The global crisis management market was valued at almost USD 8 billion in 2016 and is expected to reach USD 10 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on crisis management services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the crisis management services market during the forecast period. Some of the top vendors listed in this industry analysis include Edelman, Weber Shandwick, FleishmanHillard, Ketchum, and Burson-Marsteller.
In terms of geographical analysis, North America led the global market during 2016 by accounting for around 40% of the overall market share. The growth of the crisis management services market in North America can be accredited to the relatively higher market maturity when compared with other regions.
Click here to request a free sample of this report
According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “Social media teams, within organizations, are constantly developing mechanisms to use qualified listening and monitor online conversations frequently. Methodologies such as qualified listening of online conversations enable communication managers to plan their content and counter-arguments for a crisis.”
For report customization, click here
The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increasing use of social media platforms for crisis management
The ease of integration between text, pictures, audio, and video allows different stakeholders involved in crisis management scenarios to seamlessly share content with each other. It also makes it possible for businesses to detect early signs of a developing crisis by keeping thresholds on the level of negative social media activity generated by the business. Social media platforms are being increasingly used as a part of an omnichannel strategy to grasp consumer expectations, deliver a set of consistent messaging that resonates with the brand’s identity, and help reach a wider and more relevant audience.
High influence and impact of activism and pressure groups
Activists across different backgrounds pose a big threat to both, small and large organizations, due to their ability to generate bad publicity, seek legislative action, and cause frequent disruption in running a business. Businesses may have to incur damage of reputation, low sales and profitability, and low employee satisfaction. As a result, they are forming collaborations with PR agencies that possess a strong crisis management division. PR agencies help businesses identify activists, understand their objectives, and develop strategies to deal with them.
Growing need to maintain balance between preparedness and execution of a crisis management plan
While the crisis management plan should be supported by a strategy and a clear plan, it should also be effectively communicated to all internal (employees) and external stakeholders (shareholders and regulators). Crisis management firms help businesses gather the right information, define the crisis in the right framework, develop an effective business continuity plan, and effective communication with everyone involved.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Crisis Management Services – Procurement Market Intelligence 2017’.
Get more information on procurement market intelligence at https://www.spendedge.com/
