According to the Market Statsville Group (MSG), the global BFSI crisis management market size was valued at USD 11,236.2 million in 2021 and is expected to reach USD 42,811.4 million by 2030, growing at a CAGR of 18.2% from 2022 to 2030. Crisis management includes several technologies such as cloud computing, machine learning, artificial intelligence, and big data. Additionally, BFSI crisis management serves as the modern program that makes a new approach by utilizing technologies and focuses on the certain areas of business risk & protects reliability & credibility of the financial institution network.
As crisis management solution providers have increased their focus on improving financial services, cyber security, and risk mitigation & fraud detection, the demand for those solutions in the BFSI sector continues to rise, thereby boosting the market growth. In addition, an increase in dependency on digitalization by financial institutions & rapid adoption of crisis management solutions among financial sectors are major factors that drive the market growth. Though, lack of trust over the technologies for crisis management and complex network management are some of the factors that will hamper the market growth.
Global BFSI Crisis Management Market Definition
BFSI crisis management solution is the innovation & advancement in financial technology, which helps deal with various types of incidents & emergencies in the BFSI industry.
COVID–19 Impact on the Global BFSI Crisis Management Market
The COVID-19 pandemic has had a notable impact on the BFSI industry. Firms faced huge losses and several challenges such as business shutdowns, operational & funding challenges, and changes in business models. Therefore, with the rise in such challenges among businesses, the demand for crisis management solutions has increased in the market and is expected to gain momentum during the forecast period.
Get Full PDF Sample Copy of Report:https://www.marketstatsville.com/request-sample/bfsi-crisis-management-market
Furthermore, the government, as well as the financial institutions, are encouraging the use of digital payments in response to the pandemic to reduce human interference as much as possible. In addition, the increase in work-from-home (WFH) arrangements, teleconferencing, and tele-banking is further accelerating the adoption of crisis management solutions in the BFSI industry. The BFSI crisis management market has witnessed significant growth in the past few years. However, the market is projected to grow in the upcoming years after recovering from the COVID-19 pandemic. The new and upcoming financial institutions are increasingly leveraging BFSI solutions to offer convenient digital banking & financial services that require no physical contact. This is attributed to surge in the adoption of BFSI crisis management solutions.
Global BFSI Crisis Management Market Dynamics
Drivers: Rise in awareness of crisis management solutions in the BFSI sector
The demand for crisis management solutions has increased tremendously among the BFSI market, as they provide business risk mitigation services & help detect incidents & emergencies of financial institutions. In addition, key players in the market are focusing on improving risk mitigation strategies & fraud detection through advanced crisis management solutions. Moreover, financial institutions & banks are increasingly adopting crisis management solutions for managing their business activities, detecting fraud, overcoming several crises in the business & other activities. As a result, the rise in awareness about crisis management solutions has propelled their penetration in the BFSI sector, thus contributing to market growth.
Make an Enquire before Purchase @:https://www.marketstatsville.com/buy-now/bfsi-crisis-management-market?opt=2950
Restraints: Surge in concerns regarding data theft & cyber security
The rapid adoption of technologies and other advanced platforms for business operations has increased the market’s risk of data theft and cyber security. These technologies are highly vulnerable to theft. Financial institutions have a massive volume of data stored in their systems, increasing concerns over the risk of data theft. Moreover, the major concern of crisis management solution providers as well as financial institutions is to deal with hackers to safeguard sensitive data. Thus, the abovementioned factors collectively hamper market growth.
Scope of the Global BFSI Crisis Management Market
The study categorizes the BFSI crisis management market based on component, deployment mode, enterprises size, application, end-users, and region.
