Business Models Of Companies Research Articles

Navigating the Bangladeshi Market: Unlocking Market Entry Opportunities for STARBUCKS

Purpose: This study aims to analyze Starbucks' potential entry into the Bangladeshi market, considering its potential for growth and alignment with the company's business model. It evaluates market characteristics and examines Starbucks' strategies for suitability. Method: The study utilizes market research, industry reports, demographic analysis, and comparative studies of Starbucks' success in similar markets. Key factors including market dynamics, consumer behavior, competition, and strategic partnerships inform the analysis. Results: Bangladesh presents a promising market for Starbucks, with a growing coffee consumer base, favorable economic conditions, and low labor costs. Millennials and Gen Zs, a significant demographic, show a strong affinity for coffee, offering a sizable target audience. Lower operating costs enable investment in promotional activities and market research, while government initiatives to boost coffee production provide additional opportunities. Implications: Entering the Bangladeshi market requires Starbucks to tailor its business model to align with local preferences and market dynamics. Strategic considerations include investing in automated systems, understanding local culture, developing customized products and marketing strategies, and fostering strategic alliances with local partners. Originality: This case study provides a comprehensive analysis of Starbucks' potential expansion into Bangladesh, considering both market potential and strategic implications. By addressing the unique challenges and opportunities in the Bangladeshi market, the study offers insights into Starbucks' ability to adapt its business model and sustain growth in diverse global markets.

Critical Steps and Conditions to Be Included in a Business Model in Logistics, Seeking Competitive Advantage from the Perspective of the Modern Digital Age and Industry 4.0

The main purpose of this study is to research the literature and examine how logistics companies can effectively integrate modern digital technologies of Industry 4.0 internally and then present the most critical steps and conditions that determine the successful operation of an innovative business model in logistics, as well as the expected benefits of this process. This study was written entirely as a literature review. Four steps of literature review research were completed: (a) initial formulation of the problem, (b) search of literature sources, (c) selection and evaluation of articles, and d) final classification and presentation of data. The results show that the most critical steps and conditions that contribute to the successful adoption of new Industry 4.0 technologies in the business models of logistics companies are Business Model Innovation, Digital Transformation, Quality 4.0, Human Resource Management, and Logistics 4.0. These critical prerequisites and Industry 4.0 architecture are now at the forefront of logistics, proving the key role they play in modernizing a business and gaining competitive advantage, and to fully reap these benefits, businesses must be prepared to adapt their organizational culture, embrace change, and invest in the necessary resources.

Conceptualisation and Determination of the Concept of Creating Shared Value: The Results of a Delphi Study

Objective: The purpose of the article is to present the genesis of the concept of Creating Shared Value (CSV), re-conceptualise it, and point out the main dimensions of value creation. In addition, the article describes the existing interdependencies between the various dimensions and the distinct approaches to defining these dimensions. Research Design & Methods: The article presents the results obtained from an expert survey conducted using the Delphi method. The survey allowed us to obtain experts’ opinions on approaches to defining the creation of shared value and its dimensions. Findings: The results obtained suggest a different approach to understanding and defining the concept of CSV and the dimensions of value creation. In the study experts pointed to the connection of the CSV concept with other management theories and concepts in corporate social responsibility and sustainability. They emphasised the role of creating shared value to different stakeholder groups in the complex internal and external business environment. The difficulty of linking company strategy, business models, and activities with social, environmental, or economic goals was pointed out. Implications / Recommendations: The article presents the results obtained from the first part of a study aimed at constructing a tool to measure the creation of shared value. They are the starting point for both the development of the dimensions of the construct and the factors which can be measured to evaluate the creation of social, economic and environmental value in each dimension. Contribution: The article contributes to the understanding of the concept of CSV as a management theory in the context of enhancing the competitive position of organisations and provides a methodological basis for developing a CSV measurement tool.

