BFSI Crisis Management Market

Market Synopsis:

The Global BFSI Crisis Management Market was valued USD 12.5 Billion in 2021 and is anticipated to reach a value of USD 32.8 Billion by 2028. The Global Market is forecasted to grow to exhibit a Compound Annual Growth Rate (CAGR) of 17.5% over the forecast period.

The financial technology breakthrough and progress known as the BFSI Crisis Management solution aids in coping with a variety of incidents and emergency circumstances in the BFSI industry. Technologies like artificial intelligence, cloud computing, machine learning, and big data are all used in crisis management. Additionally, BFSI Crisis Management is a cutting-edge program that adopts a new strategy through technology, concentrates on certain business risk areas, and defends the dependability and credibility of the financial institution network. The need for these solutions in the BFSI sector continues to expand in the industry, driving up market growth as crisis management solution providers raise their focus on improving financial services, risk mitigation & fraud detection, and cyber security.

Additionally, growing financial institutions' reliance on digitalization and the economic sectors' quick adoption of crisis management tools are significant market expansion drivers. Lack of confidence in crisis management solutions and complex network administration, however, are two things that limit industry expansion. Adversely, several banks and financial institutions are investing in BFSI Crisis Management solutions for their business processes to increase a product line, which is expected to provide a profitable opportunity for the market's growth.

Market Segmentation:

The BFSI Crisis Management Market is segmented based on Component, Deployment Type, Enterprises Size, Application, End-User, and Region. Based on Component, the market is sub-segmented as Software and Services. Based on Deployment Type, the market is sub-segmented as On-Premises and Cloud. Furthermore, based on Enterprises Size, the market is sub-segmented into Large Enterprises and Small & Medium Enterprises (SMEs). Based on Application, the market is sub-segmented as Disaster Recovery & Business Continuity, Risk & Compliance Management, Crisis Communication, Incident Management & Response, and Other Applications. Finally, based on End-User, the market is sub-segmented as Banks, Insurance Companies, and Other End-Users.

Based on Enterprises:

On the basis of Enterprises Size, the Large Enterprise's sub-category dominated the BFSI Crisis Management Market share, and this leadership is expected to continue throughout the forecast period. This is because businesses in this category generate a large amount of data and are consequently required to follow regulatory initiatives. As a result, the large number of publicly traded companies in this sector highlights the need for BFSI Crisis Management solutions and services.

Based on End-User:

On the basis of End-User, the Bank sub-segment is for operating their company in the market. Financial institutions and banks are increasingly adopting digitalize platforms and networked solutions. Furthermore, players in the market are providing crisis solutions to this industry to track and minimize business risks, detect fraud, and improve incident and document management. Furthermore, crisis management offers automated solutions to boost customer satisfaction and efficiency. As a result of the growth in digitalization, the BFSI sector has been quick to adopt advanced crisis management solutions, and these factors all contribute to the Global BFSI Crisis Management Markets' growth.

The Asia Pacific is Projected to Witness Fastest Growth during the Forecast Period

The market is expected to grow significantly in the Asia Pacific region in the forecast period. Many banks, insurance firms, and financial institutions are implementing crisis management software and services to boost organizational effectiveness, lessen compliance risk disclosure, and improve bureaucratic proficiency. Moreover, the growing BFSI industry across emerging economies such as India, China, and others, along with rising investments in Fintech companies, will drive the region's market growth over the forecast period.

Competitive Landscape:

The key players in the Global BFSI Crisis Management Market include- 4C Strategies, Everbridge, IBM, CURA Software Solutions, Konexus, LogicGate Inc., NCC Group, Noggin, MetricStream Inc., SAS Institute Inc., and others.

Segmentation of the Global BFSI Crisis Management Market: