This report describes the global market size of BFSI Crisis Management Market from 2018 to 2021 and its CAGR from 2018 to 2021, and also forecasts its market size to the end of 2030 and its expected to grow with a CAGR of 19.2% from 2023 to 2030.
Companies that offer a variety of these financial products or services fall under the industry umbrella name of banking, financial services, and insurance, or BFSI.Risk assessments, crisis notification alerts, crisis monitoring dashboards, business continuity and disaster recovery plans, and risk and compliance management solutions are all included in the crisis management service.
Due to the COVID-19 pandemic and Russia-Ukraine War Influence, the global market for BFSI Crisis Management Market estimated at US $ million in the year 2022, is projected to reach a revised size of US$ million by 2030, growing at a CAGR of 19.2% during the forecast period 2023-2030. North American market for BFSI Crisis Management Market is estimated to increase from $million in 2022 to reach $ million by 2030, at a CAGR of % during the forecast period of 2023 through 2030.
For geography segment, regional supply, demand, major players, price is presented from 2018 to 2030. This report cover following regions:
Middle East and Africa
The key countries for each regions are also included such as United States, China, Japan, India, Korea, ASEAN, Germany, France, UK, Italy, Spain, CIS, and Brazil etc.
For competitor segment, the report include global key players of BFSI Crisis Management Market as well as some small players. The information for each competitor include:
Main Business Information
Sales Volume, Revenue, Price and Gross Margin
The market is divided into software and services based on its component parts. Due to the fact that 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, the software segment dominated the market with a share of 71.8% in 2022.
The expansion of technology businesses' concentration on the creation of technology as a service (TaaS) is responsible for the rise of the services market.
With a 52.7% revenue share in 2022, the cloud segment held the majority of the market.Due to the cloud's ability to offer a high level of backup and redundancy at a low cost, there has been substantial growth in this market. The market is split between on-premise and cloud deployments.
Maintaining the data's privacy and security is essential for 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 users due to little to no external dependencies, which reduces the feedback loop time, or the amount of time it takes for two people to exchange messages.
Small & Medium Enterprises
The large enterprises segment accounted for the largest revenue share of 60.3% in 2022, which is attributed to the trend of large enterprises adopting the multi-cloud and hybrid cloud strategy by deploying workloads on multiple public clouds while also storing some data on the private cloud. The small and medium enterprises segment is expected to give high returns because small and medium firms need a cr to deal with the effects of the pandemic and business shocks.
Risk & Compliance Management
Disaster Recovery & Business Continuity
Incident Management & Response
In 2022, the risk and compliance segment's revenue share was above 30.6%, which was the highest. As account decentralisation and cloud computing issues are at the forefront of regulation strategy, this growth is attributable to the rise in cloud-based technology trends in the risk and compliance management sector. The market is divided into risk and compliance management, business continuity and disaster recovery, incident management and response, crisis communication, and others based on application.
By End User
Financial Service Providers
Due to their widespread adoption of digital platforms and networked solutions, banks accounted for the biggest revenue share of 53.2% in 2022. 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. The market is segmented into banks, insurance firms, and financial service providers based on the end user.
This is as a result of a rise in fintech investments in the Asia Pacific area. In February 2022, fintech in the Asia Pacific got USD 15.6 billion in private finance, according to a report by S&P Global Market in Intelligence, 2022.
Middle East & Africa
In 2022, North America held a 33.2% market share thanks to the existence of well-known crisis management services and software suppliers. Due to the COVID-19 epidemic and the rising usage of cloud-based solutions, North America is expected to experience tremendous growth.
Over the forecast period, the market in Asia Pacific is anticipated to grow at the highest CAGR of 20.8%. According to a survey by S&P Global Market in Intelligence in 2022, this is due to the rise in fintech deals in the area.
CURA Software Solutions
SAS Institute Inc
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Base Year: 2022
Historical Data: from 2018 to 2021
Forecast Data: from 2023 to 2030
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