BFSI Crisis Management Market Size, Industry Analysis Report By Component (Software, Services), By Deployment Type (On-premises, Cloud), By Enterprise Size (Large Enterprises, Small and Medium Enterprises) & Region – Forecasts
- PUBLISHED ON
- 2024-08-16
- NO OF PAGES
- 288
- CATEGORY
- Banking & Finance
Crisis management solutions are majorly used in several business areas such as lending, payments, international money transfers, personal finance, equity financing, and insurance.
The need to incorporate crisis management solutions has increased in the financial services industry to protect an organization’s reputation and to manage threats in terms of financial viability, employee’s health, and overall public safety.
Increase in dependency on crisis management software & solutions among banks and financial institutions acts as a major driving force of the global BFSI crisis management market growth, as it provides digitalized solutions, including minimizing business risks, fraud detection, and incident & compliance management.
Global BFSI Crisis Management Market: Overview
The Global BFSI Crisis Management Market valued at US $10.50 Billion in 2022 is anticipated to reach a value of US $40.02% Billion in 2030, growing at a CAGR of 18.2%.
At present, there is a rise in the need to protect an organization’s reputation and manage threats related to financial viability, employee health, and overall public safety.
This represents one of the key factors catalysing the demand for crisis management solutions worldwide.
These solutions find a wide range of applications in numerous business areas, such as lending, international money transfers, personal finance, equity financing, and insurance.
In addition, there is a considerable increase in the volume of data produced by large enterprises.
This, in confluence with the rapid adoption of digitalized platforms and network solutions by financial institutions and banks to operate their businesses, is creating a favourable market outlook.
Key Trends of Global BFSI Crisis Management Market:
Rapid digitalization by financial institutions & banks
Financial institutions and banks are rapidly adopting digitalize platforms & networked solutions for operating their business in the market. In addition, companies in the market are offering crisis management solutions to this sector for tracking & minimizing business risks as well as fraud detection and enhance incident & compliance management. Moreover, crisis management provides automated solutions to improve customer experience and improve effectiveness.
Improved customer experience
Crisis management provides solutions that improve the customer experience in terms of automated fraud detection, fast payment system, and increased accessibility to financing solutions. In addition, crisis management is relatively new industry and is growing at a notable rate, due to innovative solutions it provides to financial institution and banks. Moreover, the automated solution of crisis management offering faster service, which saves the time & effort of financial institutions, enhances the user experience.
Segmental Analysis of Global BFSI Crisis Management Market:
Based on Component
• Software
• Services
Based on Deployment Type
• On-premises
• Cloud
Based on Enterprise Size
• Large Enterprises
• Small and Medium Enterprises
Based on Application
• Disaster Recovery and Business Continuity
• Risk and Compliance Management
• Crisis Management
• Incident Management and response
• Others
Based on End-user
• Banks
• Insurance Companies
• Others
Geographical Analysis of Global BFSI Crisis Management Market:
The Global BFSI Crisis Management Market is further segmented into five major countries- North America, Europe, Asia-pacific, Latin America, Middle East and Africa.
North America held the largest share in the market during the forecast period, contributing to more than one-third of the market. This is due to increased awareness of BFSI crisis management among banks & financial institutions and surge in partnership of companies providing technologies with major banks & financial institutions in this region.
Competitive Landscape:
4C Group AB, Beekeeper AG, Everbridge Inc., International Business Machines Corporation, Logicgate Inc., Metricstream Inc., NCC Group, Noggin Pty Ltd, Rockdove Solutions Inc., Sas Institute Inc., Software Aktiengesellschaft and Veoci Inc.
Scope of the report:
Global BFSI Crisis Management Market: Historical Years- 2018-2021
Global BFSI Crisis Management Market: Forecast Years- 2022-2030
Global BFSI Crisis Management Market USD value in 2022- $10.50 Billion
Global BFSI Crisis Management Market USD value in 2030- $40.02% Billion
Global BFSI Crisis Management Market CAGR- 18.2%
Segments Covered-Component, Deployment type, end-user, application, enterprise size and region
Regions Covered-
• North America (US, Canada)
• Europe (UK, Germany, Spain, Italy, France, Russia)
• Asia-Pacific (India, China, Japan, South Korea, Australia)
• Latin America (Mexico, Brazil)
• Middle East and Africa (UAE, Saudi Arabia, South Africa)
Key Players: 4C Group AB, Beekeeper AG, Everbridge Inc., International Business Machines Corporation, Logicgate Inc., Metricstream Inc., NCC Group, Noggin Pty Ltd, Rockdove Solutions Inc., Sas Institute Inc., Software Aktiengesellschaft and Veoci Inc.
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Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
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