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).
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20190618005438/en/
Technavio has published a new market research report on the global IT spending market by audit firms from 2019-2023. (Graphic: Business Wire)
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.
Looking for more information on this market? Request
a free sample report
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.
Technavio’s sample reports are free of charge and contain multiple
sections of the report such as the market size and forecast, drivers,
challenges, trends, and more.
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
About Technavio
Technavio
is a leading global technology research and advisory company. It
provides detailed market research reports that provide clients with
actionable insights to help them identify market opportunities and
design effective strategies to optimize their market position.
With over 500 specialized analysts, Technavio boasts of an extensive
report library comprising of over 10,000 reports, covering 800
technologies, spanning across 50 countries. Their client base consists
of enterprises of all sizes, including more than a hundred Fortune 500
companies. This growing client base relies on Technavio’s comprehensive
coverage, extensive research, and actionable market insights to identify
opportunities in existing and potential markets. Technavio helps
companies to assess their competitive position within changing market
scenarios.
If you are interested in more information, please contact our media team
at media@technavio.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190618005438/en/