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According to a new report, published by KBV research, The Global BFSI Crisis Management Market size is expected to reach $28.1 billion by 2028, rising at a market growth of 17.1% CAGR during the forecast period.
The Services market is showcasing a CAGR of 19.5% during (2022 - 2028). The expansion of technology businesses' concentration on the creation of "technology as a service" is responsible for the rise of the services sector. Businesses and individuals alike turn to banks as well as financial services companies during times of crisis for advice and assistance in obtaining financial support.
The Large Enterprises market acquired the high revenue share in the Global BFSI Crisis Management Market by Enterprise Size in 2021, thereby, achieving a market value of $17.8 billion by 2028. This is a result of large businesses adopting a multi-cloud as well as hybrid cloud strategy, whereby workloads are deployed on various public clouds while certain data is also stored on a private cloud. Due to the large amount of business expenses, the large businesses have more risk of financial loss or any other such crisis which arises the demand for BFSI crisis management for this segment.
The Disaster Recovery & Business Continuity market has shown the high growth rate of 17.3% during (2022 - 2028). When creating catastrophe recovery plans, financial organizations have particular difficulties. A disaster recovery strategy is usually part of an enterprise continuity plan. In contrast to other businesses, finance mandates the use of a successful disaster recovery strategy. The demand for disaster recovery is thus rising in the market.
The Cloud Based market is leading the Global BFSI Crisis Management Market by Deployment in 2021, thereby, achieving a market value of $16.5 billion by 2028. As cloud computing offers banking organizations improved levels of data protection, fault tolerance, and disaster recovery, the cloud-based segment has experienced tremendous growth. Additionally, it provides substantial backup and redundancy at a low cost. These factors are anticipated to support the market expansion in this segment.
The Financial Service Providers market is registering a CAGR of 17.4% during (2022 - 2028). In order to respond to the COVID-19 pandemic since the beginning of 2020, financial services companies all over the world have been relying not just on pre-existing crisis management and business continuity strategies, but also on institutional memory, innovation, and plain old hard work. This would support the market growth in this segment.
The North America market dominated the Global BFSI Crisis Management Market by Region in 2021, thereby, achieving a market value of $9.9 billion by 2028. The Europe market is anticipated to grow at a CAGR of 15.3% during (2022 - 2028). Additionally, The Asia Pacific market would witness a CAGR of 18% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By Enterprise Size
By End User