Persistence Market Research
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.
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.
MRR.BIZ has been compiled in-depth market research data in the report after exhaustive primary and secondary research. Our team of able, experienced in-house analysts has collated the information through personal interviews and study of industry databases, journals, and reputable paid sources.
The report provides the following information:
The main aim of the report is to:
MRR.BIZ is a leading provider of strategic market research. Our vast repository consists research reports, data books, company profiles, and regional market data sheets. We regularly update the data and analysis of a wide-ranging products and services around the world. As readers, you will have access to the latest information on almost 300 industries and their sub-segments. Both large Fortune 500 companies and SMEs have found those useful. This is because we customize our offerings keeping in mind the specific requirements of our clients.