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.
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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.
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.
Global Business Continuity Management Solutions Market: Competition Landscape
Several local, regional, and international players are active in the business continuity management solutions market with a strong presence. Rapid technological advancements have led to opportunities in the global business continuity management solutions market. Business continuity management solutions vendors are focusing on inorganic growth strategies such as strategic collaborations and merger and acquisition activities with technology partners to develop innovative and advanced solutions to improve their offerings and market reach.
Key Players Operating in the Global Business Continuity Management Solutions Market Include:
- Dell Technologies Inc.
- International Business Machines Corp.
- LogicManager Inc.
- MetricStream Inc.
- Microsoft Corp.
- NAVEX Global Inc.
- Quantivate LLC
- SAI Global Pty. Ltd.
- SAP SE
- X2nSat Inc.
Global Business Continuity Management Solutions Market: Research Scope
Global Business Continuity Management Solutions Market, by Component
- Crisis Management
- Risk Management
- Audit Management
- Government, Risk, And Compliance (GRC)
Global Business Continuity Management Solutions Market, by Deployment
Global Business Continuity Management Solutions Market, by Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
Global Business Continuity Management Solutions Market, by End-user
- IT & Telecommunication
- Retail & E-commerce
- Media & Entertainment
Global Business Continuity Management Solutions Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.