Business Continuity Management Solutions Market by Deployment, End-user and Geography - Forecast and Analysis 2023-2027

 Business Continuity Management Solutions Market Forecast 2023-2027

The business continuity management solutions market is estimated to grow by USD 778.32 million at a Compound annual growth rate 16.1% between 2022 and 2027. The market is propelled by a surge in demand across industries, driven by the need to ensure uninterrupted operations. Escalating cyberattacks heighten the necessity for robust continuity strategies. Additionally, stringent regulatory mandates further incentivize organizations to invest in comprehensive solutions. These drivers collectively stimulate market growth, fostering resilience and preparedness in the face of potential disruptions.

What will be the Size of the Market During the Forecast Period?

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Market Dynamics and Customer Landscape

The market is witnessing significant revenue growth, driven by a compound annual growth rate spurred by digitization and advancements in technology. IT spending on business continuity solutions is particularly pronounced among SMEs and large enterprises seeking to mitigate operational risks and disasters. Robust BCM strategies address a spectrum of threats, from natural disasters to cyberattacks, safeguarding financial reputation, customer service, and product quality. Within the solutions category, comprehensive risk management, crisis management, and audit management play pivotal roles, supported by key players specializing in impact assessment, dependency modeling, and ROI optimization. Effective BCM involves proactive risk identification, managing dependency chains, and ensuring robust data recovery and business impact analysis, underscoring its criticality in maintaining business continuity amidst evolving threats and challenges.

The growing demand for business continuity management solutions from various industries is notably driving the market growth, although factors such as system integration and interoperability issues may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The market growth is notably propelled by increasing demand from various end-user industries such as BFSI, retail, manufacturing, IT and telecom, and healthcare. Technological advancements in Internet services and other critical business support services have enhanced operational efficiency. Implementing these advanced solutions aids in identifying potential threats, preventing business disruptions caused by disasters like hurricanes, power outages, and earthquakes, which can result in severe consequences such as data loss and server failures.

In sectors like BFSI, IT, and telecom, there's a growing adoption of business continuity management solutions due to the escalating need for digitization in core business processes. Cloud-based information governance solutions are particularly favored to manage cost pressures, access specialized resources, optimize existing investments, and fortify data security. While many large enterprises have matured in this regard, others experiencing rapid growth must adopt new strategies to sustain competitiveness in the market.

Significant Market Trend

The adoption of AI in disaster recovery is one of the major market trends. The growth of AI and its subset of machine learning will drive the economic growth of all countries, especially developed economies, in the future by easing human efforts intellectually and physically. Although AI is still in the testing phase, its impact on labor productivity will increase during the forecast period. As business continuity management solutions manage corporate data and applications, solution providers are focusing on automatically performing tasks that require human intelligence with the help of AI and machine learning. 

Additionally, advances in technology are influencing Companies to offer SaaS-based solutions to their customers. Companies are highly adopting these solutions because of their numerous benefits, which include the provision of instant access and the availability of the pay-per-use model. SaaS-based solutions automatically update products, which enables them to respond to the latest security threats. The growing requirements of companies (ranging from SMEs to large enterprises) are increasing the demand for SaaS-based business continuity solutions.

Major Market Challenge

System integration and interoperability issues are the challenges impeding the market growth. With an increase in the adoption of advanced tech in various end-user verticals, such as the BFSI, telecom, transportation, and public sectors, integration and interoperability issues are rising. Many organizations face integration problems while implementing business continuity management software. Technical defects, server errors, and other malfunctions caused by hacking are some key issues faced by business continuity management solution providers. Therefore, to ensure high accuracy, Companies must conduct several trials before introducing such solutions in the market.

Moreover, as most business continuity management solutions currently available are standardized, they may not comply with the organizations' requirements. Moreover, many Companies are unable to provide customized solutions to individual organizations due to the exorbitant costs involved in customization. Therefore, this integration problem is discouraging organizations from deploying business continuity management solutions.

Customer Landscape

The market growth analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Customer Landscape

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

ServiceNow Inc. - Major products include the Now Platform and pre-packaged applications specifically designed for automating IT, Employee, and Customer workflows.

The market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market Companies, including:

• Dell Technologies Inc.
• International Business Machines Corp.
• LogicManager Inc.
• MetricStream Inc.
• Microsoft Corp.
• NAVEX Global Inc.
• Quantivate LLC
• SAI Global Compliance Inc.
• X2nSat Inc.
• SolarWinds Corp.
• Fair Isaac Corp.
• Datto Holdings Corp.
• Wolters Kluwer NV
• Carbonite Inc.
• VMware Inc.

