Global BFSI Crisis Management Market: Description
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 organizations reputation and to manage threats in terms of financial viability, employees 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 organizations 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.
DESCIMG2
Key Trends of Global BFSI Crisis Management Market:Rapid digitalization by financial institutions & banksFinancial 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.
