The strict government regulations for compliance and the need for effective risk management is driving the global audit management software market. Audit management software designed for organizations to manage all audit related activities and to ensure that all the process is in a single comprehensive framework. The audit management software designed in such a manner that it supports all the types of audit i.e. operational audit, internal audit, IT audit, supplier audit, external audit and quality audit. Audit management software also supports the audit lifecycle i.e. audit planning, scheduling, development of standard protocols, checklist, report development, review, recommendations, and the implementation of audit recommendations. Vendors are adding advanced features to the audit management software such as time tracking, built-in remediation workflow, email notification, offline audit functions, risk assessment methodology and others. Audit management software enables efficient audit execution, best industry practices and enhance the compliance management system. Audit management software enhances the organization workflow and provides the collaborative process of audit reporting.
Audit management software reduces the risk of non-compliance for companies regulated by FDA or quality standards such as ISO 9000/14000. Vendors are providing audit management software to meet the compliance requirement such as 21 CRF 211 (for pharmaceutical companies), quality system regulation 21 CFR 820 (for medical device firm), 21 CFR 606 (for blood establishments). Some of the features of the audit management software are automated planning, electronic scheduling, conflict detection, filtering and grouping, offline checklist, audit workspace, compliance management, report templates, and others. The major advantages of using audit management software are it simplifies auditor’s job, reduces the effort and time period of an audit, immediate access and import of data, consolidation of data, and to easily implement and validate data. The major features of the audit management software are advanced audit scheduling, connected audit management, increase visibility of QMS, simplifies approval processes, provides the checklist, response collection, automated report creation, centralized audit management, closed loop process and others. Several developments in audit management software, with reference to technology, the proliferating growth rate of the market, along with the recent developments and innovations are expected to drive the global audit management software market during the forecast period.
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Audit Management Software Market: Drivers and Challenges
The growing trend of automated workflow is creating a positive impact on the global audit management software market. Government compliance regulations such as ISO 9000/14000 and 21 CFR 606 are creating a huge demand for audit management software market. Increasing complexities of auditing and report preparations are the major reasons for the adoption of audit management software and are fuelling the global audit management software market. Other factors such as fast lifecycle of auditing, reduced cost and time, effective auditing, and others are the major parameters increasing the adoption of audit management software and surging the global audit management software market.
One of the major challenges for the growth of audit management software market is handling spreadsheet based system for multiple types of auditing and complex business. Another potential challenge hindering the market growth is threat of data hacking. Auditing contains highly confidential data of business which must not be disclosed at any point of time. However, vendors are continuously working to minimize these challenges and provide the best audit management software. It is expected that the above mentioned challenges will be minimized by the end of the global audit management software market forecast period.
Audit Management Software Market: Segmentation
Segmentation based on the type of deployment:
The audit management software market is segmented based on the type of deployment i.e. on-premise and SaaS.
Segmentation based on the size of enterprises:
The audit management software market is segmented based on the size of enterprises i.e. small and medium enterprises and large enterprises.
Segmentation based on the industry:
The audit management software market is segmented based on the industry i.e. IT and telecom, manufacturing, healthcare, BFSI and others.
Audit Management Software Market: Key Developments
In December 2017, Xactium made an announcement to release new and enhanced version of audit management software in early 2018. This new software will enable the business to centralize its GRC related activities across the organization and to have close collaborations among teams.
Audit Management Software Market: Key Players
Few of the key players of audit management software are Xactium, ACL Services Ltd., MasterControl Inc., Wolters Kluwer, IBM Corporation, Thomson Reuters, SAP SE, Protiviti Inc., Chase Cooper Limited, Workiva and others.
Audit Management Software Market: Regional Overview
North America is expected to be the most dominating market of global audit management software market during the forecast period. Due to the presence of the huge number of companies and high adoption of automated software is driving the audit management software market in North America. SEA and other APAC is expected to be the most attractive market for vendors since developing countries of SEA is witnessing a huge number of new business and increasing IT spending.
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The report covers exhaustive analysis on:
Audit Management Software Market Segments
- Market Dynamics
- Historical Actual Market Size, 2013 – 2017
- Market Size & Forecast 2018 to 2028
- Value Chain
- Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Market Drivers and Restraints
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