|Status : Published||Published On : Jan, 2021||Report Code : VRICT5140||Industry : ICT & Media||Available Format :||Page : 180|
The global business continuity management (BCM) market was valued at USD 362.0 million in 2020. The market is growing owing to increasing demand for business continuity solutions from small and medium enterprises and increasing IT spending. Furthermore, excessive operational risks in the enterprises are other factors that are driving the growth of global business continuity management market.
Business continuity management software helps organizations to address and identify potential interruptions in their operations. Further, this software ensures uninterrupted flow of companies operations thereby identifying the risks, adhering procedures to alleviate risks and estimate potential disruption. Increasing benefits availed by business continuity management software is further bolstering the growth of global business continuity management market.
Insight by Offering
On the basis of offering, the global business continuity management market is segmented into services and solutions. Amongst these segments, solutions segment is estimated to generate larger revenue by 2027 owing to extensive utilisation of business continuity management solutions for crisis management, risk management and audit management.
Insight by Organization Size
Based upon organization size, the global business continuity management market is categorised into large enterprises and small and medium enterprises. Amongst these segments, large enterprises is anticipated to generate larger revenue by 2027 owing to excessive capability of large enterprises to undertake significant IT investments that further assists the organization to enhance and deploy business continuity plans.
Insight by Industry
On the basis of industry, the global business continuity management market is segmented into healthcare, energy & utilities, banking financial services and insurance (BFSI), telecom & IT, government, manufacturing & retail, transportation & logistics and others. Amongst these segments, transportation & logistics industry is anticipated to witness highest CAGR during the forecast period owing to extensive risk observed in supply chain management.
Increasing operational risks in the enterprises along with extensive demand from small and medium enterprises are the key factors driving the growth global business continuity management market. Extensive acceptance of business impact analysis (BIA) amongst large and small and medium enterprises is key factor pertaining towards the growth of global business continuity management market. There are several key players in the emerged and emerging economies that are offering risk management and customizable impact assessment to the end user with the help of BIA.
Furthermore, increasing demand for gap analysis and robust dependency modelling is further aiding enterprises to compare points of recovery related to the achievable items thereby flourishing BIA usage globally. Moreover, operational risks in the enterprises are further escalating the growth of global business continuity management market. In the present scenario, business organizations are witnessing enhanced economic uncertainties and imposing stringent regulatory compliances and fines.
Resistance of employess to changes, lack of budget and expertise and security concerns are the key factors that are hampering the growth of global business continuity management market.
Business continuity management market in North America is anticipated to generate largest revenue during the estimated period owing to existence of large number of business enterprises in the region, threats of disruption to operations pertaining towards natural disasters and existence of flourishing financial institutions in the region.
Furthermore, business continuity management market in Asia-Pacific is expected to witness highest CAGR during the forecast period due to rapid growth in IT services, extensive growth of cloud technique and excessive existence of large enterprises in the region are thus escalating the growth of business continuity management market in the region. Business organizations are demanding and mitigating risks, observing enhanced accountability of risk from business lines and management and real time risk assessment are another factors that are significantly contributing towards the growth of business continuity management market in the region.
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Some of the key players in the global business continuity management market include Synology, Altaro Software, Storage Craft, MetricStream Inc., CloudAlly, VMware, Dell EMC, Strategic BCP, IDrive, Arcserve, International Business Machines (IBM) Corporation, Logic Manager Inc., Continuity Logic, Microsoft, Nero, Sungard Availability Services, Fusion Risk Management Inc., Quantitative LLC, MiniTool, Avaluation, LockPath Inc., SAI Global Pty Ltd, and Rackspace.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research