Business Continuity Management Market

Market Overview: 

The global business continuity management market size reached US$ 578 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,346 Million by 2028, exhibiting a growth rate (CAGR) of 15.0% during 2023-2028. The growing frequency of natural disasters and cyber-attack disruptions in a business, rising number of regulatory frameworks, and increasing awareness about potential risks in business operations are some of the major factors propelling the market.

Business continuity management is an approach that ensures the continued operation of critical business functions and minimizes disruptions during adverse events or emergencies. It comprises risk assessment, business impact analysis, development of recovery strategies, establishment of alternate facilities, and ongoing training and testing of plans. It assists businesses to effectively respond, recover, and resume operations during potential threats, such as natural disasters, cyber-attacks, or supply chain disruptions. As it aids in safeguarding the reputation of a business and protecting its stakeholders, the demand for business continuity management is rising across the globe. 

At present, the increasing utilization of business continuity management, as it enables businesses to navigate through uncertainties and maintain operational continuity, is contributing to the growth of the market. Apart from this, the rising demand for business continuity management, as it assists in maintaining customer satisfaction and ensures the long-term sustainability of the business, is propelling the growth of the market. Moreover, the increasing number of cyber threats, such as data breaches, ransomware attacks, and system vulnerabilities, around the world is bolstering the growth of the market. Additionally, the growing demand for business continuity management due to increasing data privacy concerns among business enterprises is positively influencing the market. Furthermore, the rising adoption of business continuity management on account of increasing business interdependencies is strengthening the growth of the market.   

Business Continuity Management Market Trends/Drivers:

Rising frequency of disruptions in business processes

There is a rise in the demand for business continuity management due to the increasing frequency of disruptions in a business, such as natural disasters and cyber-attacks.  In addition, these disruptions cause a detrimental impact on business operations and financial stability that lowers revenue generation and decreases productivity. Apart from this, there is a rise in the need for advanced business continuity management solutions in cases of high-profile incidents, such as hurricanes, wildfires, and global pandemics. The growing emphasis on business continuity management, as these potential disruptions halt operations, damage infrastructure, and disrupt supply chains, is offering a favorable market outlook. Furthermore, organizations are actively investing in business continuity management to mitigate the impact of these disruptions, ensure business continuity, and safeguard their operations, reputation, and stakeholder interests.

Increasing regulatory requirements  

Governing agencies and regulatory bodies of various countries are encouraging the adoption of business continuity management solutions by implementing stringent regulations and standards. In addition, it has become essential for organizations across various sectors to follow the guidelines. The regulatory frameworks mandate organizations to develop and implement business continuity management plans, conduct risk assessments, and establish robust recovery strategies. Apart from this, these regulations allow organizations to enhance risk management and provide the ability to respond effectively to disruptive incidents. In line with this, businesses are rapidly adopting business continuity management strategies as non-compliance can result in penalties, legal ramifications, and reputational damage.

Growing awareness about potential risks in business operations

There is a rise in the demand for business continuity management solutions due to the growing awareness about the potential risks and their potential impact on business operations. High-profile incidents, such as major data breaches and supply chain disruptions, cause vulnerabilities for an organization. In addition, these disruptions can lead to significant financial losses, reputational damage, and customer dissatisfaction. Executives and decision-makers are increasingly adopting business continuity management to identify and assess risks, develop appropriate mitigation strategies, and establish resilient business processes. Furthermore, organizations are increasingly investing in comprehensive risk assessment methodologies, threat intelligence, and business impact analysis to better understand potential risks and build resilience to navigate through uncertainties.

Business Continuity Management Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global business continuity management market report, along with forecasts at the global, regional and country levels for 2023-2028. Our report has categorized the market based on offering, organization size, and industry. 

Breakup by Offering:

• Solutions 
  • Crisis Management
  • Risk Management
  • Audit Management
  • Government, Risk, and Compliance (GRC)
  • Others
• Services  
  • Professional
  • Managed
     

Solutions represent the largest market segment

The report has provided a detailed breakup and analysis of the market based on the offering. This includes solutions (crisis management, risk management, audit management, government, risk, and compliance (GRC), and others) and services (professional and managed).  According to the report, solutions represented the largest segment.

Solutions refer to software platforms, tools, and technologies that are designed to support and enable the implementation and management of business continuity practices. They benefit organizations by prioritizing their recovery strategies and allocating resources effectively. In addition, they focus on the recovery of information technology (IT) infrastructure, data, and systems in the event of a disruption. Apart from this, they assist in identifying and evaluating risks, conducting risk assessments, and implementing risk mitigation strategies.

