Business continuity management solutions ensure proactive risk mitigation, accountability, and transparency in financial service institutions. Operational risks in such organizations are increasing on account of escalating economic uncertainties and rigid regulatory compliances and fines. In recent years, the demand for real-time risk assessment, effective-risk mitigation, and high-risk accountability in the financial institutions, has surged significantly. Such requirements are being met by the deployment of the solutions. Moreover, the rapid integration of technology and growing dependency on digitization have increased the deployment of such solutions, to avoid data loss or device failure.
Moreover, rising adoption of business impact analysis (BIA) among large enterprises and small and medium enterprises (SMEs) will escalate the business continuity management market at 15.4% CAGR during 2019–2024. The market stood at $359.2 million in 2018, which is expected to reach $875.7 million by 2024. Developers of business continuity management solutions provide customizable risk identification and impact assessment via BIA to end users. The businesses are shifting toward BIA as it helps them in identifying critical activities and processes, including return on investment (ROI) and internal and external dependency chains.
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Businesses across the world are shifting toward integrated risk management (IRM) solutions from government, risk, and compliance (GRC) solutions, as the former is more effective and inherently includes all the operations and features of the latter. The IRM and GRC solutions differ in content, function, architecture, design, feature, and usage. The IRM solution enables organizations to enhance their performance and decision making through an integrated method of business operations management, as it is a flexible, risk-focused, business-oriented, ecosystem-driven, integrated and process-based solution.
Thus, the surging demand for business continuity management solutions from end-use industries like banking, financial services, and insurance (BFSI), energy and utilities, healthcare, transportation and logistics, manufacturing and retail, telecom and information technology (IT), and government, has encouraged market players to focus on product launches, geographical expansion, and mergers and acquisitions. For example, SAI Global Pty Ltd. introduced SAI360, in 2018, for financial services. It is a curated set of services and software that enables commercial professionals and financial services to outpace complexity, comply with regulations, and mitigate risks.
Globally, North America was the prime user of business continuity management solutions, in 2018, owing to the presence of a large number of business enterprises and financial institutions and high threats of disruption to operations, on account of natural disasters. Moreover, North America and Europe will collectively lead the business continuity management market in the coming years. This can be ascribed to the surging IT expenditure, increasing threats pertaining to natural disasters, and rising number of SMEs and large enterprises.
