The value of the business continuity management market was $359.2 million in 2018, and it is projected to reach $875.7 million by 2024. Furthermore, the market is expected to register a CAGR of 15.4% during the forecast period (2019–2024). The market growth is being driven by the increasing information technology (IT) spending, rising operational risks in organizations, and surging demand for business continuity management solutions from small and medium enterprises (SMEs).

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One of the key factors driving the market is the widescale adoption of business impact analysis (BIA) solutions in SMEs and large enterprises. To cater to the surging demand for them, market players are providing risk identification and customizable impact assessment via BIA. BIA assists organizations in identifying critical processes and activities that include external and internal dependency chains and return on investment (ROI).

Moreover, the soaring demand for robust dependency modeling and gap analysis from enterprises is boosting the usage of BIA. Besides, the rising operational risks in business organizations are propelling the growth of the business continuity management market. Currently, enterprises are facing numerous operational risks due to growth in economic uncertainties and stringent regulatory compliance requirements.

Additionally, organizations are creating a high demand for real-time assessment, robust risk mitigation, and greater risk accountability. Moreover, financial service institutions require business continuity management solutions to achieve transparency and accountability and ensure proactive risk mitigation, while expanding their business.