| Source: Acumen Research and Consulting Acumen Research and Consulting
TOKYO, Sept. 14, 2022 (GLOBE NEWSWIRE) — TOKYO, September 15, 2022 (GLOBE NEWSWIRE) – The Global Business Continuity Management Market Size accounted for USD 510 Million in 2021 and is estimated to achieve a market size of USD 1,811 Million by 2030 growing at a CAGR of 15.5% from 2022 to 2030.
Business Continuity Management Market Report Key Highlights
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In recent years, as businesses have become more dependent on cutting-edge technology among all industry sectors, so have the risks related to data and infrastructure are increasing. Robust business continuity and disaster recovery plans have emerged as an essential component of any enterprise’s overall risk management and resilience strategy. However, due to the rising implementation of Software-as-a-Service (SaaS) premised business continuity management solutions among organizations around the world, the business continuity management market is anticipated to grow rapidly during the projected timeline. Additionally, the increased implementation of cloud computing, Augmented Reality (AR), artificial intelligence, Virtual Reality (VR), IoT, cybersecurity, Big Data analytics, mobility solutions, as well as automated robotic processes by end-users is expected to boost demand for business continuity management market globally. The growing need for more recognition accuracy and risk intelligence for better decision-making has pushed up the demand for the business continuity management market.
As the world becomes more digitalized, business continuity management options are the essential solution for all industry sectors to stay competitive. Business continuity management is solutions or services designed to build business continuity planning/business continuity management (BCP/BCM) processes simpler, more precise, and much more productive. Business continuity management systems deliver enterprises real-time visibility into financial impact analyses as well as help them identify gaps in their business continuity management plans. Business continuity management systems are computer programs that organizations use to convert or optimize each procedure by changing models, methods, and corporate and enterprise activities to improve business performance.
Global Business Continuity Management Market Dynamics
The business continuity management market is expanding as a result of growing demand for business continuity and disaster recovery solutions from small and medium-sized businesses, as well as increased IT expenditure. Additionally, excessive operational issues in enterprises are cruising the expansion of the global business continuity management market. The expansion of the IT industry can be blamed for the BCM enterprises’ market share because technological innovation also brings with it substantial economic investment risks, such as decryption and encryption risks, cyber fraud and stability risks, and others. As a result, it is necessary for businesses to implement business continuity management solutions in order to provide safety solutions, avert economic loss on additional organizational issues that may arise, and keep the workplace a healthy environment.
The growing demand among organizations for a centralized process management repository is predicted to drive the expansion of the business continuity management market in the coming years. The growing desire for real-time examination of enterprise applications such as reviewing, authoring, as well as updating risk management systems plans is predicted to drive the global business continuity management market throughout the forthcoming period. Growing demands to mitigate and address disputes such as task assignment and controlling, progress tracking, programmable reporting, or dashboards are projected to propel the market for business continuity management systems.
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The global business continuity management market has been segmented by Acumen Research and Consulting based on offering, organization size, and industry. By offering, the market is separated into Solutions (by crisis management, by audit management, by risk management, by government, risk, and compliance (GRC), and others), and services (by managed, and by professional). By organization size, the market is divided into small and medium-sized enterprises and large enterprises. By industry, the market is classified into manufacturing & retail, energy & utilities, telecom & IT, BFSI, healthcare, government, transportation & logistics, and others.
Global Business Continuity Management Market Regional Outlook
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global business continuity management market. According to business continuity management industry analysis, Asia-Pacific is the fastest-growing region in the global market and is predicted to grow significantly in the coming years. This could be attributed to the region’s rapid economic development, the growing existence of large businesses, surging IT facilities, and the introduction of cloud computing. Furthermore, emerging countries within the region are trying to promote digitalization and launching a number of initiatives to build IT infrastructure. Other variables that significantly correlate to the growth of the market in the region include business organizations demanding and managing risk, monitoring enhanced responsibility of risk from business units and management, and real-time risk assessment.
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Business Continuity Management Market Players
Some of the prominent business continuity management market companies are International Business Machines (IBM) Corporation, Continuity Logic, Quantitative LLC, Sungard Availability Services, Logic Manager Inc., Dell Technologies Inc., MetricStream Inc., Avaluation, LockPath Inc., Fusion Risk Management Inc., and SAI Global Pty Ltd.
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