Business Continuity Management Program Solutions Market Size to Grow USD 2550 Million by 2030 at a CAGR of 8.5% | Valuates Reports
BANGALORE, India, June 18, 2024 /PRNewswire/ -- Business Continuity Management Program Solutions Market is Segmented by Type (Cloud Based, Web Based), by Application (Large Enterprises, SMEs).
The Global Business Continuity Management Program Solutions Market was valued at USD 1478 Million in 2023 and is anticipated to reach USD 2550 Million by 2030, witnessing a CAGR of 8.5% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Business Continuity Management Program Solutions Market:
The rising frequency of cyberattacks, natural catastrophes, and other disruptions endangering organizational operations is fueling the rise of the market for business continuity management (BCM) program solutions. Companies are investing more in BCM solutions to maintain continuous operations as a result of placing a higher priority on risk management and resilience. Regulatory mandates and the increasing awareness of the financial consequences of downtime are further driving companies to implement extensive BCM systems. The move to cloud-based solutions, which are easier to integrate and scale, is what's driving the market's growth.
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TRENDS INFLUENCING THE GROWTH OF BUSINESS CONTINUITY MANAGEMENT PROGRAM SOLUTIONS MARKET:
One major reason propelling the market for Business Continuity Management (BCM) program solutions is the growing awareness of operational hazards. Businesses in a wide range of sectors are realizing how crucial it is to be ready for unforeseen events that can affect operations. Natural catastrophes, cyberattacks, pandemics, and supply chain disruptions are a few examples of these disturbances. The need for all-inclusive BCM solutions that can assist enterprises in identifying vulnerabilities, creating backup plans, and guaranteeing business continuity in the event of unanticipated occurrences is growing as a result of increased awareness of these risks. Businesses invest in BCM solutions in response to this increased awareness, which propels market expansion as they want to protect their operations and reduce operational risks.
Two important factors driving the market for BCM solutions are regulatory compliance and adherence to industry standards. Globally, governments and regulatory agencies are progressively requiring firms to establish comprehensive business continuity and disaster recovery plans in order to safeguard stakeholders and preserve stability in vital industries. Businesses must have efficient BCM strategies in order to comply with regulations like the General Data Protection Regulation (GDPR), Health Insurance Portability and Accountability Act (HIPAA), and several financial industry requirements. Adopting BCM solutions that guarantee regulatory compliance is necessary for enterprises, as non-compliance can lead to serious penalties and brand harm. This regulatory effort raises the bar for corporate resilience generally and promotes market expansion.
Another significant element driving the market for BCM program solutions is the increase in cyber threats. The operations of businesses and the security of their data are seriously threatened by cyberattacks such as ransomware, phishing, and data breaches. To guard against data loss, operational outages, and monetary losses, strong BCM solutions must be put in place due to the assaults' growing frequency and sophistication. BCM solutions give businesses the instruments they need to create and carry out successful cybersecurity plans, regularly evaluate risks, and guarantee quick recovery in the case of a cyberattack. The growing requirement for comprehensive BCM programs due to the ongoing increase in cyber threats is propelling the market's expansion.
Advanced BCM solutions are becoming more and more necessary as business operations in a globalized environment get more complex. Contemporary enterprises function within interconnected settings featuring complex supply chains, heterogeneous stakeholder networks, and multifarious operational procedures. Because of this complexity, there is a greater chance of interruptions, which calls for thorough BCM strategies that can handle a range of possible outcomes. BCM solutions assist businesses in mapping their essential tasks, determining dependencies, and creating backup plans that guarantee business continuity in all areas. Adoption of BCM solutions is mostly driven by an organization's need to monitor and mitigate risks in a complex operational landscape as they attempt to remain resilient in the face of ever-increasing business complexity.
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BUSINESS CONTINUITY MANAGEMENT PROGRAM SOLUTIONS MARKET SHARE:
There is currently competition among numerous areas for market domination in Business Continuity Management Program Solutions, with North America emerging as a formidable challenger. Data is extremely important to North American firms, especially those in the technology and finance sectors. Strong BCM programs are crucial due to regulations and the rise in cyber threats, which is propelling market expansion. Compared to certain emerging markets, North America has a longer history of placing a high priority on company continuity. This results in a greater number of businesses currently looking for cutting-edge BCM solutions.
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Key Companies:
- Fusion Risk Management
- Assurance Software
- Index Engines Avalution Consulting
- SAI Global (Strategic BCP)
- Dell Technologies (RSA)
- Continuity Logic
- Assurance Software (ClearView)
- RecoveryPlanner
- Quantivate
- BC in the Cloud
- LockPath
- Premier Continuum
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