BFSI crisis is not a new economic phenomenon and in today’s world, the economic analysis of banking crises is a constant source of speculation and interest. Contagion, positive feedback loops in the market, bank runs, and inadequate governmental oversight are some of the reasons for BFSI crisis. Crisis management plays a vital role in such situations as it helps to minimize reliance on public funds and preserve financial stability.
Growing adoption of crisis management services and increase in need for convergence of data with high speed & accuracy are some of the important factors that are propelling the growth of the global BFSI crisis management market. Further, there is increase in dependency of financial institutes on crisis management solutions and software. In addition to this, increase in integration of IT with BFSI sector to offer beneficial and secured solutions will also drive market growth. Also, to manage uncertain risks, incidents, and cyber protection solutions owing to increase in adoption of digital technologies and heavy investment in core-banking technologies, most of the key players are coming up with advanced platforms. All such factors are equally contributing to the overall growth of the global market. Furthermore, growing necessity of risk & compliance management in the BFSI sector and ability to drive a sense of urgency & accelerate decisions may present several growth opportunities for the global BFSI crisis management market.
The global BFSI crisis management market is classified based on component, deployment type, application, and region. Based on component, the global market is categorized into services and solution. The deployment of BFSI crisis management is categorized as cloud and on-premises. Several applications of BFSI crisis management are segregated in the report based on risk & compliance management, disaster recovery & business continuity, incident management & response, crisis communication, and others.
Among the regions, North America is estimated to be the highest revenue generator in the global BFSI crisis management market during the forecast period. The growth of BFSI crisis management market in North America is mainly triggered by presence of large banking & finance sector, increasing digitalization in BFSI sector and government funding to improve overall banking security. Asia Pacific is projected to be the most lucrative region for the growth of BFSI crisis management market over the forecast period. Increasing adoption of digital security solution in emerging countries such as China and India is driving the demand of the BFSI crisis management market in the region.
With the advancement in technologies, the global BFSI crisis management market is becoming highly competitive. Some of the major players operating in the global market are 4C Strategies, SAS Institute Inc., NCC Group, Noggin, LogicGate, Inc., MetricStream Inc., IBM, Konexus, CURA Software Solutions, and Everbridge.
Recent Development: In March 2019, to help organizations dynamically manage, coordinate & accelerate recovery and critical event response, Everbridge launched Crisis Management Solution.