ЭКОСИСТЕМА БРЕНДА РАБОТОДАТЕЛЯ: ОБЗОР ЦИФРОВых РЕШЕНИЙ ПОТЕНЦИАЛьНых АКТОРОВ ДЛЯ ПОВыШЕНИЯ ЭФФЕКТИВНОСТИ УПРАВЛЕНИЯ ПЕРСОНАЛОМ

The challenges of recent years — technological progress, the COVID-19 pandemic, SVO and others — have adjusted the values and behavior of people, social relations, business models of companies. The limited number of specialists in the labor market gives them priority in choosing an employer. More than ever, HR managers are expected to provide innovative solutions to improve the efficiency of HR management. The formation and development of the employer brand is the foundation for improving the indicators of attracting, retaining and engaging employees. The transfer of digital values from everyday life to production has determined the need to provide candidates and employees with a quick and convenient service for interacting with the employer company. The inability to conduct their own development of digital solutions across the entire spectrum of HR business processes directs managers to search for relevant intersubject interactions. Cooperation allows us to unite in an ecosystem and solve our own tasks to ensure the sustainable development of the company: for the employer to increase the efficiency of personnel management by working with the employer brand, for developers to test and update digital solutions in the field of personnel management.
 
 The purpose of the study is to review the digital solutions of potential actors of the employer brand ecosystem to improve the efficiency of personnel management.
 
 The results of the study are presented by the author’s definition of the employer brand ecosystem; the characteristics of the key elements visualized by the employer brand ecosystem model; an overview of the digital solutions of potential actors, developers and suppliers, throughout the process of employer brand management.
 
 Throughout all stages of the AIDA model in employer brand management: “I know the company, I observe its activities, I want to work in it, I apply for a vacancy and accept an offer”, it is possible to find an appropriate and effective digital solution by collaborating with actors.

Harvesting value: Corporate strategies of data assetization in agriculture and their socio-ecological implications

The global food system is characterized by market concentration and oligopoly. In our article, we focus on the most powerful input supply and machinery companies and analyze how these firms create value, both economic and otherwise, from big data. In digital capitalism, data is valorized across sectors; personal data is aggregated into large-scale datasets, a practice that feeds economic concentration and monopolization. Big data also has become central to the business model for agricultural companies; it is a claim made by the companies themselves. Yet, little is known about their specific strategies to do so. We aim to fill this gap, asking how is agricultural data transformed into value by the most powerful agribusinesses and ag-tech firms? Through the lens of assetization, we examine corporate strategies for transforming agricultural data into value. We draw on literature from food studies, specifically political economic analyses of the historical practices of agricultural corporations, as well as literature from critical data studies that investigates data as an asset. For our analysis, we rely on a variety of gray literature and public-facing documents: financial documents, sustainability and shareholder reports, terms of use, license agreements, and news articles. Our results contribute to the critical data studies literature on agricultural big data by identifying three main strategies of assetization: securing relationships and dependence, price-setting and data sharing, and product development and targeted marketing. The strategies have socio-ecological implications; our results indicate the reproduction of asymmetrical power relations in the agri-food system favoring corporations and the continuation of long-standing dynamics of inequalities.

A qualitative inquiry into sustainable transitions and business models in Icelandic energy-related companies

In the face of escalating environmental and social crises, the potential for a sustainable transition within the current sociotechnical system has emerged through innovation and alternative technologies. Despite offering diverse perspectives, sustainable transitions remain uncertain in terms of their nature and pathways. The research aims to bridge theory and reality through a case study to investigate the potential for sector-specific businesses to contribute to a sustainable transition within the current sociotechnical system. This study focuses on five Icelandic energy-related companies and two governing bodies within the energy value chain, and examines the sustainability of companies' business models and their contributions to different futures, and contextualizes the results within economic theory. The study identified two alternative economic paradigms, Green Growth (GG) and Post Growth (PG), as potential frameworks for achieving sustainable futures. The findings suggest Icelandic energy-related companies align with GG and predominantly prioritize energy efficiency, transparency enhancement, and environmental impact reduction, reflecting contributions to medium-term tactical level changes within the sociotechnical system. Challenges arise in fully implementing PG principles due to the complexities of reconciling energy production, consumption, and growth goals. The findings underscore the pivotal role of energy-related companies in sustainable transitions but emphasize the need for policy interventions to guide macroeconomic activities towards environmental and social wellbeing. The theoretical contribution of this study is the identification of alternative economic paradigms and construction of a sustainable business model for energy related companies. The practical contribution of this study is the framework used in evaluating the business model of companies in the energy sector which can provide practical understandings of the implementation of sustainable business models and a company's sustainability performance.

Implementation of the Energy Justice Concept in Strategies and Projects of Foreign Energy Companies

Introduction. The given article examines the challenges of ensuring energy justice in business models of energy companies. It identifies ways in which organizations and businesses providing energy services locally, regionally and internationally can successfully integrate social justice values into business strategies, ensuring that their operations are aligned with the principles of equitable provision of energy services.Materials and methods. Materials used for the given research include foreign and Russian studies on energy justice issues, statistical data and news sources from the world media. The methodological basis consists of such scientific methods as qualitative and quantitative analysis, synthesis, comparative research and statistical analysis.Results of the study. Analysis of the activities of foreign energy companies suggests that energy justice is a highly effective “tool” not only from the point of view of conceptualizing the theoretical idea of an energy just world and effectively analyzing a wide range of energy-related issues, but can also be considered as a valuable contribution to the actual process of developing energy policy and a framework for assessing the sustainability of energy-related projects and initiatives. The concept of a public interest company based on the principles of energy and social justice can be defined as a set of guidelines aimed at transforming existing business practices to ensure that these practices are consistent with the principles of energy justice.Discussion and conclusions. The given re­search revealed that the degree of adherence to energy justice principles determines whether certain business practices or specific projects are consistent with its paradigm. At the same time, as evidenced by available scientific research on this issue, commercial activity and the creation of social and environmental values are not internally contradictory concepts. On the contrary, energy justice guidelines and aspects can be successfully integrated into various business models at local, subnational, regional and global levels.

DIGITAL TRANSFORMATION CYCLE IN BUSINESS LANDSCAPE: THE MANAGERIAL PERSPECTIVE

Research on digital transformation activities on top managers of businesses has revealed that a most executives believes that they can buy digital technology, apply it across the business, and see the benefits within a few months. In similar studies, it was determined that the rate of cases where digital transformation failed in such businesses reached up to 70%. Therefore, considering the depth and scope of change required for companies to be successful in the digital transformation process, these thoughts and expectations of company executives are unrealistic. In addition, it expresses another misconception that it would be sufficient for the digital transformation process to be carried out only by the information technology managers (CIO) and simply the IT team. In this study, the application challenges and opportunities that arise in the digital transformation process will be explained within the framework of changing company business models, and the factors that determine success and failure will be emphasized based on managerial perspective.

БІЗНЕС-МОДЕЛІ ОСНОВНИХ ГРАВЦІВ НА ПОЛІ ЦИФРОВОЇ ДИСТРИБУЦІЇ ЕЛЕКТРОННИХ КНИЖОК В УКРАЇНІ. 2011–2023

<p><em>A new field of e-book distribution has emerged and developed in Ukraine due to the impact of digital technology on the publishing industry.</em></p><p><strong><em>This research aims to</em></strong><em>: Identify the key players in the field of digital distribution of e-books by Ukrainian publishers from 2011 to 2023. Analyse and describe the value propositions and business models of digital book distribution start-ups in Ukraine.</em></p><p><strong><em>Research methodology. </em></strong><em>The study analyses the value propositions and business models of various companies operating in e-book distribution in Ukraine, using the case study method and mystery shopping. The generalisation of the data obtained as a result of the case study was achieved by using historical, analytical, synthetic and comparative methods, classification methods and a systematic approach.</em></p><p><strong><em>Results. </em></strong><em>Thirteen players were found to be active in e-book distribution between 2011 and 2023 (seven entered the market in 2011</em><em>–</em><em>2018 and another six in 2019</em><em>–</em><em>2023), with three platforms closing in the last five years. Of the ten active players, six specialise in e-book sales with a «digital only» business model (Booxters, Booknet, Chytanka, Librarius, Pocketbook) and four are online bookstores with an omnichannel business model, selling both print books and e-books (Yakaboo, KnigoLand, Knygarnya «E», Nash format). The main business model for all players in e-book distribution is direct sales, although distributors are increasingly adopting combined business models (direct sales plus subscription). A positive trend is the implementation in the field of digital distribution of e-books in Ukraine of business models that are popular in foreign digital publishing, in particular, self-publishing (Booknet) and e-book lending (Librarius). Important for the development of Ukrainian digital book production and sales is the focus of distributors on ensuring closed access and strict protection of book content against piracy sharing.</em></p><p><strong><em>The novelty </em></strong><em>lies in the development of a chronological list of the main players who have worked (or are working) in the field of digital distribution of Ukrainian e-books; identifying their business models and analysing their value propositions: e-book formats, types of access to content and ways of protecting content.</em></p><p><strong><em>Practical significant</em></strong><em>. The results of this research will be used in lectures for students of the educational program «Publishing and editing» in Ukrainian universities, and will also draw the attention of the publishing community to the problems of the development of digital book publishing.</em></p><p><strong><em>Key words</em></strong><em>: bookselling, business models, digital distribution, digital book publishing, e-book, field of digital distribution, omnichannel.</em></p>

