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The Global BFSI Crisis Management Market size is expected to reach $28.1 billion by 2028, rising at a market growth of 17.1% CAGR during the forecast period
One of the most recent developments in financial technology is crisis management across the BFSI industry. Artificial intelligence (AI), machine learning (ML), cloud computing, and big data are the technologies on which it relies in order to cope with a variety of issues and probable emergency scenarios in the banking business.
New York, Nov. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global BFSI Crisis Management Market Size, Share & Industry Trends Analysis Report By Component, By Enterprise Size, By Application, By Deployment, By End-user, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06364368/?utm_source=GNW
In addition to this, it contributes to the preservation of the dependability and credibility of the network that connects the various financial institutions. The need for BFSI crisis management solution providers is increasing across the globe as a direct result of the improvements that these providers are making to risk mitigation, financial services, fraud detection, and cyber security.
Solutions for crisis management are heavily utilized in a variety of commercial domains, including loans, international money transfers, payments, equity financing, personal finance, and insurance, to name just a few. The necessity to implement crisis management solutions has developed in the financial services industry. This is necessary to defend an organization’s reputation and to handle threats to the industry’s financial viability, as well as the health and safety of its employees and the general public.
COVID-19 Impact Analysis
The COVID-19 pandemic had a favorable effect on the market for crisis management. The economy stagnated due to an increase in COVID-19 cases around the world, and many businesses were closing as a result of partial or complete lockdowns. Nevertheless, despite the pandemic, banking, insurance, and financial services still kept running. Because of this, BFSI companies needed an immediate crisis management plan for business continuity and disaster recovery in order to maintain service levels during the pandemic. At the start of the COVID-19 pandemic, financial institutions started using remote working, which made the adoption of cloud technology a top priority.
Market Growth Factors
Banks and financial organizations are rapidly digitalizing
Banks & financial institutions are increasingly using networked solutions and digital platforms to run their businesses. Market participants also offer crisis management services to monitor and reduce corporate risks, identify fraud, and enhance incident and compliance management. Additionally, automated crisis management solutions are available to increase efficiency and customer satisfaction. The BFSI industry has been quick to adopt cutting-edge crisis management solutions as a result of the rise in digitization, and these factors support the expansion of the BFSI crisis management market.
Enhanced satisfaction for users
The process of crisis management provides solutions that improve the overall quality of the customer experience. These solutions include the facilitation of automatic fraud detection, a speedy payment system, and better accessibility to a variety of kinds of funding alternatives. In addition to this, crisis management is a relatively young business that is increasing at a significant rate due to the innovative solutions it provides to financial institutions and banks. This is partly due to the fact that the industry is still in its infancy. It is projected that developments in the whole customer experience will offer significant growth opportunities to the BFSI crisis management company during the projection period.
Market Restraining Factors
Complicated administration of the network
On behalf of companies operating in the financial sector, those that provide solutions for crisis management are accountable for the administration of massive amounts of data. The management of networks all across the world is consequently made more difficult as a result of this. In addition, businesses that are active in the market use a wide range of service providers in order to carry out their operations. Because of all of these factors, the demand for crisis management in the BFSI sector can be impeded over the course of the forecast period
Component Outlook
Based on component, the BFSI crisis management market is segmented into software and services. In 2021, the software segment dominated the BFSI crisis management market by generating the highest revenue share. This is due to the fact that the crisis management software helps the crisis teams coordinate response activities, keeps key stakeholders informed, and distributes important documentation to all employees using a straightforward and efficient cloud platform.
Deployment Outlook
On the basis of deployment, the BFSI crisis management market is fragmented into on-premise and cloud-based. The on-premise segment covered a significant revenue share in the BFSI crisis management market in 2021. Maintaining the data’s privacy & security is extremely important to BFSI companies. Another major problem for banks and other financial institutions is quick message delivery and receipt times. Therefore, an on-premise solution offers low latency to consumers due to little to no external dependencies, which reduces the feedback loop time, or the amount of time it takes for two parties to exchange messages.
Enterprise Size Outlook
By enterprise size, the BFSI crises management market is divided into large enterprises, small & medium enterprises. In 2021, the small & medium enterprise segment garnered a substantial revenue share in the BFSI crisis management market. Access to capital remains one of the most significant obstacles facing the establishment of new small and medium-sized businesses, as well as the maintenance and expansion of existing ones, particularly those that are innovative.
Application Outlook
Based on application, the BFSI crises management market is classified into risk & compliance management, disaster recovery & business continuity, incident management & response, crisis communication and others. In 2021, the risk & compliance segment registered the largest revenue share in the BFSI crisis management market. This is because the risk & compliance management segment is seeing an increase in cloud-based technology trends, as account decentralization and cloud computing issues are at the forefront of regulation strategy.
End-user Outlook
On the basis of end-user, the BFSI crises management market is divided into banks, insurance companies and financial service providers. In 2021, the banks segment accounted the highest revenue share in the BFSI crisis management market. This is attributable to the widespread adoption of digital platforms and networked solutions. Additionally, market players in this industry are providing crisis management solutions to monitor and lower company risks, spot fraud, and improve event and document management.
Regional Outlook
Region wise, the BFSI crises management market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2021, the North America region led the BFSI crisis management market with the maximum revenue share. This is due to the prominence of key crisis management services & software suppliers. Due to the COVID-19 epidemic and the rising usage of cloud-based solutions, A major market for BFSI security is found in North America, particularly the United States, due to the area’s extensive use of digital payments.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include NCC Group plc, ViacomCBS Inc. (Noggin), LogicGate, Inc., MetricStream, Inc., 4C Strategies, IBM Corporation, Cura Global GRC Solutions Pte Ltd, Cleverbridge GmbH, Deloitte Touche Tohmatsu Limited, and SAS Institute Inc.
Scope of the Study
Market Segments covered in the Report:
By Component
• Software
• Services
By Enterprise Size
• Large Enterprises
• SMEs
By Application
• Risk & Compliance Management
• Incident Management & Response
• Disaster Recovery & Business Continuity
• Crisis Communication
• Others
By Deployment
• Cloud Based
• On-Premise
By End User
• Banks
• Financial Service Providers
• Insurance companies
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• NCC Group plc
• ViacomCBS Inc. (Noggin)
• LogicGate, Inc.
• MetricStream, Inc.
• 4C Strategies
• IBM Corporation
• Cura Global GRC Solutions Pte Ltd
• Cleverbridge GmbH
• Deloitte Touche Tohmatsu Limited
• SAS Institute Inc.
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06364368/?utm_source=GNW
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