NEWS PROVIDED BYTechnavio
Jun 20, 2024, 17:30 ET
NEW YORK, June 20, 2024 /PRNewswire/ — The global business continuity management solutions market size is estimated to grow by USD 1.17 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 19.6% during the forecast period. Growing demand for business continuity management solutions from various industries is driving market growth, with a trend towards adoption of AI in disaster recovery. However, system integration and interoperability issues poses a challenge. Key market players include Carbonite Inc., CLDigital, Datto Holdings Corp., Dell Technologies Inc., Fair Isaac Corp., International Business Machines Corp., LogicManager Inc., MetricStream Inc., Microsoft Corp., NAVEX Global Inc., Oracle Corp., Quantivate LLC, SAI360 Inc., SAP SE, ServiceNow Inc., SolarWinds Corp., Sungard Availability Services LP, VMware Inc., Wolters Kluwer NV, and X2nSat Inc..
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| Business Continuity Management Solutions Market Scope | |
| Report Coverage | Details |
| Base year | 2023 |
| Historic period | 2018 – 2022 |
| Forecast period | 2024-2028 |
| Growth momentum & CAGR | Accelerate at a CAGR of 19.6% |
| Market growth 2024-2028 | USD 1173.5 million |
| Market structure | Fragmented |
| YoY growth 2022-2023 (%) | 16.67 |
| Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
| Performing market contribution | North America at 43% |
| Key countries | US, China, UK, Germany, and Japan |
| Key companies profiled | Carbonite Inc., CLDigital, Datto Holdings Corp., Dell Technologies Inc., Fair Isaac Corp., International Business Machines Corp., LogicManager Inc., MetricStream Inc., Microsoft Corp., NAVEX Global Inc., Oracle Corp., Quantivate LLC, SAI360 Inc., SAP SE, ServiceNow Inc., SolarWinds Corp., Sungard Availability Services LP, VMware Inc., Wolters Kluwer NV, and X2nSat Inc. |
Market Driver
Business Continuity Management Solutions (BCMS) market is experiencing significant growth due to the integration of Artificial Intelligence (AI) and Machine Learning (ML). AI’s ability to automate tasks requiring human intelligence, such as predictive analytics for proactive recoveries, increases labor productivity. SaaS-based BCMS solutions are increasingly popular due to their benefits, including instant access, pay-per-use models, automatic updates, and response to security threats. The demand for these solutions is increasing among companies of all sizes. Vendors like Sungard Availability Services LP provide SaaS-based BCMS solutions.
The Business Continuity Management Solutions market is witnessing significant growth due to the increasing need for organizations to mitigate risks and ensure business resilience. Solutions such as Disaster Recovery, Business Continuity Planning, and IT Services are in high demand. Cloud-based offerings are trending, providing flexible and cost-effective solutions for businesses of all sizes. Cybersecurity is a key concern, with an increasing number of organizations investing in solutions to protect against data breaches and other cyber threats. Additionally, automation and artificial intelligence are being adopted to streamline processes and improve efficiency. Regulations like GDPR and HIPAA are driving the need for compliance-focused solutions. Overall, the market is expected to continue growing as businesses seek to minimize downtime and safeguard their operations.
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Market Challenges
• The integration of advanced technologies in various industries presents challenges for business continuity management (BCM) solutions. System compatibility issues arise, leading to additional costs and reduced operational efficiency. Vendors must offer unified IT solutions that seamlessly integrate with existing infrastructure. Legacy IT systems and mergers require expert IT teams for smooth integration. Standardized BCM solutions may not meet organizational needs, and customization costs hinder adoption. To ensure accuracy, vendors should conduct thorough trials before market introduction.
• In today’s business landscape, ensuring uninterrupted operations is crucial. However, various challenges hinder the implementation of effective Business Continuity Management (BCM) solutions. These challenges include complex IT environments, diverse regulatory requirements, and the need for a comprehensive understanding of risks. Additionally, limited budgets and resources, as well as the lack of a clear BCM strategy, can pose significant obstacles. To address these challenges, organizations require advanced BCM solutions that offer adaptability, scalability, and ease of integration. These solutions should provide real-time risk assessment, automated disaster recovery, and seamless data backup and recovery capabilities. By implementing such solutions, businesses can mitigate risks, ensure business resilience, and maintain a competitive edge.
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Segment Overview
This business continuity management solutions market report extensively covers market segmentation by
- Deployment
- 1.1 Cloud-based
- 1.2 On-premises
- End-user
- 2.1 Large enterprise
- 2.2 SME
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and Africa
1.1 Cloud-based- Businesses require reliable solutions to ensure uninterrupted operations during crises. The Business Continuity Management Solutions (BCMS) market offers such solutions. BCMS help organizations prepare for potential disruptions, mitigate risks, and recover quickly. These solutions include disaster recovery, business impact analysis, and crisis management tools. BCMS enable companies to maintain operations, protect assets, and minimize downtime. By investing in BCMS, businesses can safeguard their reputation and financial stability.
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Research Analysis
The Business Continuity Management Solutions (BCM/BCMS) market is experiencing significant growth due to the increasing adoption of Artificial Intelligence (AI) and Machine Learning (ML) technologies. Cloud-Based Solutions are becoming increasingly popular for their user-friendly interfaces and mobile accessibility, enabling automation of risk assessment and regulatory compliance processes. Digitization is a key driver, with Small and Medium Enterprises (SMEs) recognizing the importance of a robust BCM strategy to mitigate operational risks. Natural disasters and cyberattacks continue to pose significant threats, making advanced solutions essential for disaster recovery. The healthcare vertical is a major focus area, with applications in DNA sequencing, gene-editing technologies, drug discovery, genome engineering, biomaterials, medical devices, and biomolecules. The market for cutting-edge BCM solutions is expected to see substantial IT spending in the coming years.
Market Research Overview
The Business Continuity Management Solutions (BCM) market encompasses a range of offerings designed to help organizations prepare for and respond to disruptive events. These solutions include disaster recovery, business continuity planning, and IT business continuity. BCM solutions aim to minimize downtime, protect assets, and ensure the continuity of critical business functions. They are essential for organizations to maintain operations during crises and recover effectively. BCM solutions cater to various industries and sectors, including finance, healthcare, and government. They help organizations build resilience, mitigate risks, and maintain compliance with regulatory requirements. BCM solutions leverage advanced technologies such as cloud, automation, and analytics to enhance their capabilities and provide real-time insights.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Deployment
- Cloud-based
- On-premises
- End-user
- Large Enterprise
- SME
- Geography
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio