Business Continuity Management Market Outlook by Offering (Solutions, Services), Organization Size (SMEs, Large Enterprises), Industry (BFSI, Government, Healthcare, Transportation & Logistics, Energy & Utilities, Manufacturing & Retail, Telcom & IT) - Global Industry Revenue Estimation and Demand Forecast to 2030

Market Overview

The global business continuity management market is estimated to generate $536 million in 2022, and it is expected to advance at a compound annual growth rate of 15.30% during 2022–2030, to reach $1,673 million by 2030.

The growth is primarily ascribed to the surging dependence on digitization, integration of cutting-edge technology, increasing IT spending, growing adoption of business continuity solutions in SMEs, and rising operational risks in organizations.

Business continuity management involves an organization's strategy and preparedness to maintain optimum operations or quickly resume functioning after a disaster. It also entails the identification of threats. The advantages of a robust BCM strategy, such as the capability to withstand natural disasters and cyberattacks. Furthermore, maintaining a strong financial reputation and providing excellent customer service during mishaps can be difficult. Here, continuity planning ensures that the product or service quality is upheld. This becomes especially important for companies’ food products or healthcare-related goods.

Solutions Category Is Expected To Dominate Market

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.

Large Enterprises Will Lead Market

The large enterprise category accounted for the larger revenue share of 75% in 2022 and will remain the same during the forecast period. This is attributed to the capacity of large enterprises to make considerable IT investments, to deploy and enhance their business continuity plans. In addition, large enterprises have dispersed operations and massive amounts of vital enterprise data. Therefore, they are compelled to incorporate efficient business continuity plans to maintain operations.

Adoption of Business Impact Analysis (BIA) Is Gaining Popularity

BIA is a prominent aspect of BCM and is trending among large enterprises and small & medium enterprises (SMEs), across the globe. The key players offer customizable impact assessment and risk identification via BIA to the end-users. The escalating number of organizations are gravitating toward adopting BIA, since it assists them to identify critical processes and activities, including internal and external dependency chains and ROI. Additionally, the increasing demand for robust dependency modeling and gap analysis that helps organizations to compare recovery point objectives relative to the achievable items is resulting in surging usage of BIA.

Moreover, BIA contains several aspects, such as modern workload protection, storage optimization, lost/delayed sales, and income, increased expenses, regulatory fines, network security, contractual penalties, customer dissatisfaction, fire in the data center, loss of specialized staff, and delay of new enterprise plans. Moreover, SMEs are increasingly adopting BIA which enables them to identify and evaluate the impact of potential disasters on business. This further provides them the basis for investment in recovery strategies, investment in prevention, and mitigation strategies.

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BFSI and IT & Telecom Sector Is Expected To Grow Significantly

The BFSI category is predicted to lead the largest share in the future years. The need for BCM in the financial services industry is of utmost importance, as these institutions need to be well prepared to respond in times of emergencies, crisis, disaster, threats, and other incidents. In addition, banks have a complex and detailed infrastructure that requires to be fully operational 24X7, which entails that their ATMs, website, and phone applications are all up and running. A business continuity strategy is needed to resolve the issue as quickly as possible in case the system goes down.

APAC To Register Fastest Growth

The APAC market is expected to grow at a CAGR of 16.1% throughout the projection period. This growth is mainly attributed to the rapid economic growth in the major countries, the increasing presence of large enterprises, surging IT services, accelerating IT investments in developing countries, such as India and China, and the emergence of cloud technology in the region. For instance, a few years ago the Government of India launched the ‘Startup India’ program intended to catalyze startup culture and build a strong ecosystem for innovation and entrepreneurship in India.

Increasing Adoption from SMEs

The increasing demand for BCM from SMEs is driving the market across the globe. In recent years, the escalating number of SMEs has been noted to adopt BCM solutions and services, to streamline their business structure and expand their organizations. The key players in the BCM market are focusing on providing more flexible solutions and services for SMEs. This can be ascribed to the new consumer base's massive volume and growing awareness of the importance of protecting their assets. The mushrooming demand has been specifically notable for enterprises that are operating in under-regulated industries.

Additionally, SMEs generally rely on limited resources for both, safeguarding their operations and solutions that generate revenue for the enterprise; this factor creates a high demand for SMEs to adopt BCM. Also, there has been increasing pressure from larger organizations (such as Microsoft Corporation and Hewlett Packard Company) to secure the continuity of supply chains, new government laws, and adoption of BCM solutions. This is increasingly compelling SMEs to add BCM as a part of mainstream business operations.

Increasing Operational Risks in Organizations

Organizations with complex business operations are witnessing increasing operational risks, driven by growing economic uncertainties, stiff regulatory fines, and compliances, along with emerging risks, such as conduct risk, model risk, vendor risk, and cybersecurity risk. Moreover, such organizations are demanding robust risk mitigation, real-time risk assessment, and greater risk accountability from management and business lines. Additionally, with financial service institutions increasingly expanding their businesses, the requirement to process accountability and transparency, coupled with ensuring proactive risk mitigation is surging the demand for BCM solutions, across the globe.

For instance, cybersecurity risks are increasing with the growing digitization and reliance of small and large organizations on the internet. The current cyber threat landscape has made businesses more aware of the risks of cyberattacks, and of the importance of being able to respond to and recover from such attacks.

Moreover, natural disasters are an unavoidable and critically disruptive risk that is largely been considered by market key players and end-users as the focal point for BCM. With the rash of extreme weather events around the globe in recent years, organizations are increasingly taking steps; to prepare themselves for unforeseen incidents. For instance, according to the China Earthquake Networks Center, Sept. 5, 2022, at 12:52 p.m. local time (approximately 1 a.m. EDT), In the country's southwest region, Luding County was affected by the strong earthquake. The earthquake's epicenter was almost 140 miles from Sichuan’s capital, Chengdu (population 21 million), and nearly 27 miles southeast of Kangding, a district of more than 100,000 people.

Key Players in Business Continuity Management Market Are:

• International Business Machines (IBM) Corporation
• Sai Global Pty Ltd.
• LogicManager Inc.
• Quantitative LLC.
• MetricStream Inc.
• LockPath Inc.
• Dell Technologies Inc.
• Fusion Risk Management Inc.
• Sungard Availability Services
• CLDigital

Market Size Breakdown by Segment

This fully customizable report gives a detailed analysis of the market from 2017 to 2030, based on all the relevant segments and geographies.

Based on Offering

• Solutions
  • By crisis management
  • By risk management
  • By audit management
  • By government, risk, and compliance (GRC)
  • Others (supplier management, and cybersecurity management)
• Services
  • By professional
  • By managed

Based on Organization Size

• Small & Medium Enterprise (SME)
• Large Enterprises

Based on Industry

• Banking, Financial Services, and Insurance (BFSI)
• Government
• Healthcare
• Transportation & Logistics
• Energy & Utilities
• Manufacturing & Retail
• Telcom & IT
• Others (Hospitality, Oil & Gas, Automotive, and Entertainment)

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • U.A.E