growing demand for business continuity management solutions from various industries is driving the Business Continuity Management Solutions Market
Technavio analyzes that the Business Continuity Management Solutions Market is expected to grow at a CAGR of 19.6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1173.5 million.There are various factors that contribute to the growth of the market. The Business Continuity Management Solutions (BCMS) market is experiencing significant growth due to the increasing recognition of the importance of business continuity plans in various industries. Companies across sectors are recognizing the need to mitigate potential risks and ensure uninterrupted business operations. BCMS solutions enable organizations to prepare for and respond effectively to disruptions, making them an essential investment for businesses seeking to minimize downtime and safeguard their assets.
In today's corporate environments, ensuring business continuity is a critical process for large enterprises, particularly in managing risk and crisis situations. Cloud-based solutions have emerged as a preferred choice for businesses seeking agility and scalability in their IT infrastructure. IBM, a leading vendor, recently introduced IBM Hybrid Cloud Mesh, a software-as-a-service solution designed to help businesses manage their hybrid multicloud infrastructure. This cloud-based business continuity management solution enables impact assessment, risk identification, and data recovery. By utilizing cloud services, enterprises can bypass the complexities of hardware, license management, and software, thereby reducing costs and enhancing operational efficiency. Cloud-based services, available via public, private, or hybrid clouds, offer flexibility and ease of access to enterprise data. As businesses increasingly prioritize IT investments in risk management, crisis management, audit management, and other critical processes, cloud-based business continuity management solutions are poised to become indispensable tools for corporate resilience.
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Business Continuity Management Solutions Market Segmentation
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The Business Continuity Management Solutions (BCMS) market is witnessing significant growth due to the increasing adoption of cutting-edge technologies like Artificial Intelligence (AI) and Machine Learning (ML) in BCM. Cloud-based solutions, user-friendly interfaces, and mobile accessibility are key features driving demand. Automation, risk assessment, regulatory compliance, and digitization are other essential elements. SMEs are investing in robust BCM strategies to mitigate operational risks from disasters, natural or cyber, in various sectors such as healthcare, where DNA sequencing, gene-editing technologies, RNA development, and drug discovery are transforming industries like medical devices, biomolecules, and biomaterials. IT spending continues to rise as businesses prioritize advanced technologies to stay competitive.
The Business Continuity Management Solutions (BCMS) market is a segment of the larger IT software industry, focusing on applications designed to help organizations manage and mitigate risks to business operations. Technavio's market analysis encompasses BCMS providers offering solutions based on Artificial Intelligence (AI) and Machine Learning (ML), ensuring user-friendly interfaces, mobile accessibility, automation, risk assessment, regulatory compliance, cybersecurity integration, data resilience, human resources, and incident response. These solutions are primarily offered as cloud-based services, allowing for scalability, flexibility, and cost savings. The BCMS market size is determined by the combined revenue generated by these companies, as part of the global application software market, which covers specialized business software, including enterprise and technical applications, as well as cloud-based solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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