Business Continuity Management Planning Solutions Market Overview
BCMP solutions refer to a set of tools which are used to manage various business continuity management (BCM) programs. These solutions provide services including business risk assessment, business impact analysis, information technology (IT) dependency mapping, business process operations, and program management metrics and analysis. The global business continuity management planning solutions market has been growing due to increase in demand for sophisticated BCM products, across enterprises. BCM products have been in the market for over a decade and the increasing need for business recovery plans such as crisis management, emergency response, external/internal communication, and insurance support have resulted in more refinement of BCM products. This has further led to an increase in the development of advanced and sophisticated BCMP solutions.
Today, organisations are using BCMP to survive in a highly competitive and risk oriented business environment. It also helps businesses in conducting high level and deep review controls and audits. BCMP is gaining traction from the provision of closed loop and a systematic approach to all sized organisations in planning a complete lifecycle. Apart from this, the solutions also provide agility and flexibility in business continuity plans and related processes. Further, enterprises are also choosing mainstream implementation of BCMP due to its effective and efficient ability to manage various external entities like business partners, suppliers, and investors.
The global BCMP market is segmented on the basis of service, enterprise size, industry vertical, and region. The enterprise size category is further bifurcated into small & medium enterprise (SME), and large enterprise. Of the two enterprise sizes, large enterprise accounted for a larger market and is also expected to generate a higher demand for BCM and its adjacent solutions, during the forecast period. On the basis of service, the market is classified into implementation, integration, consulting, maintenance, and upgradation service. On the basis of industry vertical, the market is segmented into banking financial service and insurance (BFSI), retail and manufacturing, government and defense, IT and telecom, healthcare and pharmaceuticals, media and entertainment, and others.
Business Continuity Management Planning Solutions Market Regional Outlook
North America has been the largest business continuity management planning solutions market. The market dominance is owed to rapid increase in demand for crisis management solutions, occurred due to the risk of business loss by cyber and non-cyber pressures to businesses. The market in Asia-Pacific is expected to grow the fastest during the forecast period. Robust growth in IT infrastructure, huge investments by governments in BCM solutions, and increasing rate of data centric application ecosystem, are some of the factors expected to back the growth of the regional market.
Business Continuity Management Planning Solutions Market Dynamics
Factors driving the growth of BCMP market include the increase in the demand for risk assessment from businesses, improved efficiency of business operations, and cost reduction of enterprises in case of business failure. However, the availability of information and awareness regarding BCMP among enterprises, is expected to hinder the growth of the global market during the forecast period. The increasing level of investments by business leaders and public/ private capital holders in the development of advanced and sophisticated BCM solutions promises an opportunity for the significant growth of the global market in the near future.
Business Continuity Management Planning Solutions Market Competitiveness
Pricing of solutions is very competitive in the global BCMP market. The pricing of large and multinational implementation of solutions can be as high as several millions or more. Some of the key players in the business continuity management planning market include Dell Technologies (RSA), Sungard Availability Services, Strategic BCP, Continuity Logic, Fusion Risk Management, LockPath, Fusion Risk, Fairchild Consulting, MetricStream Inc., eBRP Solutions Network Inc., and Quantivate.