35% of IT Spending Market Growth by Audit Firms to Originate from North America, Data on Market Share, Size, Growth, Global Industry Revenue, Business Demand, Forecast, and Analysis 2021-2025

BY PR Newswire | ECONOMIC | 07/22/22 11:05 AM EDT

NEW YORK, July 22, 2022 /PRNewswire/ -- The IT Spending Market by Audit Firms is a part of the global information technology spending industry. The global information technology spending industry was valued at $5,135.64 billion in 2020. The parent global IT spending industry covers revenue generated from the sales and subscription of IT services, communications services, cloud services, IT hardware, and IT software. Moreover, the IT Spending Market value by Audit Firms is set to grow by USD 3.14 billion, progressing at a CAGR of 8.52% from 2020 to 2025, as per the latest report by Technavio. The report also provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenarios, future market trends, market size & estimations, and major investment pockets.

Technavio has announced its latest market research report titled IT Spending Market by Audit Firms by Type and Geography - Forecast and Analysis 2021-2025

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Vendor Insights-

The IT spending market by audit firms market report 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. Moreover, the 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.
  • Capgemini SE -?The company offers software for cloud services, such as Cloud Strategy.
  • Dell Technologies Inc. -?The company offers IT spend solutions, under the payment and consumption solutions.

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Regional Market Outlook

  • The IT spending market by audit firms is segmented by Type (IT services, IT software, and IT hardware) and Geography (North America, Europe, APAC, South America, and MEA).
  • 35% of the market's growth will originate from North America?during the forecast period. US and Canada are the key markets for?IT spending market by audit firms market in North America.?Market growth in this region will be slower than the growth of the market in other regions.
  • Countries such as the US and Canada have strict laws and regulations. This demands the presence of organizations that issue security to the public, which, in turn, is?compelling organizations to produce financial statements that comply with the generally accepted accounting standards.?This will facilitate the?IT spending market by audit firms market growth in North America over the forecast period.?

REQUEST SAMPLE COPY OF THIS REPORT?for more key highlights on the regional
market share of most of the above-mentioned countries.

Latest Drivers & Challenges of the Market-

  • IT Spending Market by Audit Firms Driver:
    • 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.

  • IT Spending Market by Audit Firms Challenge:
    • Data security concerns:

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.

Find additional information about various other market Drivers & Challenges available
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REPORT

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Customs Audit Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2020-2024:?The market value is set to grow by USD 2.10 billion, progressing at a CAGR of almost 5% from 2019 to 2024, as per the latest report by Technavio. The customs audit market report also offers information on several market vendors, including Baker Tilly International?Ltd., BDO International?Ltd., Deloitte Touche Tohmatsu Ltd.,?and More.?FIND MORE RESEARCH INSIGHTS HERE

IT Spending Market by Audit Firms Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 8.52%

Market growth 2021-2025

$ 3.14 billion

Market structure

Fragmented

YoY growth (%)

8.23

Regional analysis

North America, Europe, APAC, South America, and MEA

Performing market contribution

North America at 35%

Key consumer countries

US, Canada, UK, China, and Germany

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

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

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization preview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 03: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 04: Market segments
  • 3.3 Market size 2020
  • 3.4 Market outlook: Forecast for 2020 - 2025
    • Exhibit 05: Global - Market size and forecast 2020 - 2025 ($ million)
    • Exhibit 06: Global market: Year-over-year growth 2020 - 2025 (%)

4 Five Forces Analysis

  • 4.1 Five forces summary
    • Exhibit 07: Five forces analysis 2020 & 2025
  • 4.2 Bargaining power of buyers
    • Exhibit 08: Bargaining power of buyers
  • 4.3 Bargaining power of suppliers
    • Exhibit 09: Bargaining power of suppliers
  • 4.4 Threat of new entrants
    • Exhibit 10: Threat of new entrants
  • 4.5 Threat of substitutes
    • Exhibit 11: Threat of substitutes
  • 4.6 Threat of rivalry
    • Exhibit 12: Threat of rivalry
  • 4.7 Market condition
    • Exhibit 13: Market condition - Five forces 2020

5 Market Segmentation by Type

  • 5.1 Market segments
    • Exhibit 14: Type - Market share 2020-2025 (%)
  • 5.2 Comparison by Type
    • Exhibit 15: Comparison by Type
  • 5.3 IT services - Market size and forecast 2020-2025
    • Exhibit 16: IT services - Market size and forecast 2020-2025 ($ million)
    • Exhibit 17: IT services - Year-over-year growth 2020-2025 (%)
  • 5.4 IT software - Market size and forecast 2020-2025
    • Exhibit 18: IT software - Market size and forecast 2020-2025 ($ million)
    • Exhibit 19: IT software - Year-over-year growth 2020-2025 (%)
  • 5.5 IT hardware - Market size and forecast 2020-2025
    • Exhibit 20: IT hardware - Market size and forecast 2020-2025 ($ million)
    • Exhibit 21: IT hardware - Year-over-year growth 2020-2025 (%)
  • 5.6 Market opportunity by Type
    • Exhibit 22: Market opportunity by Type

6 Customer landscape

7 Geographic Landscape

  • 7.1 Geographic segmentation
    • Exhibit 24: Market share by geography 2020-2025 (%)
  • 7.2 Geographic comparison
    • Exhibit 25: Geographic comparison
  • 7.3 North America - Market size and forecast 2020-2025
    • Exhibit 26: North America - Market size and forecast 2020-2025 ($ million)
    • Exhibit 27: North America - Year-over-year growth 2020-2025 (%)
  • 7.4 Europe - Market size and forecast 2020-2025
    • Exhibit 28: Europe - Market size and forecast 2020-2025 ($ million)
    • Exhibit 29: Europe - Year-over-year growth 2020-2025 (%)
  • 7.5 APAC - Market size and forecast 2020-2025
    • Exhibit 30: APAC - Market size and forecast 2020-2025 ($ million)
    • Exhibit 31: APAC - Year-over-year growth 2020-2025 (%)
  • 7.6 South America - Market size and forecast 2020-2025
    • Exhibit 32: South America - Market size and forecast 2020-2025 ($ million)
    • Exhibit 33: South America - Year-over-year growth 2020-2025 (%)
  • 7.7 MEA - Market size and forecast 2020-2025
    • Exhibit 34: MEA - Market size and forecast 2020-2025 ($ million)
    • Exhibit 35: MEA - Year-over-year growth 2020-2025 (%)
  • 7.8 Key leading countries
    • Exhibit 36: Key leading countries
  • 7.9 Market opportunity by geography
    • Exhibit 37: Market opportunity by geography ($ million)

8 Drivers, Challenges, and Trends

  • 8.1 Market drivers
  • 8.2 Market challenges
    • Exhibit 38: Impact of drivers and challenges
  • 8.3 Market trends

9 Vendor Landscape

  • 9.1 Overview
    • Exhibit 39: Vendor landscape
  • 9.2 Landscape disruption
    • Exhibit 40: Landscape disruption
    • Exhibit 41: Industry risks

10 Vendor Analysis

  • 10.1 Vendors covered
    • Exhibit 42: Vendors covered
  • 10.2 Market positioning of vendors
  • 10.3 Accenture Plc
    • Exhibit 44: Accenture Plc - Overview
    • Exhibit 45: Accenture Plc - Business segments
    • Exhibit 46: Accenture Plc - Key news
    • Exhibit 47: Accenture Plc - Key offerings
    • Exhibit 48: Accenture Plc - Segment focus
  • 10.4 Apple Inc.
    • Exhibit 49: Apple Inc. - Overview
    • Exhibit 50: Apple Inc. - Business segments
    • Exhibit 51: Apple Inc. - Key news
    • Exhibit 52: Apple Inc. - Key offerings
    • Exhibit 53: Apple Inc. - Segment focus
  • 10.5 Capgemini SE
    • Exhibit 54: Capgemini SE - Overview
    • Exhibit 55: Capgemini SE - Business segments
    • Exhibit 56: Capgemini SE - Key offerings
    • Exhibit 57: Capgemini SE - Segment focus
  • 10.6 Cisco Systems Inc.
    • Exhibit 58: Cisco Systems Inc. - Overview
    • Exhibit 59: Cisco Systems Inc. - Business segments
    • Exhibit 60: Cisco Systems Inc. - Key news
    • Exhibit 61: Cisco Systems Inc. - Key offerings
    • Exhibit 62: Cisco Systems Inc. - Segment focus
  • 10.7 Dell Technologies Inc.
    • Exhibit 63: Dell Technologies Inc. - Overview
    • Exhibit 64: Dell Technologies Inc. - Business segments
    • Exhibit 65: Dell Technologies Inc. - Key offerings
    • Exhibit 66: Dell Technologies Inc. - Segment focus
  • 10.8 Fujitsu Ltd.
    • Exhibit 67: Fujitsu Ltd. - Overview
    • Exhibit 68: Fujitsu Ltd. - Business segments
    • Exhibit 69: Fujitsu Ltd. - Key offerings
    • Exhibit 70: Fujitsu Ltd. - Segment focus
  • 10.9 Hewlett Packard Enterprise Co.
    • Exhibit 71: Hewlett Packard Enterprise Co. - Overview
    • Exhibit 72: Hewlett Packard Enterprise Co. - Business segments
    • Exhibit 73: Hewlett Packard Enterprise Co. - Key offerings
    • Exhibit 74: Hewlett Packard Enterprise Co. - Segment focus
  • 10.10 International Business Machines Corp.
    • Exhibit 75: International Business Machines Corp. - Overview
    • Exhibit 76: International Business Machines Corp. - Business segments
    • Exhibit 77: International Business Machines Corp. - Key news
    • Exhibit 78: International Business Machines Corp. - Key offerings
    • Exhibit 79: International Business Machines Corp. - Segment focus
  • 10.11 Microsoft Corp.
    • Exhibit 80: Microsoft Corp. - Overview
    • Exhibit 81: Microsoft Corp. - Business segments
    • Exhibit 82: Microsoft Corp. - Key news
    • Exhibit 83: Microsoft Corp. - Key offerings
    • Exhibit 84: Microsoft Corp. - Segment focus
  • 10.12 SAP SE
    • Exhibit 85: SAP SE - Overview
    • Exhibit 86: SAP SE - Business segments
    • Exhibit 87: SAP SE - Key news
    • Exhibit 88: SAP SE - Key offerings
    • Exhibit 89: SAP SE - Segment focus

11 Appendix

  • 11.1 Scope of the report
  • 11.2 Currency conversion rates for US$
    • Exhibit 90: Currency conversion rates for US$
  • 11.3 Research methodology
    • Exhibit 91: Research Methodology
    • Exhibit 92: Validation techniques employed for market sizing
    • Exhibit 93: Information sources
  • 11.4 List of abbreviations
    • Exhibit 94: List of abbreviations
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