PORTLAND, OREGON, UNITED STATES, August 31, 2021 /EINPresswire.com/ — As per the report published by Allied Market Research, titled, “BFSI Crisis Management Market by Component (Solution and Services), Deployment Type (On-premises and Cloud), Enterprise Size (Large Enterprises and Small & Medium Enterprises (SMEs)), and Application (Disaster Recovery & Business Continuity, Risk & Compliance Management, Crisis Communication, Incident Management & Response, and Others), and End User (Banks, Insurance Companies, and Others) : Global Opportunity Analysis and Industry Forecast, 2020–2027″ the global BFSI crisis management market was accounted for $8.46 billion in 2019, and is expected to garner $31.15 billion by 2027, registering a CAGR of 18.2% from 2020 to 2027.
Increase in dependency on crisis management software & solutions among financial institutions and rise in adoption of crisis management solutions among the BFSI sector have boosted the growth of the global BFSI crisis management market. On the contrary, complicated management of networks and data theft & cybersecurity concerns hinder the market growth. However, untapped potential in developing countries would open new opportunities in the coming years.
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Key benefits for stakeholders
The study provides in-depth analysis of the global BFSI crisis management market share along with current & future trends to illustrate the imminent investment pockets.
Information about key drivers, restrains, and opportunities and their impact analysis on the BFSI crisis management market size are provided in the report.
Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
An extensive analysis of the key segments of the industry helps to understand the global BFSI crisis management market trends.
The quantitative analysis of the global BFSI crisis management market from 2020 to 2027 is provided to determine the market potential.
The pandemic and lockdown across several region led to rise in use and adoption of online and digitalized financial services across the globe.
Moreover, several countries imposed strict lockdowns to curb the spread of the virus. Thus, several market players offered an advanced platform for managing uncertain incidents, risks, and cyber protection solutions for financial institutes.
The global BFSI crisis management market is segmented on the basis of component, deployment type, enterprise size, application, end user, and region.
Based on component, the services segment is projected to register the highest CAGR of 19.7% during the forecast period. However, the solution segment dominated the market in 2019, contributing to more than two-thirds of the market.
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By application, the risk & compliance management segment would register the highest CAGR of 19.3% from 2020 to 2027. However, the incident management & response segment held the lion’s share in 2019, accounting for nearly two-fifths of the market.
The global BFSI crisis management market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific would showcase the highest CAGR of 20.4% during the forecast period. However, the market across North America generated the largest share in 2019, holding more than one-third of the market.
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The global BFSI crisis management market includes an in-depth analysis of the prime market players such as 4C Strategies, Everbridge, CURA Software Solutions, Konexus, IBM, MetricStream Inc., LogicGate, Inc., Noggin, NCC Group, and SAS Institute Inc.