COVID Uncertainties Pushing Up Demand for Business Continuity Management Solutions

If it is difficult to start a business, it is even more difficult to keep it running profitably. Throughout its life, a company can be negatively impacted by a range of factors, such as workforce attrition, supply chain disruption, changing consumer behavior, unfavorable political situation, and volatile raw material and component prices. Moreover, a very real threat in today’s world is cyberattacks, considering the rapid pace of digitization across industries. 

With more people becoming connected, the incidence of a range of cyberattacks is surging. Thus, since businesses will need to adapt to the changing circumstances, P&S Intelligence expects the business continuity management market revenue to surge from $359.2 million in 2018 to at least $875.7 million by 2024, at a 15.4% CAGR between 2019 and 2024 (forecast period). 


However, due to the operational uncertainties and panic caused by the COVID-19 pandemic, the actual growth rate and ultimate future market revenue will likely be a lot higher. This is because it is in situations like this that BCM solutions are designed to steer companies through. The concept covers a variety of solutions, including crisis management, risk management, audit management, government, risk, and compliance (GRC), cybersecurity management, and supplier management. 

Thus, with companies around the world staring at a bleak and uncertain future, they are availing of these solutions to stay afloat. Moreover, with most of the employees working from home, the need for internet connectivity has risen, which has also brought about a high risk of data breaches and other cyberattacks. Hence, as businesses continue to battle the effects of COVID and the precautionary norms are likely to be in place long after the infection has subsided, the demand for BCM solutions and software will only increase.

This market research report provides a comprehensive overview of the market
  • The Future potential of the market through its forecast for the period 2020– 2030
  • Major factors driving the market and their impact during the short, medium, and long terms
  • Market restraints and their impact during the short, medium, and long terms
  • Recent trends and evolving opportunities for the market participants
  • Historical and the present size of the market segments and understand their comparative future potential
  • Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings

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