PUBLISHER: The Business Research Company | PRODUCT CODE: 1691959
PUBLISHER: The Business Research Company | PRODUCT CODE: 1691959
Internal audit management software is a specialized tool designed to streamline and automate internal audit processes within organizations. This software enables internal audit teams to efficiently manage audits, track activities, and ensure compliance with regulations and organizational standards.
The primary offerings of internal audit management software include both cloud-based and on-premises solutions. Cloud-based solutions are accessed over the internet, while on-premises solutions are hosted locally. This software caters to various industries, including banking, financial services, insurance, energy, manufacturing, food and beverage, as well as accounting firms and non-profit organizations.
The internal audit management software market research report is one of a series of new reports from The Business Research Company that provides internal audit management software market statistics, including the internal audit management software industry global market size, regional shares, competitors with internal audit management software market share, detailed internal audit management software market segments, market trends, and opportunities, and any further data you may need to thrive in the internal audit management software industry. This internal audit management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The internal audit management software market size has grown strongly in recent years. It will grow from $40.41 billion in 2024 to $42.89 billion in 2025 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historical period can be attributed to the increasing adoption of cloud-based internal audit software solutions, incorporation of predictive analytics to aid market expansion, growing regulatory compliance requirements, growing demand for mobile-friendly internal audit software, and expansion of internal audit software functionalities.
The internal audit management software market size is expected to see strong growth in the next few years. It will grow to $53.68 billion in 2029 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to the growing demand for data-driven internal audit solutions, current development to foster industry progress, increased adoption of cloud-based internal audit management software solutions, focus on real-time monitoring and alerts, and adoption of advanced analytics tools. Major trends in the forecast period include cloud-based solutions, integration with ERP systems, mobile accessibility, continuous auditing practices, and integration of artificial intelligence (AI) and machine learning (ML).
The upward trajectory of the internal audit management software market is being fueled by the increasing favor towards subscription-based pricing models. Such models entail customers paying for services or products regularly, typically on a monthly or annual basis, at a predetermined price point. This preference is attributed to the benefits of cost predictability and scalability based on usage or features. Moreover, subscription-based pricing models often incur lower upfront costs compared to traditional perpetual licensing models. Consequently, this accessibility makes internal audit management software more attainable to organizations of varying sizes, including small and medium-sized enterprises (SMEs), without necessitating a substantial initial investment. For example, as of March 2024, Netflix, a leading provider of streaming entertainment services, employs a subscription pricing model offering basic, standard, and premium services, with a projected customer base of 282.68 million, marking an 8.6% increase from 2023's 260.28 million subscribers.
Prominent players within the internal audit management software realm are actively advancing innovative and adaptable digital platforms to elevate auditing processes. One notable example is the EY Virtual Internal Auditor (VIA), developed by Ernst & Young Global Limited (EY), a UK-based provider of consulting, assurance, tax, and transaction services. Launched in July 2022, VIA represents a flexible digital solution furnishing an encompassing view of an organization's risks throughout its audit procedures. By harnessing market-leading analytics and Software as a Service (SaaS) technology, VIA is adept at seamless integration with existing systems and can be tailored to individual Internal Audit (IA) methodologies. Leveraging the robust foundation of Microsoft Azure, VIA offers autonomous reporting, continuous risk monitoring, a versatile audit response framework, and comprehensive Internal Control over Financial Reporting (ICFR) control testing capabilities.
In March 2022, Kroll Advisory Private Limited, a US-based entity specializing in data, technology, and insights pertinent to risk, governance, and growth, completed the acquisition of Resolver, Inc., for an undisclosed sum. This strategic move enables the integration of Resolver's cloud-based risk intelligence software into Kroll's suite of risk and security technologies. Resolver, Inc., headquartered in the US, is renowned for its audit management software and assists organizations in revolutionizing their risk management, audit, compliance, incident management, investigations, security operations, and information security practices.
Major companies operating in the internal audit management software market are 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
North America was the largest region in the internal audit management software market in 2024. The regions covered in the internal audit management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the internal audit management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The internal audit management software market includes revenues earned by entities by providing services such as audit planning and scheduling, issue tracking and remediation, security, and compliance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Internal Audit Management Software Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on internal audit management software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for internal audit management software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The internal audit management software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.