As per the report published by Allied Market Research, the global BFSI crisis management market was accounted for $8.46 billion in 2019, and is expected to garner $31.15 billion by 2027, registering a CAGR of 18.2% from 2020 to 2027.
Increase in dependency on crisis management software & solutions among financial institutions and rise in adoption of crisis management solutions among the BFSI sector have boosted the growth of the global BFSI crisis management market. On the contrary, complicated management of networks and data theft & cybersecurity concerns hinder the market growth. However, untapped potential in developing countries would open new opportunities in the coming years.
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Covid-19 scenario:
The pandemic and lockdown across several region led to rise in use and adoption of online and digitalized financial services across the globe.
Moreover, several countries imposed strict lockdowns to curb the spread of the virus. Thus, several market players offered an advanced platform for managing uncertain incidents, risks, and cyber protection solutions for financial institutes.
The global BFSI crisis management market is segmented on the basis of component, deployment type, enterprise size, application, end user, and region.
Based on component, the services segment is projected to register the highest CAGR of 19.7% during the forecast period. However, the solution segment dominated the market in 2019, contributing to more than two-thirds of the market.
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By application, the risk & compliance management segment would register the highest CAGR of 19.3% from 2020 to 2027. However, the incident management & response segment held the lion’s share in 2019, accounting for nearly two-fifths of the market.
The global BFSI crisis management market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific would showcase the highest CAGR of 20.4% during the forecast period. However, the market across North America generated the largest share in 2019, holding more than one-third of the market.
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The global BFSI crisis management market includes an in-depth analysis of the prime market players such as 4C Strategies, Everbridge, CURA Software Solutions, Konexus, IBM, MetricStream Inc., LogicGate, Inc., Noggin, NCC Group, and SAS Institute Inc.
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