Our Perspective On The Operational Resilience Software Market

Our Perspective On The Operational Resilience Software Market

Traditional reactive approaches to business continuity and disaster recovery planning are becoming obsolete within the framework of a successful business strategy. As firms grapple with a myriad of internal and external factors like technological advancements, regulatory demands and evolving threats, they continue to forge strategic partnerships with operational resilience software providers. The majority of industry experts agree that compliance and benefit capitalization of resilience standards – such as the Digital Operational Resilience Act (DORA), Basel Principles for Operational Resilience (POR) and CPS 230 Operational Risk Management – demand the adoption of technological solutions.

While the financial services sector initially led operational resilience development, we have witnessed widespread adoption of resilience programmes across less regulated industries. Firms leverage software to tackle the multifaceted challenges inherent in their resilience implementation. Many turn to the customizable visualization functionality of operational software for seamless data accessibility across organizational silos, centralization of repositories and simplification of complex resilience metrics.

To better understand the required capabilities and best practice for software execution, read our Smart Innovators report on operational resilience software. In the report, we highlight capabilities across governance, risk management, ICT risk management, physical asset management, workforce and talent management, and supply chain management. Three notable market trends we observed during our research are:

• Fierce market competition among software providers and customer demand driving innovation.
  The market landscape is defined by established vendors and agile newcomers clashing for dominance, each striving to carve out their slice of the market. This fierce rivalry fuels a perpetual cycle of advancement and sophistication, propelling the market forward. Solutions providers are compelled to continually refine and enhance their offerings to ensure they remain at the vanguard of innovation, ready to meet evolving business needs.
  
  
• Integration of operational resilience solutions with other critical enterprise systems.
  Operational resilience solutions are increasingly being integrated with other enterprise systems, such as risk management, business continuity planning and cyber security solutions. This synergy is aimed at providing a holistic approach to managing and mitigating operational risks and improving organizational readiness.
  
  
• Emerging inclination towards cloud-based operational resilience software solutions.
  Migration towards cloud development marks a new era for operational resilience software, empowering organizations to adapt and innovate with agility, while optimizing resource utilization. The shift to cloud-based solutions offers scalability, flexibility and cost-effectiveness, making it attractive to firms of all sizes.

Join our upcoming webinar Transform Your Operational Resilience With A Definitive Benchmark Of Solutions to gain more market insight into the operational resilience software market.