About Business Assurance
Business assurance is the solution that enables organizations to adequately address the challenges by implementing a flexible and effective control framework with real-time monitoring capabilities. Business assurance integrates assurance and risk management disciplines into an overall proactive data-centric assurance framework, intending to continuously protect and improve financial integrity. Business Assurance enables telcos to bring a significant difference to billing and revenue management and product performance.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Global Business Assurance is a fragmented market due to the presence of various players. The players are focusing on investing more in launching solutions. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
LRQA (United Kingdom), The Hartford (United States), The Travelers Companies (United States), State Farm (United States), Chubb Limited (Switzerland), Progressive Corporation (United States), Liberty Mutual (United States), AmTrust Financial (United States), Founder Shield (United States) and Farmers Insurance Group (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Allstate (United States), Axa (France) and Allianz SE (Germany).
Segmentation Overview
AMA Research has segmented the market of Global Business Assurance market by , Application (Automotive and Aerospace, Food and Beverage, Healthcare, Telecom and Others) and Region.
On the basis of geography, the market of Business Assurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Organization Size, the sub-segment i.e. Large Enterprise will boost the Business Assurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Service, the sub-segment i.e. Risk Management will boost the Business Assurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Introduction of Machine Learning and IoT in the Quality Assurance Service
Market Growth Drivers:
Surging Demand for Advanced Technological Solutions to Effectively Manage Customer Interactions and Rising Adoption of a Business Assurance Strategy among Telecom Sector
Challenges:
Lack of Service Disruptions or Data Safety and Security
Restraints:
High Cost of Software Upgradation May Slow Down the Adoption among the SMEs
Opportunities:
Implementing Governmental Regulations in Developing Regions in order to Support the Domestic Growth of the Market and Improvement in the Processing Time by Ease of Accessibility and Reduced Turnaround Time would make the Process Hassle-Free for the Customers
Market Leaders and their expansionary development strategies
On 22nd April 2022, LRQA acquired ELEVATE. The acquisition is in a move designed to meet the fast-growing need for more transparent and technology-led Environmental, Social, and Governance (ESG) due to diligence and assurance solutions. LRQA and ELEVATE’s complementary product portfolios and geographic footprints offer an enhanced range of data-driven solutions to help clients thrive in a complex and fast-changing risk landscape.
On 23rd February 2022, The Travelers Companies acquired Trov. The transaction aimed to introduce technologies and experiences that produced a material change in the insurance industry.
Key Target Audience
Business Assurance Providers, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.