Gobal BCM market reached a value of $359.2 million in 2018 and is projected to attain $875.7 million in 2024, advancing at a 15.4% CAGR in the coming years.
The operational risks in organizations, such as model risk, cybersecurity risk, conduct risk, and vendor risk, are on a rise owing to the stiff regulatory compliances and fines and increasing economic uncertainties. In order to deal with these, the enterprises are demanding real-time risk assessment, robust risk mitigation, and greater risk accountability from business and management lines.
In addition to this, as the financial services are expanding their businesses, the need for processing accountability and transparency and ensuring proactive risk mitigation is also growing. Take for instance the surging cybersecurity risks, due to which the businesses have become more aware of the significance of being able to respond and recover from such attack.
Since business continuity management (BCM) solutions and services can protect enterprises from business disruptions in the event of a cyberattack and help them deal with other operational risks, their demand is rising.
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Basically, BCM is a proactive planning process which makes sure that the products and services of a business are delivered without any delay in the event of any disruption. This is done through the development of plans, strategies, and actions that provide alternative solutions for keeping the operations or businesses going and ensuring that the enterprise doesn’t face any serious damage or loss.
As per a research conducted by P&S Intelligence, the global BCM market reached a value of $359.2 million in 2018 and is projected to attain $875.7 million in 2024, advancing at a 15.4% CAGR in the coming years.
Apart from risk management, the different solutions provided by BCM are government, risk, and compliance, crisis management and audit management. Furthermore, BCM also offers managed and professional services to the enterprises.
The faster growth in demand for BCM services and solutions is expected to be witnessed by small and medium enterprises (SME) in the near future as compared to large enterprises. This is because, the SMEs are inclining toward expanding their organizations and streamlining their business structure.
Moreover, these enterprises usually rely on limited resources for safeguarding their operations and solutions that generate revenue, which is further creating the requirement for BCM by SMEs. These factors, in turn, are encouraging the BCM market players to focus on offering more flexible services and solutions to the SMEs; this will also help them gain a new and massive consumer-base.
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A key trend in the BCM market is the growing adoption of business impact analysis (BIA), which is because BIA assists SMEs and large enterprises in identifying critical activities and processes, such as return of investment. Several aspects included under BIA are storage optimization, increased expenses, regulatory fines, contractual penalties, delay of new business plans, modern workload protection, lost/delayed sales and income, network security, and customer dissatisfaction.
Moreover, the players operating in the market offer risk identification and customizable impact assessment via BIA to the end users. Hence, the small and large enterprises are increasingly adopting BIA as it enables them to identify and evaluate the effects of potential disasters on business.
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