The Global BFSI Crisis Management Market valued at US $10.50 Billion in 2022 is anticipated to reach a value of US $40.02% Billion in 2030, growing at a CAGR of 18.2%.
The BFSI Crisis Management Market is expected to grow over the coming years due to the increased reliance on crisis management software and solutions among banks and financial institutions, the availability of digitalized solutions such as lowering business risks, fraud detection, and incident compliance management, as well as the financial institutions banks that are quickly digitising their operations and enhancing customer experience. In 2021, the global market's revenue was estimated to be USD 12.5 billion.
Over the course of the projected period, the global BFSI crisis management market is anticipated to expand significantly. The expansion of financial institutions' expenditures in cutting-edge technologies to enhance their products and customers' experiences is responsible for the market growth. Additionally, the inclusion of numerous technologies such as Artificial Intelligence (AI), big data, machine learning, and cloud computing in crisis management solutions enables users to quickly handle incoming observations and track ongoing events in real time. The need for crisis management solutions in the BFSI industry is anticipated to continue to rise, driving the market. At the same time, crisis management solution providers have expanded their focus on enhancing financial services, cybersecurity, and fraud detection risk management.
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COVID-19 Impact on BFSI Crisis Management Market:
During the COVID-19 epidemic, the need for crisis management software expanded significantly. Businesses shutting down, operational and financial difficulties, and ensuing changes in business models were just a few of the unanticipated problems that BFSI sector companies encountered as a result of lockdowns. As a result, the companies began to think about adopting crisis management software to better monitor the response to an incident in real time, track and identify the areas to improve, and lower operational costs. As a result of these growing business issues, the number of customers for crisis management solution providers has increased dramatically.
In recent years, venture capital firms have concentrated on startups and assisted them in acquiring money to expand their product lines and solidify their market positions. For instance, the crisis management service provider Blameless raised USD 30 million in a Series B fundraising round in July 2021, bringing the total funding to USD 50 million. An American investment firm called Third Point Ventures headed the capital round, which also included Decibel, Accel, and Lightspeed Venture Partners. The money will be used by Blameless to grow faster, do business in more places, and expand its operations. Over the projected period, these venture capital investments are anticipated to generate new chances for the market's growth.
Key Trends of Global BFSI Crisis Management Market:
Rapid digitalization by financial institutions banks
Financial institutions and banks are rapidly adopting digitalize platforms networked solutions for operating their business in the market. In addition, companies in the market are offering crisis management solutions to this sector for tracking minimizing business risks as well as fraud detection and enhance incident compliance management. Moreover, crisis management provides automated solutions to improve customer experience and improve effectiveness.
Segmental Analysis of Global BFSI Crisis Management Market:
Based on Component
- Software
- Services
Based on Deployment Type
- On-premises
- Cloud
Based on Enterprise Size
- Large Enterprises
- Small and Medium Enterprises
Based on Application
- Disaster Recovery and Business Continuity
- Risk and Compliance Management
- Crisis Management
- Incident Management and response
- Others
Based on End-user
- Banks
- Insurance Companies
- Others
Competitive Landscape:
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 and Veoci Inc.
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