Business Continuity Management Market is expected to increase by the adoption of Business Impact Analysis (BIA) Through 2028
Growing operational risk in organizations is driving the
business continuity management market across the globe.
According to
TechSci Research report, “Business Continuity Management Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F,” the global business
continuity management market is growing owing to rising operational risk in the organizations. Manufacturers
are significantly integrating cutting-edge technologies, surging dependence on
digitalization and increased Information technology spending into their
infrastructure facilities throughout their operations to cater to the customer
needs and market requirements. In addition, increasing technological integration
and greater emphasis on digitization and increasing operational risks in
organizations and growing adoption of business impact analysis (BIA) are
gaining trajectory. Moreover, number of automations and complex infrastructure has
grown higher and
the growing collaboration within enterprises along with increasing adoption
from small & medium enterprise (SMEs) are further contributing to the growth
of the global business continuity management market.
Business
continuity management refers to the ability of a company to continue offering
goods or services at predetermined acceptable levels in the wake of a disruptive
occurrence like cyber-attacks, natural disasters,
natural fires, and power outages. The
objective of business continuity management is to manage an organization that
must deal with new risks and challenges while trying to ensure the continuity
of its operations. It includes hazards related to infrastructure, cyber,
employees, business, operations, and communications. Furthermore, business
continuity management can also assist in improving disaster recovery, cost
savings capabilities, improved efficiency of operations, effectively identifies
and mitigates threats, helps organizations meet industry standards and comply
with regulations and among others. Moreover, growing operational risk in
organizations are also expected to witness significant demand business continuity management system in the future.
With the outbreak of the
COVID-19 pandemic, business continuity management technology has been rapidly
deployed by numerous organizations to minimize or eliminate the operational
risk within the operations and cloud. Despite the temporary reduction in businesses
caused by the lockdown imposition and economic distress in the COVID-19 pandemic,
there is an increase in business continuity management and cloud technology. Various
businesses such as healthcare and logistics have implemented effective business
continuity technologies to further cater to the demand by the customers during
the pandemic and mitigate the risk associated earlier. Moreover, with the
enormous benefits of business continuity management, the service providers and
operators have seen an accelerating growth in the adoption of advance risk
management technology to overcome burden of customer preference along with the
minimal availability of service providers during the pandemic.
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Based on offering, the market
is segmented into solutions and services. The solutions segment is further
segmented into crisis management, risk management, audit management,
government, risk and compliance (GRC) and others. While the services segment is
segregated into professional, managed. Based on organization size, the market
is segmented into small & medium enterprise (SMEs), large enterprises.
Based on application, the market is segmented into business continuity &
disaster recovery, data center & data center networking, governance risk
& compliance, risk management. Based on industry, the market is further
split into BFSI, government, healthcare, transportation & logistics, energy
& utilities, manufacturing & retail, Telcom & IT, and others.
The BFSI sector dominated the
global business continuity management market in 2022 and is expected to
maintain its dominance during the forecast period, owing to the widespread
usage of business continuity management in financial institutions and banking
facilities to mitigate the risk. Moreover, the application such as governance
risk, and compliance (GRC) are growing as the BFSI enterprises are strictly intended
towards adopting business continuity management. In addition, the need of high
security concern in the BFSI has always been high, therefore the demand for
business continuity management is rising. Furthermore, the Telecom & IT
segment is expected to grow rapidly in the market over the next few years. Hence,
it is anticipated that these advantages provided by business continuity
management to operation continuity would obtain a sizable profit share
throughout the forecast period, accelerating the segmental growth.
The governance, risk, and
compliance (GRC) segment is expected to register lucrative growth during the
forecast period as it offers a framework for managing risk, making sure that
all legal obligations are fulfilled, and ensuring overall operational
effectiveness for the companies. Furthermore, business continuity is assisting
in mitigating multiple risks including cyberattacks, natural catastrophes, and pandemic
breakouts. As risk and compliance are the necessary part of every organization,
due to their numerous benefits, which are anticipated to propel market revenue
development, companies in this domain are investing in cutting-edge technology
for enhancing their business. Furthermore, various associations are
collaborating to introduce new governance, risk and compliance strategies that are
expected to acquire high traction in the global business continuity management market.
Key market players in the global
business continuity management market include:
·
Avalution
Consulting LLC.
·
Sungard
Availability Services
·
Dell
International LLC/EMC Corp.
·
StorageCraft
Technology Corporation
·
MetricStream
Inc.
·
Virtual
Corporation
·
LogicManager
Inc.
·
Continuity
Logic LLC.
·
International
Business Machines (IBM) Corporation
·
SAI
Global Private Limited
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“The North America region
shows substantial growth prospects for business continuity management, which
can be attributed to the significant benefits it offers to enterprises,
including improved risk mitigation, cost savings benefit, improved
disaster recovery, reduced operating costs, and enhanced operating efficiency.
The business continuity management is gaining traction by meeting industry
standards and complying with regulations such as GDPR and HIPAA. The prevalence
of digital infrastructure and the growing usage of cloud technology have
rendered it simpler for businesses to deploy business continuity management
planning solutions since these solutions are frequently cloud-based and
accessible from anywhere. The market is expanding to various countries in North
America, including the United States, Canada, and Mexico. Owing to the early
adoption of business
continuity management coupled with the massive number of companies
present in the country, the United States leads the market and is expected to
continue its dominance in Global Business Continuity Management Market during
the forecast period as well,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Business Continuity Management Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028F
Segmented By Offering (Solutions (Crisis Management, Risk
Management, Audit Management, Government, Risk and Compliance (GRC), Others)
and Services (Professional, Managed)), By Organization Size (Small & Medium
Enterprise (SMEs), Large Enterprises), By Application (Business Continuity
& Disaster Recovery, Data Center & Data Center Networking, Governance
Risk & Compliance, Risk Management), By Industry (BFSI, Government,
Healthcare, Transportation & Logistics, Energy & Utilities,
Manufacturing & Retail, Telcom & IT and Others), By Region, Competition”, has
evaluated the future growth potential of global business continuity management
market and provides statistics and information on
market structure, size, share, and future growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the global business
continuity management market.
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