BANGALORE, India, June 18,
2024 /PRNewswire/ -- Business Continuity Management
Program Solutions Market is Segmented by Type (Cloud Based, Web
Based), by Application (Large Enterprises, SMEs).
The Global Business Continuity Management Program Solutions
Market was valued at USD 1478 Million
in 2023 and is anticipated to reach USD 2550
Million by 2030, witnessing a CAGR of 8.5% during the
forecast period 2024-2030.
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Major Factors Driving the Growth of Business Continuity
Management Program Solutions Market:
The rising frequency of cyberattacks, natural catastrophes, and
other disruptions endangering organizational operations is fueling
the rise of the market for business continuity management (BCM)
program solutions. Companies are investing more in BCM solutions to
maintain continuous operations as a result of placing a higher
priority on risk management and resilience. Regulatory mandates and
the increasing awareness of the financial consequences of downtime
are further driving companies to implement extensive BCM systems.
The move to cloud-based solutions, which are easier to integrate
and scale, is what's driving the market's growth.
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TRENDS INFLUENCING THE GROWTH OF BUSINESS CONTINUITY
MANAGEMENT PROGRAM SOLUTIONS MARKET:
One major reason propelling the market for Business Continuity
Management (BCM) program solutions is the growing awareness of
operational hazards. Businesses in a wide range of sectors are
realizing how crucial it is to be ready for unforeseen events that
can affect operations. Natural catastrophes, cyberattacks,
pandemics, and supply chain disruptions are a few examples of these
disturbances. The need for all-inclusive BCM solutions that can
assist enterprises in identifying vulnerabilities, creating backup
plans, and guaranteeing business continuity in the event of
unanticipated occurrences is growing as a result of increased
awareness of these risks. Businesses invest in BCM solutions in
response to this increased awareness, which propels market
expansion as they want to protect their operations and reduce
operational risks.
Two important factors driving the market for BCM solutions are
regulatory compliance and adherence to industry standards.
Globally, governments and regulatory agencies are progressively
requiring firms to establish comprehensive business continuity and
disaster recovery plans in order to safeguard stakeholders and
preserve stability in vital industries. Businesses must have
efficient BCM strategies in order to comply with regulations like
the General Data Protection Regulation (GDPR), Health Insurance
Portability and Accountability Act (HIPAA), and several financial
industry requirements. Adopting BCM solutions that guarantee
regulatory compliance is necessary for enterprises, as
non-compliance can lead to serious penalties and brand harm. This
regulatory effort raises the bar for corporate resilience generally
and promotes market expansion.
Another significant element driving the market for BCM program
solutions is the increase in cyber threats. The operations of
businesses and the security of their data are seriously threatened
by cyberattacks such as ransomware, phishing, and data breaches. To
guard against data loss, operational outages, and monetary losses,
strong BCM solutions must be put in place due to the assaults'
growing frequency and sophistication. BCM solutions give businesses
the instruments they need to create and carry out successful
cybersecurity plans, regularly evaluate risks, and guarantee quick
recovery in the case of a cyberattack. The growing requirement for
comprehensive BCM programs due to the ongoing increase in cyber
threats is propelling the market's expansion.
Advanced BCM solutions are becoming more and more necessary as
business operations in a globalized environment get more complex.
Contemporary enterprises function within interconnected settings
featuring complex supply chains, heterogeneous stakeholder
networks, and multifarious operational procedures. Because of this
complexity, there is a greater chance of interruptions, which calls
for thorough BCM strategies that can handle a range of possible
outcomes. BCM solutions assist businesses in mapping their
essential tasks, determining dependencies, and creating backup
plans that guarantee business continuity in all areas. Adoption of
BCM solutions is mostly driven by an organization's need to monitor
and mitigate risks in a complex operational landscape as they
attempt to remain resilient in the face of ever-increasing business
complexity.
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BUSINESS CONTINUITY MANAGEMENT PROGRAM SOLUTIONS MARKET
SHARE:
There is currently competition among numerous areas for market
domination in Business Continuity Management Program Solutions,
with North America emerging as a
formidable challenger. Data is extremely important to North
American firms, especially those in the technology and finance
sectors. Strong BCM programs are crucial due to regulations and the
rise in cyber threats, which is propelling market expansion.
Compared to certain emerging markets, North America has a longer history of placing
a high priority on company continuity. This results in a greater
number of businesses currently looking for cutting-edge BCM
solutions.
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Key Companies:
- Fusion Risk Management
- Assurance Software
- Index Engines Avalution Consulting
- SAI Global (Strategic BCP)
- Dell Technologies (RSA)
- Continuity Logic
- Assurance Software (ClearView)
- RecoveryPlanner
- Quantivate
- BC in the Cloud
- LockPath
- Premier Continuum
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