Big data analytics helps auditing firms to use the unstructured information to gain a better insight of the customer

Technavio’s latest market research report on the global IT spending market by audit firms provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.

According to Technavio analysts, the global IT spending market by audit firms will grow at a CAGR of around 5 percent during the forecast period. The increased usage of BI software in auditing firms is one of the factors contributing to the growth of the market.

BI software is gaining prominence among auditing firms to turn raw data into useful information. Several auditing firms across the world have shifted to the usage of BI software for accounting purposes. BI supports functions such as revenue generation, financial visibility, fraud detection, financial risk avoidance, and achieving compliance requirements.

The three emerging market trends driving the global IT spending market by audit firms according to Technavio research analysts are:

* Adoption of big data analytics.
* Adoption of cloud-based IT infrastructure.
* Increased adoption of BYOD.

Adoption of big data analytics
Since 2010, many auditing firms have been witnessing the benefits of delivering value to customers using big data. Big data assists auditing firms to increase the speed of implementing auditing process. Big data and intelligent analytics help deliver a higher quality of audit evidence and relevant business insights to the auditing firms.

Auditing firms are handling and interpreting customers’ confidential financial information on a large scale. Big data analytics helps auditing firms to use the unstructured information to gain a better insight of the customer. This provides an opportunity for audit firms to support growth in revenue.

“KPMG is one of the largest auditing firms in the world. KPMG Australia signed a participation agreement with IBM Australia in June 2016 to introduce cognitive technology to audit and assurance services,” says a senior analyst at Technavio for research on IT spending.

Global IT spending market by audit firms segmentation
This market research report segments the global IT spending market by audit firms into the following three product segments (services, software, and hardware) and three major regions (Americas, APAC, and EMEA).

The services segment held the largest market share in 2017, accounting for nearly 63 percent of the market. IT support services include software and hardware support services. Business IT services include application outsourcing services, infrastructure services, and application development and maintenance services.

The Americas was the leading region for the global IT spending market by audit firms in 2017, accounting for a market share of more than 44 percent. The Americas is expected to dominate the market throughout the forecast period.