The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Growth Overview

• Current Market Size: From $38.33 billion in 2023 to $40.41 billion in 2024
• Growth Rate: Compound annual growth rate (CAGR) of 5.4%
• Future Projections: Expected to reach $50.76 billion by 2028 at a CAGR of 5.9%

Historical Growth Drivers

• Cloud Adoption: Increasing use of cloud-based internal audit software solutions
• Predictive Analytics: Enhanced market expansion through predictive analytics
• Regulatory Compliance: Rising regulatory compliance requirements
• Mobile Demand: Growing need for mobile-friendly internal audit software
• Expanded Functionalities: Broader functionalities in internal audit software

Future Growth Catalysts

• Data-Driven Solutions: Increasing demand for data-driven internal audit solutions
• Industry Developments: Ongoing developments fostering industry progress
• Cloud Solutions: Continued adoption of cloud-based internal audit software
• Real-Time Monitoring: Emphasis on real-time monitoring and alerts
• Advanced Analytics: Integration of advanced analytics tools

Key Market Trends

• Cloud-Based Solutions: Predominant trend towards cloud-based audit software
• ERP Integration: Seamless integration with ERP systems
• Mobile Accessibility: Enhanced mobile accessibility for audit processes
• Continuous Auditing: Adoption of continuous auditing practices
• AI and ML Integration: Growing use of artificial intelligence (AI) and machine learning (ML)

Read The Full Internal Audit Management Software Market Report Here:
https://www.thebusinessresearchcompany.com/report/internal-audit-management-software-global-market-report

Subscription-Based Pricing Models Driving Market Growth

• Customer Benefits: Cost predictability and scalability based on usage or features
• Lower Upfront Costs: More accessible to SMEs due to lower initial investment
• Industry Example: Netflix’s subscription model, predicted to grow its customer base by 8.6% in 2024

Leading Companies in the Market

• Major Players: 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

Advanced Technology in the Market

• Innovative Platforms: Development of flexible digital platforms like EY Virtual Internal Auditor (VIA)
• Key Features: Autonomous reporting, continuous risk monitoring, flexible audit response model, ICFR control testing
• Example: EY’s VIA, launched in July 2022, integrates market-leading analytics and SaaS technology

Notable Acquisition: Resolver by Kroll Advisory

• Acquisition Details: In March 2022, Kroll Advisory acquired Resolver, Inc.
• Purpose: To integrate Resolver’s risk intelligence software into Kroll’s risk and security technologies
• Impact: Enhanced approaches to risk management, audit, compliance, and security operations

Market Segmentation

• By Product: Cloud-Based, On-Premises
• By Application: Small And Medium Business, Large Business, Other Applications
• By Vertical: Banking, Financial Services, And Insurance, Energy And Utility, Manufacturing, Food And Beverage, Accounting Or CPA Firms, Non-Profit Organizations

Regional Market Leadership

• North America: Largest region in the internal audit management software market in 2023

The internal audit management software market is experiencing robust growth driven by advancements in technology, a shift towards subscription-based models, and the increasing need for compliance and risk management. With major companies continuously innovating and expanding their offerings, the market is poised for significant expansion in the coming years.

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The Internal Audit Management Software Global Market Report 2024  provides an overview of the internal audit management software market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The internal audit management software market forecast analyzes internal audit management software market size, internal audit management software market share, leading competitor and their market positions.

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