Cloud Audit Management Solutions and Services Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2026


#8118

Transparency Market Research

$ 5795

An increasing number of businesses such as banks and insurance and payment card companies have to pay hefty fines and penalties due to non-compliance with standard industry regulations. The audit management process is becoming a costly and time consuming challenge for these businesses, especially where cloud migration is concerned. Audit management tools help companies arrive at risk-aware decisions and thus improve their business performance. With enterprises striving to reduce catastrophic losses, the adoption of cloud audit management has been a rising trend in recent years. Regulations differ from one country to another. Developed regions such as North America and Europe have set standard regulations for every industrial and service sector. These regulations have been introduced in order to safeguard consumer rights and promote fair competition in the industry. However, an increase in the number of regulations and lack of understanding by companies is leading to non-compliance of regulations. Therefore, companies need to invest heavily in audit management in order to resolve regulations-related problems. Cloud audit solution and service providers formulate custom audit solutions by comparing the global rule library with compliance requirements given by the company. The company then implements this solution in order to transform its organization goals. Audit management solutions and service providers resolve any warning generated due fraudulent activities and help improve efficiency and corporate governance.

Factors such as need for compliance and collaboration, shift to omni-channel experiences, and rapid adoption of cloud services are expected to drive the cloud audit management solutions and services market. Increase in adoption of digital business strategies and organizations’ move toward cloud-based solutions and services are expected to fuel the growth of the cloud audit management solutions and services market. Auditing helps to mitigate business risk and protects a company’s brand at a lesser cost. One of the main challenges in the adoption of cloud audit solutions and services is an organization’s hesitation in outsourcing audit management due to security reasons. However, a rise in the number of compliance violations and increase in regulatory pressure are anticipated to boost the adoption of cloud audit management solutions and services across various industrial sectors in the coming years. Auditing finds applications in the areas of banking, financial services, and insurance (BFSI); government; health care; energy & utility; retail & consumer goods; education, and cloud computing.

The global cloud audit management solutions and services market can be segmented based on type, service model, organization size, deployment model, and region. In terms of type, the market can be classified into solutions and services. The solutions segment can be further divided into compliance management, exceptions management, internal controls management, issue management, and risk assessment solutions. The services segment can be further divided into managed services and professional services. Based on service model, the cloud audit management solutions and services market can be categorized into software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (IaaS). In terms of organization size, the cloud audit management solutions and services market can be classified into small & medium enterprises (SMEs) and large enterprises. Based on deployment model, the cloud audit management solutions and services market can be segmented into public cloud, private cloud, and hybrid cloud. In terms of region, the market can be categorized into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to hold a prominent market share of the cloud audit management solutions and services market, due high adoption of cloud audit management solutions in the region. The market in Asia Pacific is expected to expand at a rapid pace during the forecast period, owing to positive economic outlook in the region and significant potential in the core sectors for cloud adoption.

Major players operating in the cloud audit management solutions and services market include are Wolters Kluwer, ACL, Workiva, Dell Technologies (RSA), Thomson Reuters, AuditBoard, Magique Galileo Software, SAP, IBM, Protiviti, and MetricStream.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.