By Component Outlook (Sales, USD Million, 2017–2030)
- Software
- Services
By Deployment Mode Outlook (Sales, USD Million, 2017–2030)
- On-premises
- Cloud
By Enterprises Size Outlook (Sales, USD Million, 2017–2030)
- Large Enterprises
- Small & Medium Enterprises (SMEs)
By Application Outlook (Sales, USD Million, 2017–2030)
- Disaster Recovery & Business Continuity
- Risk & Compliance Management
- Crisis Communication
- Incident Management & Response
- Others
By End-Users Outlook (Sales, USD Million, 2017–2030)
- Banks
- Insurance Companies
- Others
By Region Outlook (Sales, USD Million, 2017–2030)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Italy
- France
- UK
- Spain
- Poland
- Russia
- Slovenia
- Slovakia
- the Netherlands
- Belgium
- Norway
- Denmark
- Czech Republic
- Sweden
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Thailand
- Vietnam
- The Philippines
- Singapore
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Colombia
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Northern Africa
- Rest of MEA
The solution segment accounts for the largest market share, by component
In 2021, solution by component had the largest market share of 69.3% in the global BFSI crisis management market. BFSI crisis management solutions are largely used to anticipate potential issues such as tracking real-time risk issues, enterprise risk management, third-party risk management, IT security risk, compliance management, data privacy, and incident management.
With ensuring enhanced efficiency among operations & costs and providing elasticity & flexibility solutions via cloud, the penetration of BFSI crisis management solutions is continuing to increase. Moreover, optimization of data and integration of automation technologies such as artificial intelligence & robotics in business operations are the major factors contributing to the growth of the solutions segment. Furthermore, the rise in investment in software by banks & financial institutions boosts the BFSI crisis management market growth.
Asia Pacific accounts for the highest CAGR during the forecast period
Globally, Asia Pacific is estimated to hold the highest of 20.4% CAGR in the global BFSI crisis management market during the forecast period. The Asia-Pacific market is analyzed across China, India, Japan, Australia, South Korea, Singapore, and the Rest of Asia-Pacific. The Asia-Pacific BFSI crisis management market possesses the highest growth potential. Several banks, insurance companies, and financial institutions are adopting crisis management software & services to boost the business efficiency, lower compliance risk exposure, and increase the bureaucratic competence of organizations in the region.
Request for Complete TOC and Figures & Graphs @https://www.marketstatsville.com/table-of-content/bfsi-crisis-management-market
Various governments across Asia-Pacific countries such as Japan, China, and Australia are encouraging to the banking & financial industry to implement crisis management solutions & services. Furthermore, many financial institutions in Asia-Pacific are adopting crisis management solutions for boosting business efficiency, lowering compliance risk exposure, and increasing bureaucratic efficiency of the organization. Furthermore, companies operating in the BFSI sector have more transaction data and are using those data into alternative lending platforms, increasing several risks in the market. Therefore, demand for crisis management solutions for transactions management is growing considerably in Asia-Pacific.
Key Market Players in the Global BFSI Crisis Management Market
Top winning plans and strategies are analyzed by performing a thorough study of the leading players in the BFSI crisis management market. A comprehensive analysis of various companies’ recent developments and growth curves has helped understand the growth strategies adopted by them and their potential effect on the market. The companies have been evaluated depending on annual reports, SEC filings, and press releases.
Major Players in the global BFSI crisis management are:
- NCC Group
- Noggin
- LogicGate, Inc.
- MetricStream Inc.
- 4C Strategies
- IBM
- CURA Software Solutions
- Everbridge
- Konexus
- SAS Institute Inc
Request For Report Description @https://www.marketstatsville.com/bfsi-crisis-management-market
Market Statsville Group (MSG) partners with companies and society to confront their essential risks and challenges to capture the enormous opportunities for them. MSG initiated its work in 2017, and since then, the brand is moving to become a pioneer in business advisory and market research services.
We the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and incisive business insights. MSG experienced research analysts are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact.
Contact US:
Market Statsville Groups
416, East standsberry street,
Perkins, Oklahoma 74059, US
USA: +1-580-205-2707 | India: +91-702-496-8807
Email: sales@marketstatsville.com
MSG Blog https://marketstatsvilleblogs.com
Web: https://marketstatsville.com