BUSINESS ASSURANCE MARKET ANALYSIS

Business Assurance MarketSize and Trends

The global Business Assurance Market size was valued at US$ 158.5 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 8.2% from 2023 to 2030. Business assurance enables the organizations to address various challenges that include overall risk management, audit management, compliance maintenance and effective governance of an organization. This allows the businesses to maintain effective control over various functional departments within an organization.

The global business assurance market is expected to witness significant growth during the forecast period (2023–2030). The market is characterized by the increasing demand for effective solutions to manage and control the challenges that occur in various operations within the organization detection. As the use of business assurance software and tools helps in managing various aspects of businesses like risk, compliance, audit, etc. the demand for these services would grow substantially in the near future.

Global Business Assurance Market Trends:

Growing implementation of AI in Digital Assurance services:

Digital assurance is that sub-sect of the business assurance market which deals with the assurance services that are provided digitally in the form of systems and software to the companies in the domains of risk management, compliance systems, governance systems, etc. These services include the digital devices and processes in the organization and that are responsible for the operating for the entire digital ecosystem. The recent trends show that the inclusion of AI is increasing in the realm of digital assurance. The development of smart systems capable of machine learning which would enable the systems to get better and more efficient as more and more data is processed through them. This would also help the organizations to automate the processes and increase the speed with which activities are performed. For instance, In February 2022, ProArch, a US based, consultancy, data and cyber security Company acquired Enhops, a software engineering and quality testing company to increase its software and quality assurance capabilities. This acquisition in the digital assurance industry is the testimony to the fact that digital assurance services have a he growth potential and organizations across the globe are increasingly working towards acquiring means to provide those services.

Global Business Assurance Market Segmentation:

The Global Business Assurance Market Report Is Segmented Into Offering Type, Component, Deployment Type and Vertical

Among the offering type, risk management and compliance management segment is estimated to account for the largest share of the business assurance market. Growing statutory and governance norms of the regulatory authorities across the world to ensure the sound management of corporations to safeguard the interests of the several stakeholders is the prime driving force behind the growth in demand for this segment. Moreover, the corporations are highly concerned about estimating the possible level of risk before taking any major decision in terms of investments or resource allocation. This will further fuel the growth of risk assessment segment.

The component type is further segmented into software and services. The rise of the services sector in the countries across the world is significant. According to a report published by World Trade Organization (WTO), In October 2019, the share of service sector has grown from just 7% in 1970 to over 20% in 2019. Additionally, the services are estimated to account for around one-third of total world trade by 2040. This growth would be predominantly because of the expansion of IT sector which is based on generation of IT solutions and services that cater to the varied requirements of the business world. The countries like India, China, Taiwan, etc. have become hubs for global as well as domestic corporations when it comes to outsourcing of IT related software and services. These factors point towards the fact that software and services segment shows immense potential for growth during the forecast period.

The application of business assurance services based on deployment type covers industries like manufacturing, engineering, construction, power and utilities, transport and logistics, government, etc. is a testimony to its wide coverage. This expansiveness in the scope provides the advantage of being relevant for most of the industries operating in various sectors of the economy which in-turn assures a strong and growing demand for the business assurance market.