Qualitative and quantitative analysis of Companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, strong, tentative, and weak.

Market Segmentation

This report extensively covers market segmentation by deployment (cloud-based and on-premise), end-user (large enterprise and SME), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

By Deployment

The market share growth of the cloud-based segment will be significant during the forecast period. Cloud-based services are applications or software available remotely and hosted on the Companies' server on behalf of the customer. Such services can come via public clouds, private clouds, and hybrid clouds, which are a combination of public and private clouds. Cloud-based solutions effectively deliver business agility and a scalable IT infrastructure. This feature of cloud-based services helps overcome the complexities of hardware, license management, and software. There has been a growing demand for cloud-based solutions, and thus, Companies are significantly launching cloud-based business continuity management solutions.

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The cloud-based segment was valued at USD 164.68 million in 2017 and continued to grow until 2021. Enterprises prefer cloud software solutions as the cost of on-demand or cloud software solutions is less as compared to on-premise software solutions. Also, the integration of cloud-based software solutions is easier than integrating other types of software solutions, which will increase the segment share during the forecast period. Hence, the launch of cloud-based deployment solutions will drive growth in the market in focus during the forecast period.

Regional Analysis

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North America is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

North America is the key market, as enterprises in the region are the early adopters of cloud services. The region is technologically mature, and the industrial sector across the region is highly developed. The region is a world leader in terms of data generation and consumption. A huge amount of data produced in this region drives the growth of the market for business continuity management solutions that provide recovery services in case of any outages so that businesses can carry out their daily business operations without any interruption. This leads to the high adoption of disaster recovery solutions, which increases the efficiency and productivity of businesses.

Market Analyst Overview

The market addresses critical aspects of IT spending and operational risks, ensuring resilience against unforeseen events. With escalating threats like cyberattacks and natural disasters, organizations prioritize BCM strategies to safeguard financial reputation, customer service, and product quality. Key solutions include risk and crisis management, audit, and impact assessment, bolstering risk identification and recovery objectives. Dependency modeling and gap analysis optimize recovery strategies, mitigating lost sales, increased expenses, and regulatory fines. Network security and contractual compliance remain paramount, safeguarding against disruptions like fires in data centers. As businesses evolve, specialized staff and new enterprise plans drive market expansion, emphasizing prevention, mitigation, and recovery strategies in ensuring uninterrupted operations.

Within the solutions category, risk management and audit management are pivotal for mitigating potential disruptions. Robust IT investments ensure efficient data recovery and business impact analysis (BIA), enhancing resilience. Key players focus on dependency chains and ROI, aligning with recovery point objectives and workload protection. Storage optimization minimizes lost/delayed sales and contractual penalties, mitigating customer dissatisfaction. Instances like fires in data centers necessitate proactive prevention strategies. Effective BCM involves comprehensive business continuity plans and steps to navigate unexpected events while maintaining normal operations. Despite concerns regarding regulatory requirements and data protection, financial stability is bolstered through rigorous risk assessment, underscoring the critical role of BCM in safeguarding business continuity.

Segment Overview

The market growth and forecasting report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.

• Deployment Outlook 
  • Cloud-based
  • On-premise

• End-user Outlook 
  • Large Enterprise
  • Small and Medium Enterprise

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Brazil
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Scope
Report Coverage	Details
Page number	170
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 16.1%
Market growth 2023-2027	USD 778.32 million
Market structure	Fragmented
YoY growth 2022-2023(%)	15.59
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 43%
Key countries	US, China, Japan, Germany, and UK
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Dell Technologies Inc., International Business Machines Corp., LogicManager Inc., MetricStream Inc., Microsoft Corp., NAVEX Global Inc., Quantivate LLC, SAI Global Compliance Inc., X2nSat Inc., SolarWinds Corp., Fair Isaac Corp., Datto Holdings Corp., Wolters Kluwer NV, Carbonite Inc., VMware Inc., ServiceNow Inc., CLDigital, Sungard Availability Services LP, SAP SE, and Oracle Corp.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our market forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the industry across North America, Europe, APAC, South America, and Middle East and Africa
• Thorough analysis of the market’s competitive landscape and detailed information about Companies
• Comprehensive analysis of factors that will challenge the growth of market Companies

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