Business Assurance Market Key Expansion Strategies, Upcoming Trends, and Regional Forecast by 2030

Market Overview:

Business assurance refers to the processes and services that help organizations manage risks and ensure compliance. It involves auditing financial statements, assessing internal controls, ensuring legal and regulatory adherence, and more.

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.

Market Dynamics:

The business assurance market is witnessing high growth owing to the increasing adoption of risk management services across industries. Organizations are increasingly focusing on implementing robust risk management practices to ensure operational efficiency and resilience against financial and reputational risks. Furthermore, the growing stringency of regulations is prompting companies to regularly audit internal processes and assess compliance levels. Strict adherence to accounting standards and transparency in financial reporting has also boosted the demand for third-party assurance providers. The availability of specialized consultancy services for assurance needs across diverse industries acts as another key driver for the market.

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Global Growth in Corporate Compliances is Driving the Business Assurance Market

With increasing globalization and regulatory requirements, corporations are having to comply with a growing list of corporate governance, quality, environmental, social and ethical standards. Ensuring adherence to compliance is a complex challenge that requires specialized expertise. Business assurance providers help organizations address this challenge by independently assessing processes, recommending improvements and providing ongoing validation of compliance. Their services help build trust with stakeholders and mitigate compliance risks. With more jurisdictions introducing new regulations every year to promote transparency and accountability, the need for third party assurances is continually rising.

Increased Emphasis on Non-financial Reporting is Also Fueling Market Demand

In addition to financial performance, stakeholders now also expect corporations to report on environmental impact, social contribution, ethics and governance. Several frameworks like the UN Sustainable Development Goals and Global Reporting Initiative standards have been developed to structure these non-financial disclosures. At the same time, regulators are also mandating disclosures on CO2 emissions, diversity and other non-financial parameters. To provide reliable non-financial reports, companies require validation from external assurance specialists. This has opened up a new growth area for business assurance providers to evaluate and attest non-financial performance indicators.

Top Key Players:

Atkins Global, Baker Engineering and Risk Consultants, Inc., Ciena Corporation, AssuringBusiness, Cognizant, Stress Engineering Services, Inc., INFOSYS, Cyber Risk Assurance, Equinox Information Systems

Detailed Segmentation:

Global Business Assurance Market, By Offering Type:
Engineering Modelling, Analysis, Design and Investigation
Natural Hazards Risk Management
Explosion and Thermal Hazards
Facility Siting
Security Vulnerability
Major Incident Investigation
Qualitative Risk Analysis
Risk Management
Security Risk Management
Enterprise Risk Management
Compliance Management
Process Safety Management
Regulatory Compliance
Process Hazard Analysis
Safety & Environment
Health, Safety and Environmental (HSE) Compliance
Emergency Management
Human Factors Engineering
Hazard Identification
Safety Culture
Cybersecurity
Operational Technology (OT)
Information Technology (IT)
Training

Global Business Assurance Market, By Component:
Software
Services
Managed Services
Training Services
Consulting Services
Engineering Analysis Services

Global Business Assurance Market, By Deployment Type:
On-Premises
Cloud-based

Global Business Assurance Market, By Vertical:
Upstream
Offshore E&P
Onshore E&P
Midstream
Pipelines
LNG (Liquefied Natural Gas) Liquefaction
NGL (Natural Gas Liquids) Processing
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Stringent Cost Control Measures of Corporations Pose a Challenge

While demand for assurances is rising to address compliance needs, corporations also have strong incentives to minimize audit costs. In a competitive business environment, carefully managing the cost of external services provided is a priority. Business assurance vendors will have to demonstrate the tangible value and competitive pricing of their services to overcome this cost-sensitive challenge. Standardizing processes and leveraging technology can help assurance firms provide their services more efficiently. However, low-cost alternatives like self-assessments may limit market potential if value addition is not clearly established.

Opportunity for Advisory Services Around Emerging Risks

As business environments evolve rapidly with new technologies, risks are also emerging from areas like data privacy, cybersecurity and climate change impacts. While assurance of current compliance continues to be important, there is a parallel opportunity for consultants to help organizations identify, assess and strengthen policies around these emerging risks. Providing advisory services to embed risk management practices into strategy and operations can be a valuable market expansion for assurance vendors. It helps clients become more resilience to disruption while also creating recurring revenue streams.

Sustainability is Emerging as a Key Performance Driver

Sustainability practices like lowering emissions and embedding social purpose are increasingly influencing corporate performance. Investors and customers are demonstrating preferences for brands they perceive as responsibly managed. Various reports suggest that sustainability leaders also achieve better financial outcomes in the long run through cost optimization, brand value and risk mitigation. As sustainability gets integrated into core business strategy of leading corporations, the demand for third-party assurances of relevant environmental and social targets will rise significantly. Business assurance providers need to bolster expertise in this domain to stay aligned with shifting market trends.

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Key Questions Addressed in the Market Report:

What is the expected size, share, and CAGR of the Business Assurance Market over the forecast period?
What are the key trends expected to influence the Business Assurance Market between 2023 and 2030?
What is the expected demand for various types of products/services in the Business Assurance Market?
What long-term impact will strategic advancements have on the Business Assurance Market?
Who are the key players and stakeholders in the Business Assurance Market?
What are the different segments and sub-segments considered in the Business Assurance Market research study?

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