According to a recent report published by Allied Market Research, titled, “BFSI Crisis Management Market by Component, Deployment Type, Enterprise Size, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2020-2027,” the global BFSI crisis management market size was valued at $8.46 billion in 2019, and is projected to reach $31.15 billion by 2027, growing at a CAGR of 18.2% from 2020 to 2027.
Crisis management software & solutions helps in monitoring business activities & assessing technology implications for financial stability. In addition, complexity of the finance sector has grown rapidly with the emergence of technologies, including machine learning, artificial intelligence, and distributed ledgers are incorporated into business enterprise applications.
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Furthermore, companies in the BFSI sector has increasingly enabled innovation in financial services, accelerated new business models, processes advancements in an existing product line across financial institutions, banking, and insurance sectors.
By region, North America led the BFSI crisis management market in 2019, and is expected to continue its dominance during the forecast period. This is attributed to increased awareness of crisis management solutions among banks & financial institutions and surge in partnership of companies providing technologies with major banks & financial institutions in this region.
However, Asia-Pacific is expected to grow at the fastest CAGR during the forecast period, as several financial institutions, banks, and insurance companies are adopting crisis management software & services to boost business efficiency, lower compliance risk exposure, and increase bureaucratic competence of organizations in the region.
The BFSI crisis management market has experienced significant impact on revenue, as several organizations adopt digital workplace environment globally. In addition, due to changes in business model, spike in number of criminals attempting to steal professional & intellectual property data from banks & financial institutions has boosted the market growth.
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Moreover, several firms have been facing challenges, as creditors are seeking inappropriate conditions for investment. Therefore, financial companies are implementing secured technologies & releasing new frameworks via BFSI crisis managements solutions in the market.
Key findings of the study
- By deployment type, the on-premise segment led the BFSI crisis management market share, in terms of revenue in 2019.
- On the basis of application, the incident management & response segment garnered the market share in 2019.
- Region wise, North America generated the highest revenue in 2019.
The key players profiled in the BFSI crisis management market are 4C Strategies, CURA Software Solutions, Everbridge, IBM, Konexus, LogicGate, Inc., MetricStream Inc., NCC Group, Noggin, and SAS Institute Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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