According to the latest report by IMARC Group, titled “BFSI Crisis Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global BFSI crisis management market reached a value of US$ 11.24 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 31.16 Billion by 2027, exhibiting at a CAGR of 18.6% during 2022-2027.
Banking, financial services, and insurance (BFSI) crisis management is the latest advancement in financial technology. It is used in several business areas such as lending, payment, international money transfers, personal finance, equity financing, and insurance. The process utilizes artificial intelligence (AI), cloud computing, machine learning (ML), and big data to deal with incidents and emergencies in the banking sector. Nowadays, BFSI crisis management solutions are increasingly gaining prominence as they protect the reputation of the organization and manage threats in terms of financial viability, employee health and overall public safety. They also provide reliability and credibility to the financial institution network.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The global BFSI crisis management market is primarily driven by the increasing dependence on crisis management solutions among banks and financial institutions. They provide digitalized solutions such as minimizing business risks, fraud detection, and incident and compliance management. Besides this, the growing awareness regarding financial technology is also propelling the growth of the market. Moreover, the implementation of regulatory security compliance and increasing risk of cyber threats against BFSI infrastructure are also fueling the market. Furthermore, improving customer experience by automating financial services, risk mitigation, fraud detection and cyber security, is also creating opportunities for the global market.
Breakup by Component:
- Software
- Services
Breakup by Deployment Type:
- On-premises
- Cloud-based
Breakup by Enterprises Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Breakup by Application:
- Disaster Recovery and Business Continuity
- Risk and Compliance Management
- Crisis Communication
- Incident Management and Response
- Others
Breakup by End User:
- Banks
- Insurance Companies
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- 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
- Veoci Inc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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