United States IT Audit Services Market By Service Type (Cybersecurity, Compliance, Risk Assessment & Management, IT Governance, Vendor Risk Management), Organization Size (Small and Medium-sized Enterprises (SMEs), Large Enterprises), Industry Vertical (Government and Defense, Banking, Financial Services and Insurance (BFSI), Healthcare, IT and Telecom, Consumer Goods and Retail, Manufacturing), & Region for 2024-2031
Report ID: 234577|No. of Pages: 202
United States IT Audit Services Market By Service Type (Cybersecurity, Compliance, Risk Assessment & Management, IT Governance, Vendor Risk Management), Organization Size (Small and Medium-sized Enterprises (SMEs), Large Enterprises), Industry Vertical (Government and Defense, Banking, Financial Services and Insurance (BFSI), Healthcare, IT and Telecom, Consumer Goods and Retail, Manufacturing), & Region for 2024-2031
United States IT Audit Services Market Valuation – 2024-2031
The increasing complexity of regulatory regulations and the growing need for comprehensive cybersecurity measures to secure sensitive data in the face of increased cyber threats are driving the United States IT audit services market. According to the analyst from Verified Market Research, the United States IT audit services market is estimated to reach a valuation of USD 7.2 Billion by 2031 over the forecast subjugating around USD 4.87 Billion in 2024.
The rising adoption of cloud computing and digital transformation projects necessitating strict audit processes to maintain compliance and data integrity is propelling the United States IT audit services market forward. The increased demand for cybersecurity enables the market to grow at a CAGR of 5.54% from 2024 to 2031.
United States IT Audit Services Market: Definition/ Overview
IT audit services in the United States involve examining and evaluating an organization’s information technology infrastructure, policies, and operations to verify regulatory compliance and detect security issues. These services can be used to examine IT systems for vulnerabilities, secure data and privacy, validate the effectiveness of cybersecurity measures, and support compliance with legal and industry-specific standards. These audits assist firms in ensuring secure and efficient IT environments, mitigating risks, and improving overall operational integrity.
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What Factors Contribute to the Growth of the United States IT Audit Services Market?
Businesses in the United States rely more on technology for core operations, data storage, and online transactions than ever before. This reliance on IT infrastructure heightens the requirement for strong cybersecurity measures. IT audits are critical for discovering vulnerabilities, analyzing security procedures, and assuring compliance with data privacy legislation. As cyber dangers expand, the demand for IT audit services to address these risks will increase in the United States.
The regulatory landscape surrounding data security and privacy is continually changing in the United States. Regulations such as HIPAA, Sarbanes-Oxley (SOX), and the General Data Protection Regulation (GDPR) demand firms to install particular security procedures and undertake frequent audits to ensure compliance. IT audit services assist firms in navigating the complicated regulatory environment and demonstrating compliance with these rules.
Furthermore, as cloud computing and Software-as-a-Service (SaaS) solutions become more widely adopted in the United States, IT audit methodologies must change. Traditional on-premise IT infrastructure is being replaced by cloud-based systems, necessitating that auditors modify their methodology and expertise to assess the security posture of these new settings. This continual transformation in IT infrastructure generates a need for specialized IT audit services that specialize in cloud security.
What are the Challenges that Hinder the Growth of the US IT Audit Services Market?
The demand for skilled IT auditors in the United States is outpacing the available workforce due to fast-expanding technology and fierce competition for people. IT auditors require specialized skills to stay up with technological changes and efficiently audit complex environments such as cloud computing platforms. Also, they are in demand by a variety of enterprises, including internal audit departments and information security teams, making it challenging for IT audit service providers to attract and retain top personnel.
Furthermore, IT auditing services tend to be expensive, especially for small and medium-sized enterprises. This resulted in budget constraints, which limited the scope and frequency of IT audits. Finding a balance between performing thorough audits and fulfilling client budgetary requirements is frequently difficult for IT audit service providers in the United States.
Category-Wise Acumens
Will the Growing Emphasis on Data Security Influence the Dominance of the Compliance Audits?
According to VMR Analysis, the compliance audit segment is estimated to hold the largest market share during the forecast period. Cybersecurity risks are on the rise, and data breaches are increasingly common. This increased emphasis on data security and privacy requires firms to conduct frequent compliance audits to ensure that proper security measures are in place to secure sensitive data. Compliance audits enable independent verification of an organization’s security posture and compliance with applicable data protection legislation.
Furthermore, compliance audits can be considered an investment in risk management. Identifying compliance gaps early on allows firms to address them before suffering regulatory penalties or data breaches, which may be substantially more costly. Compliance audits assist firms in taking a proactive approach to data security and privacy, resulting in cost savings and reduced risks associated with noncompliance.
What are the Factors that Contribute to the Market Dominance of BFSI in Audit Services?
The banking, financial services, and insurance (BFSI) segment is estimated to dominate the market during the forecast period. The BFSI sector stores huge volumes of sensitive financial data, which fraudsters routinely target. Data breaches in this industry can cause major financial losses, reputational damage, and a loss of client trust. IT audits assist in identifying vulnerabilities in IT systems, assessing security measures, and recommending improvements to reduce cybersecurity risks and protect sensitive data.
Furthermore, the BFSI industry is continually adopting new technologies such as cloud computing, artificial intelligence, and blockchain. These technology improvements present new security challenges that necessitate changes to existing measures. IT audits guarantee that these new technologies are securely implemented and integrated into current IT infrastructure while adhering to data security requirements.
