LONDON--(BUSINESS WIRE)--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 ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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