NEW YORK, Sept. 16, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, global business continuity management market was valued at $359.2 million in 2018, and is further expected to generate $875.7 million in revenue by 2024, exhibiting a CAGR of 15.4% during the forecast period. On the basis of solutions, risk management category held the largest share in 2018 in the market. However, audit management category is expected to register fastest growth during the forecast period; owing to growing need for review of the adequacy of the business continuity testing program.
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An increasing demand for business continuity management from SMEs is driving the market across the globe. In the recent years, a rising number of SMEs have been noted to adopt the business continuity management solutions and services, in order to streamline their business structure and expand their organizations. The players in business continuity management market are also thus focusing on providing more flexible solutions and services for the SMEs. This can be attributed to the fact that this new consumer-base is massive in volume and becoming increasingly aware regarding safeguarding their assets. The growing demand has been specifically notable from enterprises that are operating under regulated industries.
Together, North America and Europe are expected to account for over 65% share in the global business continuity management market by 2024; owing to the huge presence of large enterprises and SMEs, surging IT spending, and rising threats pertaining to natural disasters. Other geographies, which include Asia-Pacific (APAC) and Rest of the World (RoW) also hold considerable shares in the global business continuity management market. Among these, APAC is expected to display the fastest growth in the market during the forecast period. This can be attributed to the increasing presence of large enterprises and stringent government regulation for business continuity management in the region.
Browse report overview with detailed TOC on "Business Continuity Management Market Research Report: By Offering (Solutions, Services), Organization Size (SME, Large Enterprises), Industry (BFSI, Government, Healthcare, Transportation & Logistics, Energy & Utilities, Manufacturing & Retail, Telecom & IT), Regional Outlook (U.S., Canada, U.K., Germany, Spain, France, Italy, China, Japan, south Korea, Australia, India, Turkey, U.A.E., Brazil, South Africa) – Global Industry Analysis and Forecast to 2024" at: https://www.psmarketresearch.com/market-analysis/business-continuity-management-planning-solutions-market
Based on country, China held the largest share in the APAC business continuity management market. This is attributed to the explosion of technology adoption across the country. Moreover, China is one of the countries which has suffered various natural disasters. For instance, in 2018, $39.4 billion revenue were lost due to natural disasters in the country. As a result, businesses are increasingly adopting business continuity management to protect the infrastructure from disasters and to restore IT assets. Furthermore, increasing government regulations for business continuity management is fueling the growth of the market in the country.
The market for business continuity management is demonstrating a fragmented landscape, globally. Some of the prominent market players include International Business Machines (IBM) Corporation, MetricStream Inc., Continuity Logic, Avaluation, Quantitative LLC, LockPath Inc., Sungard Availability Services, Fusion Risk Management Inc., Logic Manager Inc., SAI Global Pty Ltd, and Dell Technologies Inc.
In recent years, major players in the business continuity management market have taken several strategic measures such as mergers & acquisitions, product launches and geographical expansions to gain a competitive edge in the industry. For instance, in May 2019, Quantitative LLC announced the release of a new user interface (UI) for its integrated suite of GRC software. The company upgraded the UI to improve efficiency for the end-users via streamlined design, enhanced navigation, and other productivity-enhancing features. The upgraded UI enables users to more effectively complete complex management activities, access dashboards and reports quickly, and customize their workspace for improved task flow.
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In August 2018, SAI Global Pty Ltd announced that it has opened an office in Singapore, as a strategy to impel support for organizations in the country, leveraging the regulatory transformation and increased focus of entire APAC on cyber risks, protection of personal data and supply chain risk programs.
Apart from the aforementioned companies, other players offering business continuity management solutions, across the globe include Hillsouth IT Solutions, NetApp Services, Fujitsu Limited, DATRIX, RSA Security LLC, Recovery Planner, Navex Global Inc., Assurance Software Inc., and Virtual Corporation Inc.
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