12 Jul, 2019, 10:02 ET
SEATTLE, July 12, 2019 /PRNewswire/ -- According to Coherent Market Insights, the global business assurance market is projected to exhibit a significant CAGR of 8.4% over the forecast period (2019 – 2027).
Market drivers for the global business assurance market:
Increasing adoption of business assurance services in sectors such as oil and gas, transport and logistic, power and utility, construction, manufacturing, and healthcare industry is driving growth of the global business assurance market. Business assurance services include revenue assurance, fraud management, cost assurance, assets assurance, regulatory assurance, customer experience assurance, digital ecosystem assurance, and transformation assurance. The type of risk changes according to the sector, and every business is faced with a specific set of risks. For instance, in the oil and gas industry, risk control or business risk assurance, regulations, and specifications play a major role owing to risks such as oil spills, risks related to health and safety such as fire explosion, and risks associated with exploration, storage, extracting, refining, processing, and distribution of oil and gas. This, in turn, increases demand for best-in-class inspection services. There are several companies such as KPMG, Ernst & Young Global Limited, and PwC, which offer business risk assurance services such as statutory audits, Sarbanes-Oxley compliance, systems reliability, assessment of procedures and controls relating to privacy and confidentiality, information security, performance measurements, and outsourced process controls.
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There are several oil and gas companies of which business risk assurance services are an integral part, such as Anadarko Petroleum, Korea National Oil Corp. (KNOC), Baker Hughes, Saudi Aramco, Schlumberger, Sinopec, Statoil, Total, Valero Energy, BP, Chevron, CNOOC, ConocoPhillips, Devon Energy, Eni, Murphy Oil, Occidental Petroleum, Petrobras, ExxonMobil, Halliburton, Husky Energy, Indian Oil, Inpex, PetroChina, Qatar Petroleum, Repsol YPF, Royal Dutch Shell, and Sasol.
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Key Market Takeaways:
- Global business assurance market was valued at US$ 108,500.2 Mn in 2017, and is expected to exhibit a CAGR of 8.4% over the forecast period to reach US$ 227,564.6 Mn in 2027. Europe accounted for 33.32% revenue share in the global business assurance market in 2018.
- The Asia Pacific Business Assurance Market is expected to reach US$ 58,370.3 Mn by 2027, witnessing a CAGR of 9.5% over the forecast period. Growing industrialization in countries in Asia Pacific is driving growth of the business risk assurance sector in the region. Business risk assurance service providers offer various services to the industrial sector which include assurance, auditing, business advisory, taxation, corporate finance, and other consulting services. The share of industrial sectors in the gross domestic product (GDP) is quite high in countries such as Malaysia, Indonesia, China, and India. For instance, as per Coherent Market Insights, in 2015, the manufacturing industrial sector accounted for 40% of China's GDP.
- Among type, the training segment in the global business assurance market accounted for the largest share (36.3%) in 2018. The compliance management segment in the business assurance market is expected to exhibit the highest CAGR of 9.8% over the forecast period. This growth is attributed to increasing risk awareness among end use industries, and rise in natural hazards, globally. The compliance management segment consists of process safety management, regulatory compliance, and process hazard analysis. Compliance is a process in which regulations and standards are set that need to be followed by businesses in order to operate efficiently. The change in regulations and standards affects business operations and facilities across industries. Therefore, in order to overcome this, compliance management is used by businesses to check enterprises assets as per regulatory compliances, and implement necessary changes to the existing infrastructure. The compliance management segment is expected to grow significantly over the forecast period, owing to increasing number of changes in government regulations and standards for businesses operating in various industries, as well as increase in demand for compliance management in the financial sector.
- Among components, the software segment accounted for the largest share of around 53.79% in 2018. Business assurance software helps to reduce business loss by continuous monitoring of data and improving business performance. Currently, organizations are facing various issues such as external or internal risks, changes in regulations, and increase in compliance costs. These issues are resolved by business assurance software that offers automated controls, which can improve handling of various challenges such as fraud, strict regulatory rules, or increasing competitive market pressure. Therefore, organizations are adopting the business assurance software to improve data integrity and secure their assets and data. The software segment is expected to grow significantly during the forecast period owing to increase in technological advancements and rising demand for automated risk management solutions to handle risk and assure performance of organization.
- Some of the major players operating in the global business assurance market include Atkins Global, Baker Engineering and Risk Consultants, Inc., Ciena Corporation, AssuringBusiness, Cognizant, Stress Engineering Services, Inc., INFOSYS, Cyber Risk Assurance, Equinox Information Systems, HCL Technologies, aeSolutions, Tata Consultancy Services Ltd., LexisNexis, NETSCOUT Systems Inc., Prolifics Inc., and Tenea Technologies.
Global Business Assurance Market, By Type:
- Engineering Modelling, Analysis, Design and Investigation
- Risk Management
- Compliance Management
- Safety & Environment
Global Business Assurance Market, By Component:
Global Business Assurance Market, By Deployment Type:
Global Business Assurance Market, By Vertical:
- Transport & Logistics
- Engineering, Procurement and Construction (EPC)
- Life Sciences
- Power & Utilities
- Industrial Manufacturing
Global Business Assurance Market, By Region:
- North America
- By Country:
- By Country:
- Rest of Europe
- Asia Pacific
- By Country:
- South Korea
- Rest of Asia Pacific
- Latin America
- By Country:
- Rest of Latin America
- Middle East
- By Country:
- Rest of Middle East
- By Country/Region:
- Central Africa
- South Africa
- North Africa
Company Profiles-Consultancy Companies
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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SOURCE Coherent Market Insights
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