The market for global Business Continuity Management is projected to generate $536 million in revenue in 2022 and is projected to expand at a compound annual growth rate of 15.30% from 2022 to 2030, reaching $1,673 million by 2030.
The need for BCM in BFSI and Telecom sector is expected to grow significantly by 2030 and is of utmost importance.
The increase is primarily attributed to the rising operational risks in organizations, the integration of cutting-edge technology, increasing IT spending, and the growing adoption of business continuity solutions in SME's.
Organizations with complex business operations are witnessing increasing operational risks, driven by growing economic uncertainties, stiff regulatory fines, and compliance, along with emerging risks, such as conduct risk, model risk, vendor risk, and cybersecurity risk.
Business Continuity Management (BCM) is founded on the idea that it is the directors’ primary obligation to ensure that an organization’s business activities continues perpetually. BCM allows organizations to mitigate risks and quickly recover by automating your business continuity and disaster recovery programs. Be ready for any business disruption that comes your way.
Business process automation can be a stepping-stone to adopting that culture of continuous transformation. You can start with a few processes that are clearly in need of course correction and gradually work your way up.
A clear business continuity management will give the best chance of managing business catastrophes.