According to the latest market research study published by P&S Intelligence, the business continuity management market, valued at $693.6 million in 2023, is projected to reach $2,086.6 million by 2030, growing at a CAGR of 17.2%. Organizations with complex operational processes face increasing risks from regulatory penalties, compliance requirements, economic uncertainties, and rising threats from cybersecurity, model, conduct, and vendor-related issues. These companies now require robust risk mitigation, enhanced accountability, and real-time risk evaluation from both management and operational departments.
As financial services companies expand, demand is increasing for transparency, accountability, and proactive risk mitigation. This trend is driving the adoption of BCM solutions worldwide. Furthermore, a growing number of small and medium enterprises (SMEs) are adopting BCM solutions to strengthen their operations, marking a notable trend in the industry. The major players in the market are focusing on offering more adaptable solutions, particularly tailored for SMEs, due to the segment's size and heightened awareness around asset protection. The demand has notably risen in sectors with lower regulatory oversight.
Key Insights:
North America: Dominated the BCM market in 2023, holding nearly 45% share due to the presence of numerous businesses and financial institutions, along with the need to safeguard against operational disruptions from natural disasters.
U.S. Trends: Over 60% of businesses in the U.S. are investing in continuity management solutions, driven by the prevalence of commercial enterprises and IT firms facing increased security risks.
APAC Growth: Expected to grow at a CAGR of 17.6%, propelled by rapid economic growth, the rise of cloud technologies, and increased IT spending in countries like China and India.
Solutions Dominance: The solutions segment accounted for 70% of the market share in 2023, driven by demand for crisis, audit, and risk management solutions.
Large Enterprises: These contributed the largest market share, at about 65% in 2023, leveraging their ability to make significant IT investments toward BCM goals.
SMEs Growth: Predicted to grow at 17.4% CAGR as SMEs strive to protect assets and lower operational costs in response to heightened competition.
Transportation & Logistics: This sector is expected to grow at the fastest rate, 17.8%, due to increasing risks in supply chain management.
The BCM industry remains fragmented, with new entrants focusing on innovative solutions to meet the evolving demands of customers.
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