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, according to Business Assurance Market Report, By Type (engineering modeling, analysis, design and investigation, risk management, compliance management, safety and environment management, cybersecurity, and training), By Component (Software and Services), By Deployment Type (On-Premises and Cloud-based), By Vertical (upstream, midstream, downstream, transport and logistics, engineering, procurement and construction (EPC), life sciences, power & utilities, industrial manufacturing, and government), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by Coehrent Market Insights.
Presence of global data privacy regulations, growth in Big Data, and increasing demand for fair and ethical data use are some of the factors driving demand for business risk assurance services. Business risk assurance services help to resolve such issues by improving cybersecurity in the face of evolving threats and technologies, managing uncertainty in cross-border data privacy, transforming IT internal audit to drive digital value, and harnessing the power of data to achieve extraordinary results. Therefore, leading companies have business risk management as an integral part of their businesses.
For instance according to PwC, a business risk assurance service provider, the rapidly shifting current business landscape has led to swift increase and constant change in technology‐related risks. Businesses are required to make massive investments in security solutions to maintain pace and capitalize on opportunities in the business risk assurance market. Additionally, increasing need for information security or data security in companies is expected to be a major factor driving growth of the business assurance risk market in the near future.
Moreover, increasing data frauds due to lack of internal control in companies is fueling growth of the business assurance risk market. Information security is one of the major parts of corporate governance framework in a company’s IT system. Business assurance service providers offer information security to companies by giving advice and assurance, and by providing governance solutions. For information security, providers of business assurance services offer solutions such as cloud advisory, cybersecurity, IT due diligence, IT strategy and service management, data advisory and analytics, information security, privacy, regulatory and compliance, and project assurance services.
For instance, RSM International is developing and implementing information security solutions in companies which include information risk identification, information security assessment, information security programme management, internal audit services, ISO27001 compliance assessment, ISO27001 implementation, and certification guidance. Moreover, in February 2019, LexisNexis Legal & Professional, a provider of information and analytics, and OpenCorporates, one of the largest, open databases of companies worldwide, announced their collaboration, which added OpenCorporates' legal entity data to Nexis Data as a service portfolio. Legal entity data can help companies to gain business insights from big data initiatives.
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