Services comprise a wide range of professional services offered by consulting firms, specialized business continuity management service providers, and managed service providers. In line with this, service providers assist organizations in developing and implementing customized business continuity plans, policies, and procedures. Moreover, they ensure that plans align with industry best practices and regulatory requirements.

Breakup by Organization Size:

• Small and Medium-sized Enterprises
• Large Enterprises 
   

Large enterprises account for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the organization size. This includes small and medium-sized enterprises and large enterprises. According to the report, large enterprises represented the largest segment.

The rising adoption of business continuity management solutions and services among large enterprises to handle complex business operations and reduce the risk of financial losses is bolstering the growth of the market. In line with this, the increasing employment of business continuity management services to ensure smooth workflow management and optimize efficiency is propelling the growth of the market.

The rising adoption of business continuity management solutions among small and medium-sized enterprises (SMEs) to streamline their business operations is contributing to the growth of the market. In line with this, consulting firms and business continuity management service providers offer specialized services targeted for SMEs, such as business continuity management program development, plan development and implementation, training, and ongoing support, that cater to the specific requirements of the enterprise.

Breakup by Industry:

• Banking, Financial Services, and Insurance (BFSI)
• Government
• Healthcare
• Transportation and Logistics
• Energy and Utilities
• Manufacturing and Retail
• Telecom and IT
• Others
   

Banking, Financial Services, and Insurance (BFSI) dominates market share

The report has provided a detailed breakup and analysis of the market based on the industry. This includes banking, financial services, and insurance (BFSI), government, healthcare, transportation and logistics, energy and utilities, manufacturing and retail, telecom and IT, and others. According to the report, banking, financial services, and insurance (BFSI) represented the largest segment.

Banking, financial services, and insurance (BFSI) companies are highly regulated sectors that handle sensitive customer data and financial transactions. The rising adoption of business continuity management in the BFSI sector to reduce the number of various risks, such as cyber threats, natural disasters, and operational disruptions, is contributing to the growth of the market.

Government organizations at the local, regional, and national levels play a crucial role in providing essential services and ensuring public safety. In addition, government-related business continuity management includes solutions and services that support continuity planning, crisis management, emergency communication, and interagency coordination.

The healthcare industry is rapidly adopting business continuity management solutions to enhance patient care and safety. In addition, healthcare organizations need to ensure the continuity of essential services, protect patient data, and respond effectively to emergencies and pandemics, which is positively influencing the market.   

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America exhibits a clear dominance, accounting for the largest business continuity management market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. 

North America held the biggest market share due to the increasing digitalization across various industries. In line with this, the rising demand for business continuity management to safeguard operations, protect critical data, and ensure business continuity of a business is bolstering the growth of the market in the region. Apart from this, the increasing adoption of business continuity management to mitigate the impact of natural disaster events is contributing to the growth of the market. In addition, the rising focus on regulatory compliance and risk management is propelling the growth of the market in the region.    

Competitive Landscape:

Key players in the industry are focusing on enhancing business continuity management solutions that comprise various features, such as risk assessment, business impact analysis, plan development, incident management, and reporting capabilities, to streamline business operations. Apart from this, many companies are offering training programs, workshops, and certifications to educate organizations and their employees about business continuity management concepts, methodologies, and best practices. In line with this, major manufacturers are integrating with existing enterprise systems and platforms to ensure seamless data flow, improve situational awareness, and efficient incident response, which is offering a positive market outlook. Furthermore, some companies are providing managed business continuity management services, such as program design, plan development, testing and exercising, program monitoring, and continuous improvement to ensure ongoing program effectiveness and compliance in a business.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Fusion Risk Management Inc.
• International Business Machines Corporation
• Logic Manager Inc.
• MetricStream Inc.
• NAVEX Global Inc.
• Quantivate LLC
• Sungard Availability Services (Fidelity National Information Services Inc.)
• Virtual Corporation
   

Business Continuity Management Market Report Scope:

Key Questions Answered in This Report:

• How has the global business continuity management market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global business continuity management market?
• What is the impact of each driver, restraint, and opportunity on the global business continuity management market?
• What are the key regional markets?
• Which countries represent the most attractive business continuity management market?
• What is the breakup of the market based on the offering?
• Which is the most attractive offering in the business continuity management market?
• What is the breakup of the market based on the organization size?
• Which is the most attractive organization size in the business continuity management market?
• What is the breakup of the market based on the industry?
• Which is the most attractive industry in the business continuity management market?
• What is the competitive structure of the global business continuity management market?
• Who are the key players/companies in the global business continuity management market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the business continuity management market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global business continuity management market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the business continuity management industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.