| Published: September 2019 | Report Code: IM11329 | Available Format: | Pages: 165 |
Global business continuity management (BCM) market was valued at $359.2 million in 2018, and is further expected to generate $875.7 million revenue by 2024, exhibiting a CAGR of 15.4% during the forecast period. Surging IT spending, growing adoption of business continuity solutions in SMEs, and increasing operational risks in the organizations are some of the key factors driving the business continuity management market across the globe. Among all regions, Asia-Pacific (APAC) is expected to witness fastest growth during the forecast period. This can be due to rapid economic growth in major countries, increasing presence of large enterprises, surging IT services, stringent government regulations, and emergence of cloud technology.
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Factors Governing Business Continuity Management Market
Increasing adoption of business impact analysis (BIA) among small and medium enterprises (SMEs), and large enterprises has been observed to be one of the key trends in the global business continuity management market. Market players offer customizable impact assessment and risk identification via BIA to end-users. Rising 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 growing demand for robust dependency modeling and gap analysis that helps the organizations to compare recovery point objectives relative to the achievable items, is resulting in fostering usage of BIA, across the globe.
Increasing operational risks in organizations is primarily driving the growth of business continuity management market across the globe. Currently, organizations are facing several types of operational risks, driven by growing economic uncertainties and stiff regulatory fines and compliances. 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, along with ensuring proactive risk mitigation is surging the demand for business continuity management solutions, across the globe.
Fast changing business environment across the globe, with technology integration and growing reliance on digitization, is leading to a prospect market for business continuity management providers. With greater integration of technology within business operations, the risk of data loss, or device failure also becomes increasingly critical. Moreover, the growing cloud storage adoption across large and small enterprises around the globe, is resulting in an increased operational risk for business operations and information. This allows for a space for business continuity management providers to offer solutions and services that safeguard critical business assets.
Business Continuity Management Market Segmentation Analysis
Based on offering, solutions category held the larger share in 2018. This is attributed to the increasing deployment of business continuity management solutions for risk management, crisis management, and audit management. However, due to increasing need for implementation and consulting and training required by end-users, services category is expected to register fastest growth during the forecast period.
On the basis of enterprise size, large enterprise category held the larger market share in the market, in 2018. This is attributed to capacity of large enterprises to make considerable IT investments, in order to deploy and enhance their business continuity plans. In addition, large enterprises generally have dispersed operations across the globe and possess massive amount of critical business data. Thus, they are compelled to incorporate efficient business continuity plans to maintain operations.
Based on industry, transportation & logistics industry is expected to record fastest growth during the forecast period. This can be attributed to the increasing risks in supply chain management. Risks in supply chain management can be global, such as political and civil unrest or border closures, environmental, like storm or natural disasters, or domestic like highway detour for construction or an accident.
Geographical Analysis of Business Continuity Management Market
Based on region, North America held the largest market share in 2018. The major factors pushing the adoption of business continuity management solutions are the presence of large number of enterprises, majorly financial institutions and threats of disruption to operations attributed to natural disasters. On the contrary, APAC is expected to register fastest growth during the forecast period. This can be due to rapid economic growth in major countries, increasing presence of large enterprises, surging IT services, and emergence of cloud technology in the region.
Competitive Landscape of Business Continuity Management Market
The market for business continuity management is demonstrating a fragmented landscape, globally characterized by the presence of established companies such as International Business Machines (IBM) Corporation, MetricStream Inc., Continuity Logic, Avaluation, Quantitative LLC, LockPath Inc., Sungard Availability Services, Fusion Risk Management Inc., Logic Manager Inc., SAI Global Pty Ltd, and Dell Technologies Inc.
Recent Strategic Developments of Major Business Continuity Management Market Players
In recent years, major players in the business continuity management market have taken several strategic measures such as mergers & acquisitions, product launches and geographical expansions to gain a competitive edge in the industry. For instance, in 2018, SAI Global Pty Ltd launched SAI360 for financial services. SAI360 is the curated set of software and services that enables financial services risk and compliance professionals, in order to outpace the acceleration, complexity, and connected nature of risk and regulations. Also, SAI360 for financial services offer FastStart implementations to accelerate time to value by combining pre-configured software, reporting wizards, templates and services engagements with pre-defined duration.
Key Questions Addressed/Answered in the Report
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