PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1484688
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1484688
Key Highlights
The business continuity management market was valued at USD 693.6 million in 2023, and it will increase to USD 2,086.6 million, propelling at a 17.2% CAGR, by 2030.
Establishments that have intricate business processes are subject to increasing operational risks because of stiff regulatory penalties, compliance mandates, and economic uncertainties, in addition to the rising risks with model, conduct, cybersecurity, and vendors.
Such companies are demanding strong risk mitigation, better risk accountability, and real-time risk assessment from management & business lines.
With financial service establishments progressively increasing their businesses, the need for process transparency and accountability, along with that for guaranteeing proactive risk mitigation, is driving the need for BCM solutions globally.
The surging need for business continuity management (BCM) from SMEs is a key trend being observed in this industry.
A rising count of SMEs, in the last few years, have employed BCM solutions & services to expand as well as improve their businesses.
The major companies in this industry are concentrating on offering more flexible services and solutions for SMEs.
This is mainly because of the new customer base's substantial size and increasing consciousness of the significance of safeguarding their assets.
The rising need has been precisely significant in companies that function in under-regulated sectors.
Key Insights
North America was the largest contributor to the industry in 2023, with approximately 45% share.
This is because of the existence of many businesses and key financial bodies and the risks of disruption to operations because of natural disasters.
Over 60% of businesses in the U.S. are funding in enterprise continuity management solutions.
This can be attributed to the existence of many commercial enterprises and IT firms, which boosts the overall security menace to this nation.
APAC will advance at the fastest compound annual growth rate, of 17.6%, in the years to come.