Global Business Assurance Market - Insights
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 market in India is expected to grow at a significant rate over the forecast period, followed by China. This growth is attributed to the growing industrial sector in Asia Pacific.
The Asia Pacific market is witnessing high growth due to increasing demand for business assurance services across the rapidly expanding industrial sector. The Latin America segment is expected to grow at a CAGR of 9.2% during the forecast period (2019-2027). In Latin America, agriculture and mining are the dominant sectors, and business risk assurance plays an important role in these sectors. The mining industry requires the incorporation of sound risk and assurance processes, effective governance, legal and regulatory compliance, and effective stakeholder management. In the mining industry, integration of comprehensive risk assurance practices provides the confidence to organizations to perform adequately under critical conditions, or in a volatile economic environment. As a result, dominance of the mining sector in Latin America is expected to facilitate growth of the business risk assurance market in the region. For instance, according to Council on Hemispheric Affairs (COHA), in 2013, 29% of all global mining investments were undertaken in Latin America.
Figure. Global Business Assurance Market Share (%), by Region, 2017
Source: Coherent Market Insights, 2018-19
The government segment is expected to reach US$ 38,744.73 Mn by 2027, at a growth rate of 7.3% throughout the forecast period. Risk is the effect of uncertainty on objectives, and is an inherent part of all government activities. Effective risk management reduces uncertainty by identifying, prioritizing, and mitigating risks. Governments are focused on adopting risk management solutions to identify, assess, and prioritize risks in national critical functions. Furthermore, the government of British Columbia adopted the internationally recognized ISO 31000 Risk Management standard, and integrating risk process into managerial practice.
On-Premises segment by deployment type held the dominant position in the Business Assurance Market in 2017
On the basis of deployment type, the global business assurance market is segmented into 'on-premises' and 'cloud-based'. The on-premises segment accounted for the largest market share of around 59.9% in 2018. On-premise business assurance software systems run on a local computer (or server) with a database which is generally located on the site, and can be accessed from computers in the office. Therefore, the enterprise is responsible for maintaining and handling processes related to on-premise services. Hence, adequate number of IT professionals are needed for implementation, maintenance, and support of business assurance tools. On-premise software systems involve large initial investments, and high licensing cost for servers. Furthermore, these systems require high power, hardware, storage devices, and installation sites. On-premise software systems can safeguard an application from potential security threats such as external and internal attacks, as well as other faults within the application.
The cybersecurity segment is expected to reach US$ 13,981.33 Mn by 2027, with a CAGR of 8.3% over the forecast period. The cybersecurity segment consists of operational technology (OT) and information technology (IT). Cyber security management systems provide protection from cyber-attacks. Process control computer and manufacturing systems are mainly connected to enterprise networks, which are directly connected to the internet. Therefore, through these internet connections, attackers are able to penetrate and harm the systems. Manipulation of process computer control systems by cyber-attacks results in a negative business environment. The cyber security segment is expected to witness significant growth owing to increase in loss of information, and data theft, as well as implementation of advanced cyber risk assurance solutions, in order to prevent cyber security breaches.
However, insufficient cybersecurity skills within the workforce may hamper growth of the business risk assurance market. Cybersecurity services are one of the fastest growing segments in business risk assurance market. Therefore, providers of cybersecurity services need a workforce with sufficient cyber security skills. Many control engineers hesitate to become cyber security experts, and IT professionals proficient in cybersecurity skills are being absorbed by governments and the military. Moreover, cybersecurity includes encryption, which is a process of encoding information in such a way that it cannot be deciphered by external attackers. Encryption is a vital process in terms of data protection, however, it can be a challenging skill for the workforce. Furthermore, encryption is also used for protecting data in transit, for example, when data is being transferred via networks (Internet or e-commerce), wireless microphones, intercoms, and mobile telephones, which increases the risk of crucial information getting leaked, and poses a threat to the company’s security.
Global Business Assurance Market: Key Players
Major players operating in the global business assurance industry 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.
Business assurance allows organizations to address various challenges including risk management, compliance maintenance, and effective governance of the organization among others. Business assurance incorporates a suite of dedicated software applications that interact to provide automatic monitoring of controls across the enterprise, and consistent monitoring of crucial indicators that offer the management personnel an overview of all key functions. Various applications of business assurance services include risk management, audit management, compliance management, e-Learning, contract management, business continuity management, and corporate legal management among others.
Market Drivers: Growing Adoption of Business Assurance to Increase Confidence and Improve Efficiency of Business Processes
Growing adoption of business assurance to increase confidence and improve efficiency within business processes is driving growth of the global business assurance market. Business risk assurance services help companies to perform business with confidence by identifying, measuring, and managing risk effectively. Business assurance software and business assurance services support companies in governance, compliance, and risk management. Business assurance or risk management is an integral part of major companies such as Schlumberger Limited and Siemens AG, which helps them to manage their business, protect value, and improve performance. These services help to build a complete understanding of risk that can enhance the company’s ability to achieve its business goals, help to make business processes more reliable by taking a practical approach to risk, and enhance the company’s reputation through more reliable and transparent corporation communication. Therefore, business assurance services and software boost the performance, processes, and communication within companies.
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