This market research report provides the in-depth market forecast and segmentation analysis of the global IT spending by audit firms according to services, software, and hardware. The market is further analyzed according to the geographical segmentation that outlines the market shares for APAC, Americas, and the EMEA regions. Key market players analyzed in this research report include ITACL, CaseWare, IBM, and SAP.
Technavio’s market research analysts estimate the global IT spending by audit firms, to grow at a CAGR of more than 6% between 2015 and 2019. The increasing requirement to improve audit efficiency and competitive pressure among audit firms is a major factor propelling the market’s growth. The Americas is the highest revenue contributor to the global audit technology, occupying around 43% of the total market share. Augmented demand for professional auditing services has led to increased adoption of IT in the American audit firms for a better client base.
The new market research report from Technavio provides a breakdown and analysis of the IT spending by audit firms segments by technology.
“Of late, the audit firms are shifting towards SaaS delivery model from the on-premises model. SaaS-based audit services help audit firms in better internal control of smaller transaction samples. It provides an effective audit approach in less time and reduced costs. Moreover, it allows auditors to collect real-time information by themselves and aids in decision-making process by generating ad hoc reports and powerful insights. It helps in carrying out audit processes remotely using mobile devices,” says Navin Rajendra, Lead Analyst, ICT, Technavio Research.
Services is the largest segment in the global IT spending by audit firms, accounting for around 64% of the total market revenue. It includes professional services, which include consulting services, development and integration services, process management services, and other support services. Growing need to enhance audit work quality and deliver better client services has led to an increase in the IT spending by audit firms.
The leading vendors in the global IT spending by audit firms include ACL Services, CaseWare, IBM and SAP. The market is highly fragmented due to the presence of large and small players. The market competition is expected to intensify with the entry of new market players, who are aiming to offer cost-effective solutions.
A more detailed analysis is available in the Technavio report, Global IT Spending by Audit Firms 2015-2019.
We can customize reports by other regions and specific segments upon request.
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