BUSINESS ASSURANCE MARKET ANALYSIS

Regional Analysis

Global Business Assurance Market: Regional Insights

North America is the current big market for the business assurance sector in the world. Due to the presence of huge corporation who have their operation spread out across the world and a strong industrial set-up the region has a huge demand for the business assurance market. However, as most of the companies in America are inclined towards outsourcing their work from the foreign subsidiaries or third party organizations due to the lower cost in developing countries like India; the region is slowly losing its relevance when it comes to business assurance market. Hence, the overall market share of North America as a region would decrease gradually with respect to the business assurance market.  

The Asia Pacific region is expected to be the driver of growth for the business assurance market across the world. The region is witnessing a rapid and extensive industrial growth. Due to the lower labor cost and policies that promote industrial expansion; the region is blessed with the presence of business corporations from across the world. Especially the countries like China, India and Taiwan have a huge potential for growth as they have a strong domestic industrial set-up and they operate as the hubs for global corporations too. These industries like IT services, manufacturing and processing are dominant in the region which would lead to the increase in the demand for business assurance services like auditing, risk assessment, compliance, etc. All these factors point towards the fact that the Asia Pacific region would lead the growth charts for the global business assurance market during the forecast period.

Latin America is another region that shows the potential for growth in the business assurance market. The economies in the region are dominant in the primary sector like agriculture and mining. All the allied activities in these sectors require business assurance services. The mining sector is heavily dependent on the comprehensive risk assessment, norms related to environment as well as regulatory compliance, effective governance and stakeholder management. All these domains are covered by the business assurance market. Hence, such dominance of the primary sector in Latin America is expected to boost the growth of the market exponentially during the forecasted period.