인도의 감사 소프트웨어 시장 규모는 2024년도의 8,841만 달러에서 2032년도에 2억 5,362만 달러에 이를 것으로 예측되며, 2025-2032년도의 예측 기간에 CAGR로 14.08%의 성장이 전망됩니다. 시장은 엄격한 규제 요건, 기술 진보, 디지털 변환으로 성장하고 있습니다. 인도에서는 Company Act 2013, Goods and Services Tax(GST) 등 규제 수준이 높아지고 있으며 기업은 보다 정확하고 투명한 재무 기록을 유지해야 합니다. 감사 소프트웨어는 컴플라이언스 검사를 자동화하고 법정 신고를 처리하여 요구되는 컴플라이언스 준수를 확실하게 파악할 수 있도록 도와줍니다. 또한, 국가별 IT Act 2000은 명확한 데이터 보호 대책이 필요하므로 감사 소프트웨어를 통해 특정 사이버 보안 요구 사항을 준수하기 위한 데이터 액세스 및 보안 프로토콜을 모니터링합니다.
AI, ML, 클라우드 기반 솔루션 등 기술 분야의 진보는 데이터 분석의 효율성과 정확성, 작업 자동화, 실시간 데이터 액세스 능력을 간소화하여 감사의 질을 향상시키고 있습니다. 감사 프로세스를 간소화하기 위해 상당한 선행 투자를 필요로 할 수 있는 중소기업의 경우, 이러한 감사는 최적입니다.
그러나 이러한 유형의 소프트웨어를 채택하는 가장 큰 촉진요인 중 하나는 규제 준수를 강화하고 사기 위험을 줄이는 등 감사 소프트웨어와 관련된 이점에 대한 인식 증가입니다. 또한 금융, 의료, 제조 등 특정 산업용 소프트웨어도 증가하는 경향이 있습니다. 게다가 인도 경제의 성장과 Digital India와 같은 프로그램을 통한 디지털 변환으로 기업은 경쟁과 컴플라이언스를 위해 보다 정교한 감사 소프트웨어에 적응할 수 있게 되었습니다.
예를 들어, 2023년 10월, 첸나이에 본사를 둔 감사/위험 SaaS(Software-as-a-Service)의 스타트업인 AuditCue는 Kalaari Capital이 주도하는 시드 자금 조달 라운드에서 150만 달러를 조달했습니다. 기타 투자자로는 Java Capital과 샌프란시스코의 엔젤 투자가 포함됩니다. 이번 자금 조달은 컴플라이언스와 첨단 기술력에 대한 요구가 증가함에 따라 인도의 감사 소프트웨어 솔루션에 대한 관심과 투자가 증가하고 있음을 명시하고 있습니다.
이 보고서는 인도의 감사 소프트웨어 시장에 대한 조사 분석을 통해 시장 규모와 예측, 시장 역학, 주요 기업 현황 등을 제공합니다.
India audit software market is projected to witness a CAGR of 14.08% during the forecast period FY2025-FY2032, growing from USD 88.41 million in FY2024 to USD 253.62 million in FY2032. The audit software market in India is growing due to stringent regulatory requirements, technological advancements, and digital transformation. With the increasing level of regulation in India, for instance, with the Companies Act of 2013 and the Goods and Services Tax (GST), firms must maintain more accurate and transparent financial records. The audit software helps automate compliance checks and handle statutory filings to ensure an understanding of adherence to the required compliance. Additionally, the country-specific IT Act of 2000 requires well-defined data protection measures and, thus, monitors data access and security protocols toward adherence to specific cybersecurity requirements through audit software.
Advancements in the field of technology, including AI, ML, and cloud-based solutions, have improved the quality of audits by streamlining efficiency and accuracy in data analysis, task automation, and the ability to access data in real-time, thus making these audits perfectly suitable for SMEs which might otherwise require significant investments upfront for their audit process streamlining.
However, one of the biggest drivers for the adoption of this kind of software is the rising awareness of the benefits that are associated with audit software, including heightened compliance with regulations and a reduced risk of fraud. Industry-specific software available for sectors such as finance, healthcare, and manufacturing are on the rise. Moreover, the growth of the Indian economy and digital transformation through programs such as Digital India is making companies adapt to more sophisticated audit software to compete and be compliant.
For instance, in October 2023, AuditCue, a Chennai-based audit and risk software-as-a-service (SaaS) startup, raised USD 1.5 million in a seed funding round led by Kalaari Capital. Other investors included Java Capital and angel investors from San Francisco. This funding highlights the growing interest and investment in audit software solutions in India, driven by the increasing need for compliance and advanced technological capabilities.
Security Regulations by the Indian Government to Drive Market Growth
Audit software plays a crucial role in Indian companies handling their compliance with various regulations, such as the Companies Act 2013, which automates compliance checks and maintains audit trails to ensure transparent financial reporting, and the IT Act of 2000, which requires electronic data protection, where software helps track access and security for monitoring access and cybersecurity occurrences. It aids in compliance with tax through GST calculation and fittings and right income declarations under the Income Tax Act of 1961. It supports RBI guidelines on accounting through proper financial reporting, helping to keep records of SEBI regulations for transparency in securities markets. On the ever-increasing stature of ESG reporting, it tracks the metric points and manages data collection to serve the best. In general, audit software improves compliance efficiency with the multitude of regulations that Indian businesses must comply with.
