BFSI Crisis Management Market to Reach Valuation of USD 32.8 Billion by 2028 – Growing Need for Protecting an Organization’s Reputation and Safeguarding Customers’ Important Data Drives the Market

In terms of revenue, the Global BFSI Crisis Management Market is expected to reach USD 32.8 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 17.30% from 2022 to 2028.

In recent years, the growing need for protecting an organization’s reputation and safeguarding essential customer data, and managing risk analytics is the main factor that is expected to drive the BFSI Crisis Management market growth. In addition, a considerable amount of data generated across the financial society needs accurate management skills and software. The influence of IoT and digitalization has increased the demand by consumers to protect data and personal information.

Key Highlights from Report:

• The Cloud sub-segment of the Deployment Type segment is anticipated to dominate the BFSI Crisis Management Market. The increasing influence of Cloud technology in the 21^st century has driven this segment. In addition, data availability with the help of IoT and digitalization makes Cloud-based platforms work accurately and efficiently. Thus, in the coming years, Cloud-based technology is expected to uplift BFSI Crisis Management and reduce threats.

• The SMEs sub-segment of the Organization Size segment accounted for the largest market share in 2021 for the BFSI Crisis Management market. SMEs are the primary target for financial threats. SMEs are accounted to adopt BFSI crises management tools for safeguarding financial data and protecting the organization. Thus, the growing trend for BFSI crisis management in SMEs is driving this segment.

• North America is the largest regional segment. This is attributed to the rising demand for BFSI Crisis Management in developing economies such as India, China, and Indonesia.

Market Dynamics:

The outbreak of the COVID-19 pandemic has taught major organizations the importance of financial crises. Major BFSI organizations faced losses owing to a lack of monetary flow. However, organizations that adopted the BFSI crisis management made much progress in enhancing their financial framework. Moreover, BFSI functions majorly on share market and investment plans. For instance, the financial crisis in 2008 caused by Lehman Brothers created massive financial problems and affected significant players in the market. Thus, efficient financial consultancy and extensive data management skills offered by BFSI management systems are expected to generate massive potential in the coming years.

North America is expected to dominate the global BFSI Crisis Management Market in 2021 and is likely to continue the same trend during the forecast period. An increase in critical players and high investment made by affluent populations in countries such as the U.S. & Canada is likely to generate demand for this market shortly. For instance, in July 2021, Blameless, a crisis management solution provider, raised USD 30 million in a Series B funding round, leading to a total budget of USD 50 million. Third Point Ventures, an investment company based in the U.S., led the financing round, including participation from Decibel, Accel, and Light speed Venture Partners. Blameless envisages utilizing the funding to expand its operation, accelerate growth, and extend its business reach.