Global IT Spending Market by Audit Firms 2019-2023
Global IT Spending Market by Audit Firms: About this market
IT spending by audit firms includes the entire IT expenditure on hardware, software, and services by audit firms. Technavio’s IT spending market by audit firms market analysis considers sales generated by the adoption of IT services, IT software, and IT hardware. Our analysis also considers the sales of IT spending market by audit firms in APAC, Europe, North America, South America, and MEA. In 2018, the IT services segment had a significant market share, and this trend is expected to continue over the forecast period. Solutions including cloud computing services, software-defined solutions, and big data provided by IT service providers will play a significant role in the IT services segment to maintain its market position. Also, our global IT spending market by audit firms market report looks at factors such as the increasing adoption of audit management services, increased demand for cloud-based audit management software, and strategic partnerships and acquisitions. However, data security concerns, dependency on IT budget allocation of big four accounting firms, and high cost of IT implementation may hamper the growth of the IT spending market by audit firms industry over the forecast period.
Global IT Spending Market by Audit Firms: Overview
Increasing demand for cloud-based audit management software
Several audit firms are adopting cloud-based management software as it enables faster audit issue resolution. In addition, it offers benefits such as automated audit process and reduced manual errors and paperwork. They are also integrating predictive analytics with cloud-management software to obtain more benefits. This will lead to the expansion of the global IT spending market by audit firms market at a CAGR of over 8% during the forecast period.
AI-based audit management
The adoption of AI techniques in audit management software helps in improving the efficiency of data-heavy environments. It benefits the audit firms by minimizing the report generation timelines and reducing the total cost and time of audit management. Such benefits of AI-based audit management is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global IT spending market by audit firms market during the forecast period 2019-2023, click here.
With the presence of few major players, the global IT spending market by audit firms market is concentrated. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading IT spending market by audit firms manufacturers, that include Cisco Systems Inc., Dell Technologies Inc., IBM Corp., Microsoft Corp., and SAP SE.
Also, the IT spending market by audit firms market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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