Business Continuity Management Solutions: Introduction
- Business continuity management solutions are vital tools for all businesses to remain competitive as the world becomes increasingly digital. Business continuity management solutions are applications or suites developed to make business continuity management/ business continuity planning (BCM/ BCP) processes easier, accurate, and more efficient.
- Business continuity management solutions provide organizations real-time visibility on business-impact analyses, and identifies gaps in business continuity management programs.
- Business continuity management solutions are software used by organizations to transform or automate each process using digital technologies to change models, processes, and organizational activities to further advance the performance of businesses.
- The global business continuity management solutions market is projected to expand at a rapid pace during the forecast period, due to increasing adoption of Software-as-a-Service (SaaS) based business continuity management solutions among organizations across the globe.
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Global Business Continuity Management Solutions Market: Dynamics
Global Business Continuity Management Solutions Market: Key Drivers and Restraints
- Increasing demand to maintain a centralized business process repository among organizations is expected to augment the growth of the business continuity management solutions market in the forthcoming years.
- Increasing demand for real-time visibility of business processes such as authoring, reviewing, and updating business continuity and disaster recovery plans is expected to boost the business continuity management solutions market during the forecast period globally.
- Increasing demand to reduce and resolve issues such as assigning and monitoring of tasks, track progress, configurable reporting, and dashboards is anticipated to fuel the business continuity management solutions market.
- Rise in adoption of Augmented Reality (AR), Virtual Reality (VR), IoT, Big Data analytics, cloud computing, artificial intelligence, mobility solutions, cybersecurity, and robotic process automation by end-users is expected to boost the demand for business continuity management solutions across the globe.
- Increasing demand to obtain more accurate insights and risk intelligence for better decision making has pushed the demand for business continuity management solutions.
- Rising incidence of cyber-attacks across the globe is estimated to propel the global business continuity management solutions market during the forecast period.
- However, issues related to IT modernization such as system integration and interoperability are major factors anticipated to hinder the business continuity management solutions market during the forecast period.
Impact of COVID-19 on the Global Business Continuity Management Solutions Market
- The COVID-19 pandemic has a positive impact on the business continuity management solutions market. The need to ensure business continuity during COVID-19 generates the demand for business continuity management solutions, in order to mitigate risks or impact and to prepare an organization to overcome challenges caused by the COVID-19 pandemic. Businesses and people are completely dependent on online solutions or services for their essential needs, and working remotely from home, which in turn is projected to have a positive impact on the global business continuity management solutions market. Business continuity management solutions cover infrastructure, business and operational, cyber, and communication risks of an organization.
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North America to Hold Major Share of the Global Business Continuity Management Solutions Market
- In terms of region, the global business continuity management solutions market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global business continuity management solutions market in 2019, due to the significant adoption of business continuity management solutions in the region. The U.S. is the key market for business continuity management solutions. In the U.S., around 65% of companies have already invested in business continuity management solutions.
- The business continuity management solutions market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to growing investments by organizations on digitalization and technology deployment, which in turn increases the adoption of business continuity management solutions in the region.
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