Global IT Spending Market by Audit Firms to Grow by USD 2.77 Billion During 2019-2023 |Technavio

LONDON–(BUSINESS WIRE)–#ITconsulting–Technavio’s latest market research report on the global IT spending
market by audit firms predicts the market to witness a CAGR of more than
8% during the forecast period. This research report segments the market
by type (IT services, IT software, and IT hardware) and geography (North
America, Europe, APAC, South America, and MEA).


Integration of blockchain technology into audit software

Blockchain technology, integrated 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,
minimize auditing errors, eliminate manual data extraction of audit
activities, and drive cost-effectiveness in the audit environment.
Therefore, the integration of blockchain with audit software is expected
to increase significantly, which will drive the global
IT spending market by audit firms
during the forecast
period.

IT services segment will garner the highest share

IT services segment, that includes software support services and
hardware support services, accounted for the highest share of the global
IT spending market by audit firms in 2018 and is expected to grow faster
than the overall market during the forecast period. The spend on IT
services is growing significantly owing to increasing investments in IT
hardware infrastructure and IT software. Audit firms are increasingly
implementing advanced IT software solutions to modernize their
infrastructure and to gain a competitive edge in the market. This is
expected to drive market growth of the IT services segment during the
next five years.

“With continuous advances in the field of IT, established vendors in
the market are offering a wide range of IT services to help audit firms
shift from legacy IT infrastructure to advanced IT infrastructure. Thus,
audit firms are largely implementing innovative service delivery models
to maintain their position. Such factors are expected to fuel the growth
of this segment during the forecast period,” says a senior research
analyst at Technavio.

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IT spending market by audit firms to witness fastest adoption in APAC

The APAC region is expected to grow faster than the overall market
during the forecast period owing to continuous advances in the field of
IT. Several established audit firms operating in the market are shifting
from legacy IT infrastructure to advanced IT infrastructure. These firms
are increasingly expanding their geographic presence and are providing
high-quality auditing services to remain competitive in the market.
Audit firms are also acquiring technology-based companies to strengthen
their service offerings. Such factors are expected to influence the
growth of the IT spending market size during the forecast period.

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Some of the key topics covered in the global
IT spending market by audit firms

include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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