations to meet the growing demand for timely and accurate auditing as per mandates laid down by regulatory authorities
Audit automation software forms an important part of a business entity as it reduces the risk of non-compliance
Audit automation software helps the organization to manage all audit related functions and data, and processes everything in a single, comprehensive framework

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Key Drivers of the Audit Automation Software Market Dynamics

Increasing requirement for effective risk management and compliance with government regulations expected to fuel the demand for audit automation software

One of the most important factors driving the demand for audit automation software is the growing complexity in the business environment
The complex nature of business and functions necessitates compliance with government regulations on a timely basis.
Audit automation software ensures various types of audit (internal audit, operational audit, IT audit, supplier audit, and quality audit) are done on time.
Audit automation software helps in managing the whole audit lifecycle, from audit planning, scheduling, to creating audit standards and checklists. This systematic process results in easing the audit process and improves process efficiency.
Demand for this software is expected to grow at a high pace during the forecast period due to these advantages offered by audit automation software

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North America to dominate the global audit automation software market

North America is expected to account for notable share of the audit automation software market during the forecast period. Stringent regulations laid down by government authorities in North American countries is one of the major factors attributed to this dominance.
Another factor resulting in continuous increase in demand for audit automation software is the presence of large number of enterprises in countries of North America
The market in the U.S. is projected to expand at a considerable pace during the forecast period, which in turn is anticipated to drive the audit automation software market in the region.

Audit Automation Software Market - Competitive Landscape

The top five players are expected to account for 20% to 25% share of the global audit automation software market. A few of the key players operating in the global audit automation software market include:

ACL Services Ltd.
Lockpath Inc.
MasterControl, Inc.
MetricStream Inc.
Pilgrim Quality Solution
Sparta Systems, Inc.
Wolters Kluwer (UK) Limited
Workiva Inc.

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