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The IT spending market by audit firms market share is expected to increase by USD 3.14 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 8.52%.
This IT spending market by audit firms market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers IT spending market by audit firms market segmentation by type (IT services, IT software, and IT hardware) and geography (North America, Europe, APAC, South America, and MEA). The IT spending market by audit firms market report also offers information on several market vendors, including Accenture Plc, Apple Inc., Capgemini SE, Cisco Systems Inc., Dell Technologies Inc., Fujitsu Ltd., Hewlett Packard Enterprise Co., International Business Machines Corp., Microsoft Corp., and SAP SE among others.
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Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The increasing adoption of audit management services is notably driving the IT spending market by audit firms market growth, although factors such as data security concerns may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the IT spending market by audit firms industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key IT Spending Market By Audit Firms Market Driver
One of the key factors driving growth in the IT spending by audit firms market is the increasing adoption of audit management services. Many audit firms are adopting audit management software with advanced features such as time-tracking, built-in remediation workflows, and risk assessment methodologies. Cloud-based audit management software is becoming increasingly popular among audit firms due to various benefits such as the low up-front cost of ownership, flexible payment options, and the lack of maintenance overhead costs. Audit firms are investing in adopting audit management software and services, which will support the growth of the global IT spending by audit firms market.
Key IT Spending Market By Audit Firms Market Trend
The integration of blockchain technology into audit software is another factor supporting the IT spending by audit firms market share growth. Blockchain technology is a list of records, called blocks, which are linked using cryptography. The integration of blockchain technology with audit software can help audit firms use a permanent shared record of all the transactions and auditing information. Audit software integrated with blockchain can also enable the automation of the verification process for reported transactions, eliminate the manual data extraction of audit activities, minimize auditing errors, and drive cost-effectiveness in the audit environment. Therefore, audit firms are integrating blockchain into audit software to perform in-depth reviews of business transitions and to improve their auditing efficiency.
Key IT Spending Market By Audit Firms Market Challenge
The data security concerns will be a major challenge for the IT spending by audit firms market during the forecast period. Audit firms have substantial amounts of critical data and information related to auditing. These firms require complex IT security infrastructure to protect their confidential data. Audit firms increasingly focus on securing their clients' data because of the rise in the number of cyberattacks and security breaches. An auditing firm that fails to secure its clients? data can lose its reputation, which will reduce its profits drastically. For instance, in August 2021, Accenture Plc was attacked by the LockBit gang. The hackers accessed customer information and confidential emails. The hack was facilitated because the admin user failed to use the two-factor authentication method for confidential accounts. Such instances can negatively impact the brand image of audit firms. Thus, data security concerns are expected to limit the growth of the market.
This IT spending market by audit firms market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the IT spending market by audit firms as a part of the global information technology (IT) spending market. The parent global IT spending market covers revenue generated from the sales and subscription of IT services, communications services, cloud services, IT hardware, and IT software. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the IT spending market by audit firms market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the IT spending market by audit firms market encompasses successful business strategies deployed by the key vendors. The IT spending market by audit firms market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Accenture Plc. - The company offers software and platforms, such as Powering the platform future.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The IT spending market by audit firms market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the IT spending market by audit firms market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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