The global business continuity management market (BCM) size is expected to advance at a CAGR of 15.30% during 2022–2030, to reach $1,673 million by 2030.
The increasing reliance on digitization, integration of cutting-edge technology, growing IT spending, the surging adoption of business continuity solutions in SMEs, and the rising operational risks in organizations are the key driving factors of the BCM market growth.
The North American market held the largest market share in 2022 and is expected to maintain its dominance throughout the projection period. The growth is primarily attributed to the presence of a large number of enterprises and major financial entities and threats of disruption to operations attributed to natural disasters. For instance, in the U.S. there are more than 60% of organizations are investing in enterprise continuity management solutions, due to the large number of IT firms and commercial enterprises in the region, which are increasing the security threats in the country.
For instance, under normal circumstances, the North American wildfire profile of the Center for Disaster Philanthropy (CDP) starts in summer or autumn. However, as the adverse effects of climate change increase in frequency and severity, the concept of disaster seasons is being lost.
Moreover, On November 4 and 5, northeastern Texas, southwestern Arkansas, southeastern Oklahoma, and north-western Louisiana recorded over 30 tornadoes. Their strength and intensity varied widely, with one rated EFU, four rated EF-0, 15 EF-1, seven rated EF-2, and two each rated EF-3 and EF-4. On November 5, an EF-0 tornado made landfall in the Kane and Kendall counties, near Big Rock, Illinois, with wind speeds estimated at 80 mph.
A shift in the market demand from government, risk and compliance (GRC) to integrated risk management (IRM) is notable across the globe. IRM differs from GRC in a variety of factors including architecture, content, design, features, functions, and usage, impelling the increasing number of end-users for IRM. Moreover, IRM is integrated, risk-focused, process-based, business-oriented, flexible, and ecosystem-driven. Such management enables an enterprise to improve decision-making and performance through an integrated manner of business operations management.
Additionally, IRM eliminates silos and focuses on a centralized structure in organization management activities. This allows the end-users to identify solutions where risk factor in one area is probable to affect other areas in a business. Furthermore, organizations that adopt IRM are in a better position to comply with new data privacy legislation. In addition, GRC includes compliance-based solutions while on the other hand, while IRM includes a risk-aware solution for BCM. This IRM approach is enabling organizations to mature in areas, such as cybersecurity posture and operational resilience.
The fast-changing business environment across the globe, with technology integration and growing reliance on digitization, is leading to a prospective market for BCM 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 is resulting in the increasing operational risk for business operations and information. This allows for a space for BCM providers to offer solutions and services that safeguard critical business assets.
Since dynamic changes are evolving on a daily basis in AI and automation, business continuity service providers cannot lag behind in providing professional services to handle complex business structures. The need for cloud-based collaboration will be driven by the globalized workforce, in which employees are expected to collaborate with colleagues across buildings, cities, and multiple countries. Hence, there is an ample number of opportunities for service providers to innovate their service offerings. Also, the use of IoT in field services to keep a track of various elements of the field operations including vehicle tracking, inventory management, and customer portals, would enhance the efficiency of supply chain management in the logistics sector. Additionally, opportunities for key players in areas including building management systems to control temperature, security, and alarm systems through apps are being created.
Additionally, the use of enterprise asset management (EAM) systems for asset utilization management includes maintenance agreement management, asset inventory tracking, examination of trends in excess charges and invoice payments, tracking of meter readings and invoice charges, and analysis of funding and invoice information. Thus, the EAM software generates a set of reports which enables the decision-makers to compare the invoice and expected billing amount and view every asset or group of assets and detect rare action to decrease fraud and waste. Hence, EAM adoption can be a prospective method that works parallel to BCM.
Some of the major players operating in the global business continuity management market are International Business Machines (IBM) Corporation, MetricStream Inc., Sai Global Pty Ltd., Quantitative LLC., LogicManager Inc., LockPath Inc., Dell Technologies Inc., Fusion Risk Management Inc., Sungard Availability Services, and CLDigital.