The latest report by IMARC Group, titled “Business Continuity Management Market Report by Offering (Solutions, Services), Organization Size (Small and Medium-sized Enterprises, Large Enterprises), Industry (Banking, Financial Services, and Insurance (BFSI), Government, Healthcare, Transportation and Logistics, Energy and Utilities, Manufacturing and Retail, Telecom and IT, and Others), and Region 2024-2032“, The global business continuity management market size reached US$ 664.7 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 2,077.7 Million by 2032, exhibiting a growth rate (CAGR) of 13.5% during 2024-2032.
Business Continuity Management (BCM) is a thorough procedure aimed at aiding organizations in anticipating and managing potential operational disruptions. These disruptions may vary from natural calamities like hurricanes and floods to man-made emergencies such as cyberattacks and interruptions in the supply chain. The core objective of BCM is to ensure uninterrupted operation of crucial business processes and systems amidst crises and post-crisis scenarios. This involves the development of meticulously planned strategies, risk evaluations, and training initiatives for staff members. Companies adopt BCM strategies to protect their assets, uphold stakeholder trust, and meet regulatory standards. Presently, BCM is gaining significant momentum across various sectors in today's interconnected world, wherein a single disruption can trigger widespread repercussions across global operations.
Business Continuity Management Market Trends and Drivers:
The global business continuity management market is primarily driven by the rising incidence of natural and man-made disasters, which has made organizations increasingly aware of the need for robust continuity plans. Moreover, there is a growing emphasis on compliance with regulations and standards, such as ISO 22301, which specifically deals with business continuity. In addition, the surge in cyber threats targeting critical infrastructure and sensitive data has necessitated stronger protective measures, thereby fueling demand for comprehensive BCM solutions. Furthermore, advances in technology are enabling more efficient and effective continuity planning, making it accessible to companies of all sizes. In line with this, as businesses globally become more interconnected and interdependent, the importance of having a well-structured business continuity management system in place is further magnified, propelling the market growth.
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Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Offering:
- Solutions
- Crisis Management
- Risk Management
- Audit Management
- Government, Risk, and Compliance (GRC)
- Others
- Services
- Professional
- Managed
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Industry:
- Banking, Financial Services, and Insurance (BFSI)
- Government
- Healthcare
- Transportation and Logistics
- Energy and Utilities
- Manufacturing and Retail
- Telecom and IT
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- 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
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