Would OTT-contents satisfy people’s demand? The Korean OTT-services demand analysis

ABSTRACT With the influence of the COVID-19 pandemic, Over-the-Top (OTT) services have gained considerable prominence in the traditional media market, generating increased interest in this domain. However, limited research has been conducted thus far on analysing consumer behaviour within the context of OTT service company business models. Then, this study aims to analyse the Korean over-the-top (OTT) services demand market with the G-K model, considering cost and time constraints. This study differentiate OTT services into two categories: advertisement video on demand (AVOD) and subscription video on demand (SVOD). Subsequently, an analysis of consumer demand is conducted based on each model. The results of the analysis reveal distinct behavioural patterns among users who engage with SVOD and AVOD services. Additionally, it was observed that SVOD consumers exhibit a greater inclination towards substituting their consumption patterns when opportunities for other leisure activities increase, as compared to AVOD consumers.

Study on Business Model Innovation at Zhuanzhuan Company

Zhuanzhuan Company is committed to meeting the needs of the younger generation of consumers by offering a variety of services through diverse models such as C2C and C2B2C. This study aims to comprehensively analyze Zhuanzhuan Company's business model innovation. By introducing the company's background, consumer market analysis, business model, and SWOT analysis, it reveals the factors contributing to its success. The article also emphasizes Zhuanzhuan's innovations in trust-building, logistics management, and pre-sales and after-sales services, as well as the opportunities and threats it faces. Finally, the article offers recommendations on enhancing the credit system, optimizing the logistics system, and strengthening pre-sales and after-sales services for digital 3C and large items, to assist Zhuanzhuan Company in further expanding its market share and user base. The study found that within the second-hand trading market, Zhuanzhuan Company possesses advantages in both technological platforms and user base. The company can provide a convenient user experience. Simultaneously, its vast user base contributes to facilitating transactions and advertising revenue. Furthermore, Zhuanzhuan Company can further enhance its competitive edge through official verification, a combination of online and offline services, and effective logistics management. Zhuanzhuan Company plays a significant role in meeting the demands of young consumers and promoting sustainable development. The research presented in this article aims to assist Zhuanzhuan Company in continuously adapting to market changes and identifying opportunities to explore new markets. At the same time, we provide some recommendations for the current situation of Zhuanzhuan.

Offering Subscriptions of Industrial Goods: Uncertain Experiment or Necessary Step?

The implementation of Industry 4.0 often entails various changes to a company's business model. Not all companies take advantage of the new technological capabilities or create new digital revenue streams. In this regard, subscription business models are growing more prevalent in the market for industrial goods. Although just a few pioneers have integrated subscription offerings in their portfolio so far, an increasing number of companies are considering doing the same. This article contributes to this subject by examining the transformation from a component supplier to a subscription service provider and its impact on customer relationships. The findings are drawn from three in-depth case studies, two interviews per each case and ten additional interviews with experts to gather further information. Agency theory provides the theoretical framework. We identify enablers and challenges of subscription business models during the consideration, implementation, and operation phase. This article provides practical insights into the transformation of a provider's business model in conjunction with subscription, thus benefiting companies in every step of the transformation process. Moreover, we contribute to the theoretical literature on Industry 4.0 and servitization by structuring the transformation toward a subscription business model in phases and correlate features with each phase.

ЕКОЛОГІЧНИЙ ТРЕНД У ФОРМУВАННІ БІЗНЕС-МОДЕЛІ

Current economic tendencies stimulate entrepreneurs to seek innovative and sometimes revolutionary approaches to business conduct. Companies aiming to be trendsetters are characterized by their significant impact on addressing current social and environmental challenges. Projections indicate a nearly quadruple growth in the global market for green technologies and sustainable development. Nowadays, companies have access to modern tools in order to minimize negative environmental impact. Digitalization and sharing economy promote for generating tools to address environmental issues, with generational shifts intensifying societal focus on such concerns. Consequently, adherence to principles of sustainable development, particularly in the context of addressing environmental challenges, is a crucial aspect of modern business performance. Ukrainian businesses face the challenge of adapting to the European Green Deal, necessitating a review of their environmental goals and strategies for competitiveness. With the establishment of ambitious environmental goals, companies are compelled to reshape their business models. The influence of the environmental trend on shaping each element of a company's business model is important. Business model Canvas avails to recognize this impact. Analyzed customers segments and offering eco-centric value propositions are crucial for success. Key activities, especially in resource-intensive sectors like manufacturing, require innovation for environmental responsibility. Collaboration with stakeholders is essential for eco-friendly execution, as companies remain dependent on suppliers whose resources can provide neutralize harmful environmental impacts. Thus, environmental production primarily relies on innovation, despite the additional investments and risks involved.

