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. With cutting-edge technology integration and rising reliance on digitization, the global business environment is rapidly changing and evolving, creating significant growth for the business continuity management market value. Furthermore, the growing adoption of cloud storage across small and large businesses globally is resulting in increased business risks for business operations and information, driving the business continuity management market growth.
Business Continuity Management Market Report Key Highlights
Business continuity management can be described as an organization's advanced strategy and preparation to sustain business operations or rapidly resume operations following a natural disaster. It also entails identifying significant threats such as ignition, overflow, or information security. Business continuity plan advantages include the capacity to withstand disasters such as global pandemics, power outages, natural disasters, and cybersecurity, all of which are critical tasks in building a successful, long-term organization. Furthermore, it can be difficult to maintain a strong financial reputation and provide excellent customer service throughout a disruptive event. However, one key advantage of continuity planning is that it ensures that the agreement on service levels is followed in all circumstances. This is particularly necessary when attempting to sell clinical or food products.
Global Business Continuity Management Market Dynamics
Business Continuity Management Market Report Coverage
|Market||Business Continuity Management Market|
|Business Continuity Management Market Size 2021||USD 510 Million|
|Business Continuity Management Market Forecast 2030||USD 1,811 Million|
|Business Continuity Management Market CAGR During 2022 - 2030||15.5%|
|Business Continuity Management Market Analysis Period||2018 - 2030|
|Business Continuity Management Market Base Year||2021|
|Business Continuity Management Market Forecast Data||2022 - 2030|
|Segments Covered||By Offering, By Organization Size, By Industry, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||IBM Corporation, CLDigital, Quantivate LLC, Sungard Availability Services, Logic Manager Inc., Dell Technologies Inc., MetricStream Inc., LockPath Inc., Fusion Risk Management Inc., and SAI Global Pty Ltd., VMware, Synology Inc., CouldAlly, Arcserve|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
One of the key developments in the global business continuity management market has been the rapid acceptance of business impact analysis (BIA) between many small and medium enterprises (SMEs) and big corporations. Traders and investors provide end-users with customizable effect evaluation and risk recognition via BIA. A growing number of organizations are turning to BIA because it helps them identify critical activities and processes such as external and internal dependency chain systems and Return on investment. Furthermore, the continued growth of the robust dependency modeling and analysis phase that allows organizations to evaluate recovery time objectives goals relative to achievable items is encouraging the use of BIA around the world.
Rising operational risks in organizations are primarily driving the global expansion of the business continuity management market. Companies are currently confronted with a variety of operational risks as a result of rising economic uncertainty and strong government forfeitures and compliances. Organizations consider robust mitigating risk, real-time risk evaluation, and increased risk accountability from business and management lines. Furthermore, as financial companies develop their businesses, the need for process transparency and accountability as well as proactive risk mitigation, is driving up demand for business continuity management markets trend around the world.
Business Continuity Management Market Segmentation
The worldwide business continuity management market is split based on offering, organization size, industry, and geography.
Business Continuity Management Market By Offering
In terms of the offering, the solution segment held the largest market share in 2021. This is due to the growing use of business continuity management solutions for crisis management, risk management, as well as audit management. Furthermore, the rapidly evolving business environment, as well as developing data recovery or threat management solutions, will be significant drivers for the worldwide business continuity management planning solution market over the next few years.
Even though, following the business continuity management market forecast, the services category is predicted to expand the fastest during the projected timeline. This is due to end-users growing demands for execution, advising, and training.
Business Continuity Management Market By Organization Size
In terms of organization size, the large enterprise segment will lead the market in 2021. This is due to large enterprises' ability to make significant IT investments in order to implement and improve their business continuity strategy for improving business workflow and strategic planning. Furthermore, large enterprises typically have activities spread across the world and a significant amount of corporate information. As a result, they are obligated to include effective business continuity plans in order to keep operations running.
Business Continuity Management Market By Industry
According to a business continuity management industry analysis, the IT and telecom segment is expected to grow rapidly in the market over the next few years. Business continuity is the most important practice that companies and organizations must follow in order to sustain, particularly when a disaster event occurs unexpectedly. Nowadays, almost every industry makes use of information technology and telecommunications solutions to operate and develop their businesses and compete in the twenty-first-century environment. The telecom industry's reliance is a very crucial component because all sectors in this integrated and worldwide business world depend on it. Even though troubling times as well as military conflicts affect all industries, the telecom sector suffers the most.
Business Continuity Management Market Regional Outlook
The Middle East & Africa (MEA)
In The United States, Approximately 65% of Businesses Have Already Invested In Business Continuity Management Solutions
Geographically, North America accounted for the largest market in 2021. The presence of a significant number of corporate entities, primarily financial institutions, and threats to operational processes due to natural disasters are the major driving factors for the implementation of the business continuity management market. Furthermore, rising spending by small and medium-sized businesses, as well as the incorporation of cutting-edge technologies such as cloud computing, IoT, and virtual desktops, are boosting the regional market growth in the coming years. In the United States, the presence of a large number of IT businesses and commercial enterprises in the region, combined with rising security threats, is increasing the country's market share.
Business Continuity Management Market Players
Some of the top business continuity management companies offered in the professional report include International Business Machines (IBM) Corporation, CLDigital, Quantivate LLC, Sungard Availability Services, Logic Manager Inc., Dell Technologies Inc., MetricStream Inc., LockPath Inc., Fusion Risk Management Inc., and SAI Global Pty Ltd., VMware, Synology Inc., CouldAlly, Arcserve
The estimated value of global business continuity management market in 2021 was accounted to be USD 510 Million.
The projected CAGR business continuity management market during the analysis period of 2022 to 2030 is 15.5%.
The prominent players of the global business continuity management market are International Business Machines (IBM) Corporation, CLDigital, Quantivate LLC, Sungard Availability Services, Logic Manager Inc., Dell Technologies Inc., MetricStream Inc., LockPath Inc., Fusion Risk Management Inc., and SAI Global Pty Ltd., VMware, Synology Inc., CouldAlly, Arcserve
North America held the dominating business continuity management during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for business continuity management during the analysis period of 2022 to 2030.
The fast-changing corporate environment across the world, and increasing operational and financial risks in organizations drives the growth of global business continuity management market.
Based on organization size, large enterprises segment is expected to hold the maximum share business continuity management market.