According to a recent market study published by Growth Market Reports, titled, “Global Risk Assurance Services Market by Type, Service Type, Enterprise, Industry Vertical and Region: Size, Share, Trends and Opportunity Analysis, 2017-2032”, the market was valued at USD 49.366.6 Million in 2023 and is expected to grow at a moderate growth rate of 7.8 % during the forecast period 2024-2032.
As per Growth Market Reports industry analyst Devashish Roy, “Global Risk Assurance Services Market is anticipated to witness significant growth during the forecast period 2024-2032.
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Risk Assurance Services involve integrating expertise in various areas such as strategic and financial risk, regulatory advice, governance, compliance risk, operational risk, controls, and internal audit to help businesses build resilience and success. These services aim to identify opportunities, protect reputation, manage risk, and design optimized control environments. The services provided under Risk Assurance include end-to-end internal audit and risk management solutions covering areas like contracts review, compliance, internal controls over financial reporting, IT audit and compliance, IT security and privacy, SOC reports readiness, among others. These services help organizations effectively identify key risk areas in business processes and financial reporting while recommending ways to control risks. Growing market opportunities in Risk Assurance Services encompass a wide range of areas such as information security, ERP/system assurance, data management/analytics, IT governance, project assurance, climate change and sustainability services, financial accounting advisory services, forensic and integrity services, and risk management. These opportunities offer professionals the chance to work on diverse projects, develop their skills, and contribute to organizational success by identifying and managing risks effectively.
Key factors that drive the Risk Assurance Services market include the need for comprehensive risk management in organizations, the rise of e-commerce leading to increased demand for quality assurance services, globalization opening new business opportunities and risks, the continuous evolution of the risk landscape, and the importance of information security and data reliability in a digital age. These factors highlight the critical role that Risk Assurance Services play in helping businesses navigate risks, ensure compliance, and drive sustainable growth in a rapidly changing business environment.
Value chain management is an essential part of any business. The value chain analysis is a powerful strategic tool that enables businesses to dissect the various activities involved in delivering a product or service to customers. A value chain analysis of Risk Assurance Services involves understanding the various activities and processes involved in creating and delivering these services. This analysis encompasses every stage of the service lifecycle, from planning and execution to monitoring and improvement. In the context of Risk Assurance Services, primary activities may include risk assessment, internal audits, compliance reviews, and identifying improvement opportunities. Secondary activities could involve technology support, human resources for talent retention, and other infrastructure needs. By dissecting these activities, determining their costs, value delivery, and optimizing them in alignment with the company's competitive strategy, organizations can enhance the effectiveness of their Risk Assurance Services and drive better outcomes.
The primary, as well as secondary research methodology, is used for keen observation and study about the Risk Assurance Services market. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects. Primary interviews conducted with the stakeholders across industry verticals on regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments. Validation of the estimated market size, current and future trends done from the key opinion leaders (KOLs). These KOLs are the CXO level people from leading companies in the industry and possess the experience of around 10-20 years in the industry. On the other-hand the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases analyzed for macro & micro analysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.
The COVID-19 pandemic had a positive impact on the Risk Assurance Services market. COVID-19 has accelerated the need for agile risk assessment and management strategies, emphasizing the critical role of risk professionals in navigating uncertainties and identifying opportunities for improvement. The crisis has highlighted the necessity for robust risk management infrastructure, data integration, and the adoption of technologies like Artificial Intelligence (AI) to enhance risk visibility and response capabilities. Organizations have had to adapt their risk management practices to address new challenges brought about by the pandemic, such as cyber threats, disruptions in internal controls, remote working vulnerabilities, and supply chain interruptions. The crisis has also emphasized the importance of timely reporting of risk information, agile internal audit functions, and effective cybersecurity measures to ensure business continuity and resilience in the face of evolving risks.
Key Takeaways from the Study:
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In terms of service type, the Risk Assurance Services market is segmented into internal audit services, compliance & regulatory services, risk management services, cybersecurity services, sustainability services, and others. The internal audit services segment held significant share of the market in 2023 and is projected to expand at a significant CAGR during the forecast period. The growth of the internal audit services market is primarily driven by the proliferation of new businesses, the rise in public and private companies conducting internal audits as a common practice, and the integration of digital technologies and cloud-based infrastructure by auditing service firms. Additionally, stringent government regulations related to financial record disclosure and recording with growing corporate expenditure on auditing and recording, proactive internal auditing practices adopted by financial institutions, banks, and insurance companies, as well as technological advancements in the sector.
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Based on enterprise size, the Risk Assurance Services market is segmented into small & medium enterprise (SMEs) and large enterprise. The large enterprise segment held significant market share in 2023, owing to the large enterprises play a crucial role in driving the growth of the market, as they often have complex operations, higher risk exposure, and greater resources to invest in risk management services. The increasing demand for risk advisory services across various industry verticals like BFSI, IT & telecom, healthcare, retail, and manufacturing is expected to drive the market for risk assurance services.
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Based on industry vertical, the Risk Assurance Services market is segmented into BFSI, Healthcare, Manufacturing, Retail, IT & Telecom, Energy & Utilities, Government & Defense, and Others. The BFSI segment held significant share of the market in 2023 and is projected to expand at a significant CAGR during the forecast period, due to the highly regulated environment and multifaceted risks these sectors face. Compliance and risk management have become top priorities in the BFSI industry to ensure adherence to laws, regulations, and industry standards, which are essential for maintaining reputation, client confidence, and reducing financial risks. The banking sector deals with risks related to technologies like BYOD, cloud computing, and cryptocurrency, which increase architectural complexity and security issues. In the financial services industry, businesses face challenges such as regulatory changes, operational inefficiencies, and financial risks that necessitate robust compliance and risk management practices.
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On the basis of region, the global Risk Assurance Services market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for significant global market share in 2023. The market in North America is projected to expand at a significant CAGR during the forecast period, owing to the surge in demand for services that address risk while identifying opportunities to enhance trust in the capital markets. Major players like EY, KPMG, PwC, and others are offering a range of services including Audit, Financial Accounting Advisory Services (FAAS), Climate Change and Sustainability Services (CCaSS), Technology Risk, Forensic & Integrity Services, and more to help organizations navigate risks effectively and build trust with stakeholders.
Report Scope:
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Report Metric |
Details |
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Market Value in 2023 |
USD 49,366.6 Million |
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Market Growth Rate (from 2024 to 2032) |
7.8% |
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Historical Data |
2017-2022 |
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Base Year |
2023 |
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Forecast Period |
2024 - 2032 |
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Units Considered |
Value (USD Million) |
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Market Segments |
By Service Type, Enterprise, Industry Vertical, and Region. |
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Key Companies Profiled |
Aspida Group, Azets, BPM, EY, Grant Thornton, |
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Customization Scope |
Report customization available on request |
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Pricing and Purchase Options |
Avail tailor-made purchase options to meet your research requirements. |
Target Audience:
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Supply-side: Risk Assurance Services providers
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Demand Side: BFSI, Healthcare, Manufacturing, Retail, IT & Telecom, Energy & Utilities, Government & Defense, and Others