Characterization of the key distinguishing features of a digital platform as a business model

The purpose of the study is to identify the most characteristic features of the business model of the digital platform and further compare them with the empirical experience gained in the analysis of the Yandex.Market company. The objectives of the study include determining the main characteristics of the digital platform as a business model, analyzing Yandex.Market, its core business, competitive advantages, and environment, as well as identifying the correspondence between the company's business model and previously established key features of the digital platform and analyzing the advantages that participants receive from interacting with the platform. The object of the study is the main factors of change and further business development under the influence of digital transformation. The subject of the study is the key features of the digital platform's business model in the Russian market, using the example of Yandex.Market. To achieve the goals of the research, theoretical methods such as literature analysis, studying interviews with business experts, synthesizing new knowledge based on them, conducting modeling, and empirical methods such as the method of expert assessments, experiment and observation of the company's activities. The importance of using digital technologies are now recognized by all participants in both the business and scientific community. This contributes to the emergence of a large number of studies devoted to this topic. So this work is aimed at identifying those features that are inherent in one of the most effective business models of our time, namely the digital platform. Considering the experience of Yandex.Market makes the work especially relevant for Russia. The scientific novelty of the work consists in identifying unique features inherent only in the business model of a digital platform using the example of one of the Russian platform companies. The work also examines in detail the experience of Yandex.Market and the key advantages that make the platform company one of the most successful in the Russian market.

Market adaptation mechanism development of business models in digital economy conditions

The article considers approaches to the concept of business model of business activity, considers its modern content in the context of taking into account the peculiarities and using the advantages of the digital economy. An analytical review of business models currently used by domestic and foreign companies with the allocation of e-commerce and innovation models is made. It is proven that the improvement of existing business models or the creation of new ones should be carried out through the re-engineering of their business processes. The classification of business processes according to various classification features which can be used in the process of reengineering, is given. Reengineering as a method of radical redesign of the company's business model, taking into account the main trends in the development of modern economy and the signals of key stakeholders is characterized in detail. Based on the results of the research, a conceptual model of hybrid reengineering for market adaptation of business models of Russian enterprises to the conditions of market economy is developed. Promising directions of its improvement were identified for all the main structural elements forming its integrity and synergetic character.

ЭКОНОМИЧЕСКАЯ СУЩНОСТЬ РОЗНИЧНОЙ ТОРГОВЛИ В КОНТЕКСТЕ ПЕРЕХОДА К ЦИФРОВОЙ ЭКОНОМИКЕ

The article is devoted to the study of the economic essence of retail trade in the digital economy. The relevance of the topic is due to the fact that digital transformation is fundamentally chang-ing the retail landscape, posing new challenges to business and opening up opportunities for innovation. This requires expanding the theoretical framework capable of explaining and predicting changes in con-sumer behavior, business models, and competition mechanisms. Regulatory legal acts and scientific pub-lications were used as materials for the study, which consider various aspects of the economic essence of retail trade, its evolution and role in the economy, as well as the impact of digitalization on this industry. The author analyzes the changes taking place in retail trade under the influence of information and com-munication technologies and emphasizes the need to rethink traditional concepts such as value chains, competitive advantages and interaction with consumers. The focus is on the impact of digitalization on the operational mechanisms of the industry, the integration of online and offline channels, as well as the growing role of data and personalization in the business models of retail companies. The author notes that the use of big data, automation and artificial intelligence play a key role in improving the efficiency of retail operations and creating a unique customer experience. The article proposes a new definition of retail, which takes into account the use of both physical and digital channels to optimize supply chains, expand geographical coverage and improve customer experience. This definition reflects a broader range of processes and phenomena occurring in modern retail and offers a new perspective on its role and functions in the digital economy. The proposed study highlights the importance of omnichannel strategies and platform business models, as well as focuses on the strategic importance of personalization of cus-tomer experience. The article concludes that it is necessary to update and expand the conceptual frame-work of retail trade, which will allow for more accurate analysis and forecasting of its development in the context of digital transformation.

