BFSI Crisis Management Market Size Worth $38.95 Billion By 2032 | CAGR: 14.03%

The global BFSI crisis management market size is expected to reach USD 38.95 billion by 2032, according to a new study by Polaris Market Research. The report “BFSI Crisis Management Market Share, Size, Trends, Industry Analysis Report, By Component (Software and Service); By Deployment; By Enterprise; By Application; By End Use; By Region; Segment Forecast, 2023-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Government support for crisis management services is likely to improve market growth. Government crisis management services and government crisis management experts were created to help prepare for, respond to, and foresee potential crises. For instance, in August 2022, the World Bank Group has proposed a global crisis response package to assist developing nations in navigating a number of interconnected crises. Additionally, in September 2022, the Bank of England also entered crisis mode. As a result, government initiatives for crisis management in BFSI are enhancing the market’s development.

Crisis management solutions are extremely sought-after in the BFSI market as they help financial institutions in recognizing incidents and emergencies, decreasing business risk, and mitigating risk. Additionally, financial institutions & the banks are executing these strategies to streamline their operations, un-cover fraud, & to deal with financial crises in the country. Consequently, the greater uptake of these solutions is improving the global revenue.

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Digitalization is revolutionizing the world, and the banking sector is not an exception. Several banks and financial institutions are largely adopting networked solutions and digital platforms to improve their businesses. In order to detect fraud, better handle incidents, and manage compliance, market participants also provide crisis management services. For instance, in February 2022, Exonaut, an incident and crisis management system from 4C Strategies, was used by Nordic Bank to operate its services throughout the Nordic and Baltic areas, digitalizing its crisis planning and response. Apart from this, there are also automated crisis management options available to boost productivity and client satisfaction. As a result of the increase in digitization, the BFSI business has been quick to adopt cutting-edge crisis management solutions, and these elements drive the growth of the global market.

BFSI Crisis Management Market Report Highlights

• Software segment is expected to lead the global market with major share in 2022 primarily due to growing digitalization in the BFSI sector across the globe
• Cloud-based segment is dominating the global marker due to high level of backup and redundancy at a minimal cost
• Bank segment is leading the global market with significant share. This is owing to adoption of digitalized and networked solution
• North America held the largest share in 2022 owing to presence of major market players and growing investments
• The players include 4C Strategies; LogicGate, Inc.; MetricStream; CURA; Everbridge; Konexus; SAS Institute Inc; Deloitte Touche Tohmatsu Limited; RQA Europe Ltd.; IBM; NCC Group; Noggin & others.

Polaris Market Research has segmented the BFSI Crisis Management market report based on component, deployment, enterprise, application, end user, and region:

BFSI Crisis Management, Component Outlook (Revenue - USD Billion, 2019-2032)

• Software
• Service

BFSI Crisis Management, Deployment Outlook (Revenue - USD Billion, 2019-2032)

• On-premises
• Cloud-based

BFSI Crisis Management, Enterprise Outlook (Revenue - USD Billion, 2019-2032)

• Large enterprises
• Small & medium enterprises

BFSI Crisis Management, Application Outlook (Revenue - USD Billion, 2019-2032)

• Risk & Compliance Management
• Disaster Recovery & Business Continuity
• Incident Management & Response
• Crisis Communication
• Others

BFSI Crisis Management, End User Outlook (Revenue - USD Billion, 2019-2032)

• Banks
• Insurance Companies
• Financial Services Providers

BFSI Crisis Management, Regional Outlook (Revenue - USD Billion, 2019-2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa