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.
Browse 9 market data Tables and 46 Figures spread through 106 Pages and an in-depth TOC on“Global Business Continuity Management Market”
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.