The global business continuity management the market was valued at $536 million in 2022, and this number is expected to reach $1,673 million by 2030, advancing at a CAGR of 15.30% during 2022–2030, as per P&S Intelligence.
This growth is mainly credited to the increasing dependency on digitization, snowballing IT expenditure, integration of cutting-edge technology, increasing operational hazards in administrations, and mounting acceptance of business continuity solutions in SMEs.
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| Business Continuity Management Industry Revenue Estimation and Demand Forecast to 2030 |
Business continuity management comprises an organization's policy and preparation to keep optimum operations or speedily recover after a disaster. It also involves the detection of threats. The benefits of a robust BCM strategy, include the ability to endure cyberattacks and natural disasters. Additionally, sustaining a strong financial status and offering a brilliant customer experience during mishappenings can be difficult. Here, continuity preparation guarantees that the service and product quality is upheld. This becomes exclusively important for businesses’ food items or healthcare-associated goods.
The solutions category held the larger revenue share in 2022 and it is expected to maintain its dominance during the projection period. The growth is mainly attributed to the increasing deployment of BCM solutions for risk management, crisis management, and audit management. Additionally, the promptly changing corporate environments and the development of data recovery or risk management solutions will drive the business continuity management market.
In 2022, the large enterprise category held the larger market share of 75% and is projected to remain in the leading spot in the future as well. This can be credited to the capability of large enterprises to do significant IT expenditures, to deploy and improve their business continuity strategies. Furthermore, large organizations have discrete operations and enormous amounts of Important enterprise data. Thus, they are bound to incorporate effective business continuity strategies to manage operations.
The APAC market is projected to grow at a CAGR of 16.1% in the future. This is can be ascribed to the fast economic growth in the key countries, the snowballing occurrence of large enterprises, increasing IT services, lifting IT expenditure in emerging countries, including India and China, and the development of cloud technology in the region.
The region is witnessing rampant industrialization and corporatization, which are leading to a proliferation in the number of business enterprises operating here. Moreover, countries are upping their spending on digitization initiatives, which is a key reason behind the rising demand for BCM solutions.
Hence, increasing dependence on digitization, snowballing IT expenditure, integration of cutting-edge technology, increasing operational hazards in administrations and mounting acceptance of business continuity solutions in SMEs are major are major factors driving the business continuity management industry growth.