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Country/Region-wise Acumens
How Does the Concentration of Financial Institutions Contribute to the Dominance of the Eastern US?
According to VMR Analyst, the East region is estimated to dominate the United States IT Audit services market during the forecast period. The Eastern United States is home to a large number of financial institutions, healthcare providers, and other highly regulated industries. These industries are subject to stringent data security and privacy rules, including HIPAA, SOX, and NYDFS (New York Department of Financial Services) cybersecurity requirements. This regulatory focus translates into increased demand for IT audit services to ensure compliance in these sectors, which might drive market expansion in the Eastern region.
The Eastern region is home to many Fortune 500 enterprises and significant corporations with extensive IT infrastructures. These firms typically have larger IT budgets dedicated to security measures and regulatory needs. This increased investment in IT security opens up a greater market for IT audit services in this region than in places with less large enterprises.
Furthermore, while there is a national lack of experienced IT audit specialists, the Eastern United States’ concentration of major IT hubs and colleges may help to create a larger talent pool in this region. Cities such as New York, Boston, and Washington, D.C. draw IT professionals and have a higher concentration of people specializing in IT auditing and cybersecurity than other places. This availability of trained professionals aids the expansion of IT audit service providers in the Eastern region.
What are the Key Drivers Influencing the Market in the West Region of the US?
The western region is estimated to grow at the highest CAGR for the United States IT audit services market during the forecast period. The Western Region is a technology hotspot, with Silicon Valley serving as a good example. This concentration of technology corporations, startups, and venture capital firms supports an environment of innovation and quick technological adoption. These businesses frequently rely extensively on cloud-based technology and have complex IT infrastructures, necessitating specialized IT audit services to analyze security threats and assure compliance with data protection rules.
Furthermore, western businesses are renowned for being early users of cloud computing technology. However, relying on cloud infrastructure creates new security challenges that typical IT audits may not fully address. This creates a need for IT audit service providers who specialize in cloud security to adequately assess the security posture of these cloud-based settings. The Western region’s technologically advanced approach fuels the growth of IT audit services focused on cloud security.
Competitive Landscape
The competitive landscape of the United States IT audit services market is characterized by a varied range of service providers who specialize in sectors such as cybersecurity, regulatory compliance, and risk management.
Some of the prominent players operating in the United States IT audit services market include:
- Deloitte
- PwC
- KPMG
- EY (Ernst & Young)
- RSM US
- Grant Thornton
- Protiviti
- Anderson Technologies
- Sprinto
- BDO USA
- ISACA (Institute of Internal Auditors)
- HITRUST Alliance
Latest Developments
- In May 2023, EY partnered with Microsoft to unveil over 20 new Assurance technology capabilities. This marks the end of the first year of a four-year investment exceeding USD 1 billion to deliver the company’s next-generation Assura.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2021-2031 |
| Growth Rate | CAGR of ~5.54% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2021-2023 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players | Deloitte, PwC, KPMG, EY (Ernst & Young), RSM US, Grant Thornton, Protiviti, Anderson Technologies, Sprinto, BDO USA, ISACA, and HITRUST Alliance. |
| Customization | Report customization along with purchase available upon request |
United States IT Audit Services Market, By Category
Service Type:
- Cybersecurity Audits
- Compliance Audits
- Risk Assessment and Management
- IT Governance Audits
- Vendor Risk Management Audits
Organization Size:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
Industry Vertical:
- Government and Defense
- Banking, Financial Services, and Insurance (BFSI)
- Healthcare
- IT and Telecom
- Consumer Goods and Retail
- Manufacturing
- Others
Region:
- Eastern
- Western
- Central
Research Methodology of Verified Market Research:
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Reasons to Purchase this Report:
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
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Frequently Asked Questions
1. Introduction
• Market Definition
• Market Segmentation
• Research Methodology
2. Executive Summary
• Key Findings
• Market Overview
• Market Highlights
3. Market Overview
• Market Size and Growth Potential
• Market Trends
• Market Drivers
• Market Restraints
• Market Opportunities
• Porter’s Five Forces Analysis
4. United States IT Audit Services Market, By Type of Service
• Cybersecurity Audits
• Compliance Audits
Risk Assessment and Management
IT Governance Audits
Vendor Risk Management Audits
5. United States IT Audit Services Market, By Industry Verticals
• Financial Services
• Healthcare
• Retail
• Manufacturing
• Government and Public Sector
• Telecommunications
• Energy and Utilities
• Technology and IT Services
• Others
6. United States IT Audit Services Market, By Organization Size
• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises
7. Regional Analysis
• North America
• United States
• Canada
• Mexicos
8. Market Dynamics
• Market Drivers
• Market Restraints
• Market Opportunities
• Impact of COVID-19 on the Market
9. Competitive Landscape
• Key Players
• Market Share Analysis
10. Company Profiles
• Deloitte
• PwC
• KPMG
• EY (Ernst & Young)
• RSM US
• Grant Thornton
• Protiviti
• Anderson Technologies
• Sprinto
• BDO USA
• ISACA (Institute of Internal Auditors)
• HITRUST Alliance
11. Market Outlook and Opportunities
• Emerging Technologies
• Future Market Trends
• Investment Opportunities
12. Appendix
• List of Abbreviations
• Sources and References
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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