According to a market study published by Persistence Market Research (PMR), the global business continuity management market is expected to attain a market value of ~US$ 1.6 billion by the year 2029. Further, the report states that the estimated value of the market in 2019 is ~US$ 400 million and the market is projected to witness an impressive growth with a CAGR of ~13% during the forecast period, 2019-2029.
Over the last decade, owing to the rapid progress in technology and the integration of multiple software management systems, companies worldwide are vulnerable to potential risks. Moreover, in the current digital era, cybersecurity is an imperative aspect of a company to safeguard critical information, avoid financial loss, and prevent unexpected downtime. Thus, the demand for business continuity management witnessed considerable growth in the last few years and the trend is expected to continue in the upcoming years as more and more companies are investing resources on business continuity management solutions. At present, businesses are opting for business continuity management systems for a range of applications including, optimizing digital technologies, cloud disaster recovery, weather intelligence, data duplication, data protection, and real-time alerts among others.
Growth in Business Continuity Consulting Services Expected to Improve Adoption
Companies worldwide have realized the need to develop and integrate a full-proof business continuity management infrastructure to mitigate data and financial losses. In addition, although companies are increasing their focus on developing full-proof business continuity plans, the distributed and integrated nature of the modern-day hybrid IT landscape puts forward significant challenges for companies. Thus, as companies struggle to evolve their existing business continuity strategies in accord with the hybrid IT landscape, business continuity consulting services have emerged to address the growing requirements of companies.
Thus, as business continuity consulting services are on the rise, the business continuity management market is expected to witness considerable growth in the upcoming years. In addition, as cyber-attacks continue to surge, several companies are shifting from conventional recovery techniques towards automated recovery solutions – a factor that is expected to generate significant demand for business continuity management systems.
High Demand for Software/Platform to Influence Market Growth
As per the presented study by PMR, the software/platform category is forecasted to garner significant pace over the forecast period owing to a range of factors. For instance, the growing requirement to adhere to industry regulations is a leading factor that is contributing to the large-scale adoption of software solutions. In addition, the consistent evolution of business environments and the onset of advanced data recovery solutions are playing an imperative role in the growth of the global business continuity management planning solution market. In addition, the market study reveals that the software/platform segment is likely to grow at a CAGR of ~14% over the forecast period banking on the aforementioned growth factors.
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The presented market study by PMR states that market players operating in the current business continuity management market are highly focusing on innovations, development of cutting-edge recovery systems and refining the existing recovery framework.