Business Continuity Management Market to Grow at a Double Digit CAGR until 2025
Growing adoption of business continuity management
in end user industries such as BFSI, IT & telecom, among others to drive
global business continuity management market
According to TechSci
Research report, “Global Business Continuity Management Market, By Offering,
By Deployment Type, By Application, By Organization Size, By Industry, By
Region, Forecast & Opportunities, 2025”, global market for
business continuity management is expected to undergo double-digit growth
during the forecast period. Business Continuity Management (BCM) is basically a
mapping exercise in order to ensure that the products and services are
delivered to the clients at the desired time without any grievances from their
end and disruptions from the organization’s end. This is done to ensure that
the organizations avoid financial loss that comes along with the rapid growth
in the IT sector. Several operational risks also come along with the
new-emerging organizations, for instance, encryption & decryption risks,
cybersecurity risks, conduct & management risks, client & vendor risks
and other risks that can eventually lead to the deteriorating of the market.
Thus, in order to avoid these challenges, the SMEs and even the large
enterprises have started adopting the business continuity management solutions
with the assistance of sturdy risk mitigation, real-time risk management
strategies and better risk accountability to sustain their existence in the
market. Furthermore, the organizations can also seek help from the government
in the aspects of audit and crisis management along with providing the best
possible solutions and services to the companies. Increasing number of cybersecurity
solutions which make companies aware of the possible risks and attacks are further
anticipated to contribute to the burgeoning demand of the BCM solutions.
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Even though the BCM market has undergone
substantial growth in recent years, there are few factors that can be held
responsible for restraining the market. With the increasing indulgence of the
internet globally, it is important for the emerging markets, especially the
ones who are developing parallelly with the rapidly changing business
environment, to be aware of the possible risks and the respective solutions to
it. Thus, for the developing companies, it is quite arduous to cope up with the
business continuity management solutions due to lack of financial support which
might consequently restrain the market during the forecast period.
The market segmentation is based on offering,
deployment type, application, organization size, industry and region. On the
basis of organization size, the segment is further bifurcated into small &
medium enterprises (SMEs) and large enterprises. As of 2019, the largest share
in the BCM market was held by large enterprises on account of their
capabilities to provide funds for the IT sector that is anticipated to strengthen
the business continuity management solutions in that organization. However,
during the forecast period, SMEs are expected to witness an increase in their
market share in order to safeguard their business structure and work
environment. Thus, they are gradually getting inclined towards the adoption of
BCM and expanding their market share and consumer base.
In terms of regional analysis, North America is
expected to lead the market revenue share owing to the presence of an ample
number of IT companies and business enterprises in the region along with the increasing
of security threats. Besides, other regions including Asia-Pacific and other
geographies also account for a considerable share in the BCM market which is
again due to the increasing SMEs and large enterprises and the strengthening of
the rules and regulations by the government on BCM in the region.
The leading players in the global business
continuity management market include Avalution Consulting LLC, BC Management
Inc/CA, Green House Data Inc, Mancon LLC, Dell International LLC/EMC Corp,
StorageCraft Technology Corp, Metricstream Inc, Virtual Corp, Logicmanager Inc,
Fusion Risk Management Inc, Continuity Logic LLC, etc. Increasing the market
share is the major objective of organizations and thus to achieve this, they
endorse different strategies, for instance, mergers, launching of new products,
introduction of new strategies, etc.
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“Global business continuity management market is
anticipated to witness double digit growth in the next five years as the technology
is assisting companies in various end user industries in business expansion.
These industries will be able to sustain only if they invest their funds
profitably in the BCM market as per the company requirements regarding
cybersecurity, encryption & decryption risks, cybersecurity risks, conduct
risks and other risks that might restrain the market during the forecast years.
Thus, the adoption of the business continuity management solutions for
organizational security is anticipated to be the major driving factor in this
market until 2025,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Global Business Continuity Management Market By Offering,
By Deployment Type, By Application, By Organization Size, By Industry, By
Region, Forecast & Opportunities, 2025” has evaluated the future growth
potential of global business continuity management market and provided
statistics & information on market size, shares, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyses the emerging trends along with essential drivers,
challenges and opportunities in global business continuity management market.
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