Latest News- Crisis Management Software Market: Solution is expected to lead the Component segment during 2024-2028

The Crisis Management Software Market is being driven by Rising adoption of blockchain in crisis management software

The Crisis Management Software Market is expected to grow at a CAGR of 5.4% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2621.2 million. In the highly competitive global crisis management software market, vendors are pursuing strategic partnerships and acquisitions with various market players, including software and technology providers, to enhance their offerings and expand their reach. These collaborations enable vendors to accelerate product development, broaden their geographical presence, and gain access to advanced technological capabilities. Moreover, they open new revenue streams by allowing vendors to sell their products and services to a larger customer base. For instance, Everbridge, a leading crisis management software provider, recently expanded its partnership with National Public Warning Solutions and samdesk, a premier AI-driven crisis detection firm, integrating samdesk's disaster detection feeds with Everbridge's Crisis Event Management (CEM) suite. This strategic alliance strengthens Everbridge's market position by combining advanced AI technology with its comprehensive crisis management solutions. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component
  • Solution
  • Services
• Deployment
  • On-premises
  • Cloud-based
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
  • APAC
    • China
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising adoption of blockchain in crisis management software
• Emergence of chatbots
• Stringent government regulations and compliance requirements

However, the market also witnesses some limitations, which are as follows:

• Threat from open source crisis management software
• Issues associated with system integration
• Data security and cybersecurity concerns

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Market Scope in Crisis Management Software Market Research Report

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Research Analysis Overview

The Crisis Management Software Market encompasses solutions that facilitate Crisis Simulation, Crisis Drills, and Incident Response Training. These tools support Business Continuity Testing, Emergency Response Plans, and Stakeholder Communication. Social Media Engagement, Reputation Recovery, and Crisis Management Frameworks are also included. Key features are the Incident Management Process, Risk Management Strategy, Data-driven Insights, and Predictive Analytics. Automated Incident Response, Real-time Data Visualization, Cybersecurity Incident Response, and Data Breach Response are essential components. Business Continuity Strategy and Disaster Recovery Plan are crucial elements, along with Emergency Response Team and Crisis Communication Team. Compliance and Regulations, Information Security Policies, Data Governance, Ethical Considerations, Privacy Regulations, Cybersecurity Best Practices, Industry-specific Compliance, Security Audits, Vulnerability Assessments, Penetration Testing, Threat Modeling, Incident Response Automation, AI-powered Threat Detection, Cloud Security Solutions, Data Loss Prevention, and Crisis Management Platform complete the offerings.

Market Research Overview

The Crisis Management Software market is a segment of the larger IT application software industry. This market specifically caters to businesses seeking solutions for Incident Management, Threat Intelligence, Risk Assessment, Communication Management, Business Continuity Planning, Crisis Response, and Emergency Response. According to Technavio, the global IT application software market encompasses revenue from companies providing all types of software, including cloud-based applications. This market excludes those engaged in the production of interactive home entertainment software and systems or database management software.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/