Life is full of risks, and someone who owns a business won’t be able to agree more. A business faces numerous risks, such as supply chain disruption, damage to critical assets, including production plants, office campuses, and manufacturing equipment, employee strikes, natural calamities, epidemics, and cyber attacks. To consistently make a profit, companies need to push past such risks and stay in operation. Being safe than sorry is an essential step in circling around the risks, which is why numerous companies are procuring software which can help them gauge the risks and put countermeasures in place.
Thus, organizations’ need to minimize the damage from any mishap, by being prepared for the worst, is expected to propel the business continuity management market to a valuation of $875.7 million by 2024, from $359.2 million in 2018, at a 15.4% CAGR during 2019–2024 (forecast period). Crisis management, risk management, audit management, government, risk, and compliance (GRC), supplier management, and cyber security management are the various kinds of business continuity management solutions provided by vendors. Among these, risk management solutions currently are in the highest demand among companies. With the rising demand for all these solutions, the requirement for implementation and training services is also surging.
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Large enterprises have made more use of these solutions in the past, as they have more money to spend on IT and account for operations dispersed across the globe, which further increases their risk. Small and medium enterprises are projected to adopt them more rapidly in the coming years, as they are also incorporating business impact analysis (BIA) software. Via BIA, organizations can leverage customized risk identification and impact assessment solutions. Users are using BIA to pinpoint their critical processes, including return on investment (RoI) and external and internal dependence. Further, BIA lets users see recovery point objectives in relation to achievable items, via effective gap analysis and dependency modeling.
Among the government, banking, financial services, and insurance (BFSI), transportation & logistics, healthcare, manufacturing & retail, energy & utilities, hospitality, telecom & IT, automotive, oil & gas, and entertainment sectors, BFSI firms use business continuity solutions the most. It is because they don’t just have to deal with risks to themselves, but to the money and other financial assets of their clients and customers as well. Any disruption in their workings can lead to a loss of millions, which, in extreme cases, can lead to the crash of national economies. In the coming years, the transportation & logistics sector is expected to incorporate these solutions quickly, primarily to secure its supply chain.
North America has been the largest business continuity management market till 2018, as it is home to a large number of companies which provide such solutions. In addition to this, several multinational organizations, including financial firms, are headquartered and many more operational in the continent, which are prone to operational disasters, which is why many of them have already adopted such software, to be prepared. In the coming time, the rate of procurement of business continuity management solutions would be the highest in Asia-Pacific (APAC), due to the robust economic prosperity in regional nations and rising number of multinational corporations.
Hence, with risks weighing down heavily on the progress of companies, the demand for business continuity management solutions will keep on increasing around the world.