For instance, in April 2024, the Reserve Bank of India (RBI) imposed a monetary penalty of USD 3,600 (INR 300,000) on Ambarnath Jai Hind Co-operative Bank Limited, Ambarnath, Maharashtra Bank, for non-compliance with certain provisions of RBI directions on Maintenance of Deposit Accounts of Primary (Urban) Co-operative Banks.
Technological Advancements Transforming the Audit Software Landscape in India
The audit software market in India has seen significant growth due to technological advancements, coupled with augmenting demand for automation in auditing processes. Artificial Intelligence (AI) and Machine Learning (ML) are automation tools that bring efficiency and accuracy by streamlining routine data entry and compliance checks while analyzing large data sets to detect patterns that manual audits might miss. Cloud-based solutions offer real-time access to financial data and instantaneous reporting with continuous monitoring of compliance and performance. These solutions help reduce costs through lower operational costs as they enable easier scalability, which is a great possibility for SMEs to leverage advanced audit capabilities without high front-end investments, propelling an aggressive competitive landscape.
For instance, in 2023, according to Checkpoint, India experienced 2,138 weekly attacks per organization, marking a 15 percent increase since 2022. In Asia-Pacific, India ranks as the second most targeted country, with 2,138 weekly attacks per organization, following Taiwan, which recorded 3,050 incidents, indicating the need for extensive software.
BFSI Vertical to Dominate India Audit Software Market Share
The Banking, Financial Services, and Insurance (BFSI) sector dominates the audit software market in India due to several key factors. The sector is highly regulated, demanding strict adherence to a variety of national and international standards that trigger thorough audit software to save the organization from penalties. In addition, risk in financial institutions for fraud and cyber threats demands effective identification, assessment, and mitigation by appropriate audit software. Another important reason is the huge complexity and volume of data dealt with in the BFSI sector, thereby indicating the significance of proper data management and accurate analysis that brings clarity to financial reporting. Consequently, audit software minimizes the amount of manual effort and enhances operational efficiency during the audit process, which is highly significant for maintaining financial institutions with high levels of accuracy.
For instance, Citi Bank, one of the major BFSI firms, uses IBM's OpenPages software for auditing. In 2021, Citi embarked on a transformative journey to enhance its internal audit processes by integrating advanced technologies such as machine learning (ML), natural language processing (NLP), and artificial intelligence (AI). Citi employs OpenPages to automate and streamline its audit processes, from planning and scoping audits to detecting anomalies and generating reports.
Southern India to Dominate the Audit Software Market Share
The southern region in India dominates the share of the audit software market in the country, owing to strong economic activities and a large presence of enterprises, including small, medium-sized, and large enterprises. The region is a hub of many IT cities, such as Bangalore, Chennai, and Hyderabad, which are adopting digital technologies at a high rate, thereby increasing the demand for software for audit management.
In July 2023, US-based AMD announced that it would invest USD 400 million in India for the largest design facility in the country, in Bengaluru. It aims to establish around 3,000 new engineering jobs by the end of 2028 and contribute mainly to local job markets. Hence, Bengaluru retains the status of being the Silicon Valley of India.
Future Market Scenario (FY2025 - FY2032F)
The Companies Act of 2013 and the Information Technology (IT) Act of 2000 are fueling the demand for advanced audit software in India. This software requires an upgrade to adapt to stringent and evolving regulatory requirements.
AI and machine learning improve the efficiency and accuracy of audits through predictive analytics and auto-processing, besides scalability, flexibility, and cost-effectiveness through cloud computing in support of remote access and real-time collaboration.
India is offering digital solutions to the corporate world in audits to help improve efficiency and accuracy in operations. Electronic audit evidence poses a volume requirement on sophisticated data management abilities.
Cloud solutions inherently limit high upfront investments in hardware and infrastructure and allow SMEs easy access to advanced audit tools, thereby causing an uptick in adoption.
Key Players Landscape and Outlook
India audit software market is highly competitive and dynamic. Most of the key players develop strategic partnerships to enhance their market presence, focusing on technological advancement and consumer-centric strategies. Affordability and customization are the themes of companies catering to the diverse needs of Indian businesses, while product innovation continuously strives for user-friendly interfaces. These firms are integrating artificial intelligence, machine learning, and data analytics for audit processes to improve efficiency and compliance and, thus, position themselves better to meet the increasingly shifting demands of the market.
In September 2024, SAG Infotech Private Limited added a new feature called Import Tally to their latest version, 5.33 of Gen GST Online software. It means that users of this software can easily import data from the accounting software, Tally.
In May 2023, Ideagen Plc invested USD 3.125 million into new India and Malaysia operations as they opened new sites in Hyderabad and one in Kuala Lumpur. It already has offices across the United Kingdom, the United States, Australia, UAE, and Bulgaria.
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.