A key trend in the BCM market is the growing adoption of business impact analysis (BIA), which is because BIA assists SMEs and large enterprises in identifying critical activities and processes, such as return of investment. Several aspects included under BIA are storage optimization, increased expenses, regulatory fines, contractual penalties, delay of new business plans, modern workload protection, lost/delayed sales and income, network security, and customer dissatisfaction.
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The faster growth in demand for BCM services and solutions is expected to be witnessed by small and medium enterprises (SME) in the near future as compared to large enterprises. This is because, the SMEs are inclining toward expanding their organizations and streamlining their business structure. Moreover, these enterprises usually rely on limited resources for safeguarding their operations and solutions that generate revenue, which is further creating the requirement for BCM by SMEs.
As per a research conducted by P&S Intelligence, the global BCM market reached a value of $359.2 million in 2018 and is projected to attain $875.7 million in 2024, advancing at a 15.4% CAGR in the coming years. Apart from risk management, the different solutions provided by BCM are government, risk, and compliance, crisis management and audit management. Furthermore, BCM also offers managed and professional services to the enterprises.
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The operational risks in organizations, such as model risk, cybersecurity risk, conduct risk, and vendor risk, are on a rise owing to the stiff regulatory compliances and fines and increasing economic uncertainties. In order to deal with these, the enterprises are demanding real-time risk assessment, robust risk mitigation, and greater risk accountability from business and management lines.
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