Business Continuity Management Market Will Touch $1,673 Million by 2030

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.

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. 

 

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Business Continuity Management Market Growth Analysis, Post COVID-19 Impact | Potential Business Impacts for Key Players

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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Business Continuity Management Market Latest Innovations, Drivers, Dynamics And Strategic Analysis, Challenges

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. In addition to this, as the financial services are expanding their businesses, the need for processing accountability and transparency and ensuring proactive risk mitigation is also growing. 

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Basically, BCM is a proactive planning process which makes sure that the products and services of a business are delivered without any delay in the event of any disruption. This is done through the development of plans, strategies, and actions that provide alternative solutions for keeping the operations or businesses going and ensuring that the enterprise doesn’t face any serious damage or loss. 

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. 

Make Enquiry Before Purchase at https://www.psmarketresearch.com/send-enquiry?enquiry-url=business-continuity-management-planning-solutions-market

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.    

Take for instance the surging cybersecurity risks, due to which the businesses have become more aware of the significance of being able to respond and recover from such attack. Since business continuity management (BCM) solutions and services can protect enterprises from business disruptions in the event of a cyberattack and help them deal with other operational risks, their demand is rising.

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