Business models for enhanced solar photovoltaic (PV) adoption: Transforming customer interaction and engagement practices

Solar energy can play an important role in meeting global energy needs in a sustainable and environmentally friendly manner. However, despite solar energy’s accelerated growth in recent years, its level of diffusion is highly uneven when looked at on a global scale. The solar photovoltaic (PV) companies involved in the sales of PV systems are central to fostering diffusion. A company’s ability to devise and deliver value offerings that match customers’ needs is vital in encouraging the adoption of solar PV technology. The extent to which a company can address market needs and deliver value often depends on the business model it has adopted. The extant research has explored business models based on ownership structures, financing options, the effect of regulatory regimes and policies, industry practices, alliances, and business models for distributed generation and large-scale utility companies. However, the research to date, has mostly neglected the business models of solar companies involved in the sales and installation of solar PV. This qualitative study based on twenty semi-structured interviews contributes to the existing knowledge by exploring how sales and installation companies can enhance solar photovoltaic adoption by transforming customer interactions and engagement practices, which is a key element of a company’s business model. Companies’ ability to communicate value offerings and address consumer concerns is important in enhancing diffusion. The study highlights that transforming customer interaction and engagement practices can help companies broaden customer reach, improve the dissemination of information, reduce transaction costs and efficiently utilise market insights and trends.

The relationship between fleet structures and business models of combined airline cargo companies: A comparison with apriori algorithm

The relationship between fleet structures and business models of combined airline cargo companies: A comparison with apriori algorithm

ИСПОЛЬЗОВАНИЕ ИСКУССТВЕННОГО ИНТЕЛЛЕКТА В БИЗНЕС-МОДЕЛЯХ – ПРИМЕРЫ ПРИМЕНЕНИЯ ИНТЕЛЛЕКТУАЛЬНЫХ РЕШЕНИЙ КОМПАНИЯМИ

The article is devoted to the study of the use of artificial intelligence (AI) in business models of modern companies. The theoretical foundations of the use of AI, examples of successful implementation of AI in various industries, such as finance, retail and manufacturing, as well as its role in optimizing business processes and marketing are considered. Particular attention is paid to the creation of new business models and products using AI, as well as the analysis of the ethical and legal aspects associated with its use. Current problems and challenges of implementing AI, as well as prospects for its further development in business are discussed.

TRANSFORMATION OF THE GLOBAL INSURANCE MARKET IN THE CONTEXT OF THE INTRODUCTION OF NEW BUSINESS MODELS AND MODERN INSURANCE TECHNOLOGIES

Introduction. The insurance industry has undergone significant changes in the last decade. Global transformations in society, rapid development of financial technologies, systemic financial shocks and the coronavirus pandemic, escalation of military conflicts into war, necessitate a rethinking of the conceptual foundations of insurance activities, modification of relationships between participants in the insurance market, and the testing of new business models for insurance companies. In this context, the study of current trends and the development of directions for further transformation of the global and local insurance markets in the context of optimizing the business processes of insurance companies in the global InsurTech environment become particularly important. The purpose of the article is to analyze the realities of the functioning of the global insurance market in the conditions of changing the paradigm of its development; to identify key challenges, identify new threats, and outline the main vectors of transformation of the insurance business environment in the modern InsurTech space. Results. The decisive role of the insurance market in providing insurance protection to economic entities, individuals, and international institutions has been clarified; macroeconomic uncertainty and geopolitical transformations that significantly affect the development of local and global insurance markets have been identified. It has been proven that the insurance business has demonstrated its adaptability to new realities of functioning by improving operational systems, applying innovative strategies and digital marketing technologies, implementing new financial solutions, and establishing strategic partnerships. New vectors of development of the insurance market in the global insurance space have been identified, aimed at introducing InsurTech and automating business processes in the activities of insurers; a customer-oriented approach in working with policyholders; and the development of new insurance products taking into account their hyper-personalization and accessibility. Conclusions. The following conclusions have been drawn based on the results of the study: new trends in the transformation and modernization of the insurance market are observed in the context of the implementation of innovative technological achievements, the formation of strategic alliances between insurance companies and other financial structures; intensive shifts in the insurance business are taking place in a regional context, particularly in Asian and other developing countries; insurance companies are being reprofiled towards a customer-oriented business model, digital marketing, remote customer service, and the promotion of new insurance products.