The North America BFSI Crisis Management Market would witness market growth of 16.5% CAGR during the forecast period (2022-2028).
Increased reliance on crisis management software and solutions among banks and other financial institutions is a major factor driving the growth of the BFSI crisis management market. This is due to the fact that such software & solutions provide digitalized solutions, which include the reduction of business risks, the detection of fraudulent activity, and the management of incidents and compliance. In addition, the swift adoption of crisis management solutions across the BFSI sectors as well as the rise in the knowledge of financial technology is the driving force behind the expansion of the revenue generated by the BFSI crisis management market.
The BFSI business is seeing persistent growth, which is driving increased demand for the aforementioned solutions and supporting the expansion of the market. The providers of solutions for crisis management are increasingly concentrating their efforts on the enhancement of financial services, risk reduction and fraud detection, and cyber security. In addition, a surge in financial institutions' reliance on digitalization as well as the rapid adoption of crisis management solutions among financial sectors is a major driver that drives the growth of the market. On the other hand, a number of banks and other financial institutions are currently investing & implementing BFSI crisis management solutions for their business processes in order to increase their product lines.
The World Bank and other significant international organizations' presence in the North America region may also present new opportunities for regional market players. To improve their security, several financial and banking institutions in the North America region are gradually incorporating cutting-edge technologies. The adoption of BFSI crisis management is also being fueled with the aim to enhance the management and generate more insights, which would contribute to the growth of the BFSI crisis management market in the upcoming years.
The US market dominated the North America BFSI Crisis Management Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $7,140.8 million by 2028. The Canada market is anticipated to witness a CAGR of 19.1% during (2022 - 2028). Additionally, The Mexico market would generate a CAGR of 18.1% during (2022 - 2028).
Based on Component, the market is segmented into Software and Services. Based on Enterprise Size, the market is segmented into Large Enterprises and SMEs. Based on Application, the market is segmented into Risk & Compliance Management, Incident Management & Response, Disaster Recovery & Business Continuity, Crisis Communication, and Others. Based on Deployment, the market is segmented into Cloud Based and On-Premise. Based on End-user, the market is segmented into Banks, Financial Service Providers, and Insurance companies. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global BFSI Crisis Management Market is Predict to reach $28.1 Billion by 2028, at a CAGR of 17.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include NCC Group plc, ViacomCBS Inc. (Noggin), LogicGate, Inc., MetricStream, Inc., 4C Strategies, IBM Corporation, Cura Global GRC Solutions Pte Ltd, Cleverbridge GmbH, Deloitte Touche Tohmatsu Limited, and SAS Institute Inc.
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