IMARC Group, a leading market research company, has recently releases report titled “BFSI Crisis Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the BFSI crisis management market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the BFSI crisis management market?
The global BFSI crisis management market size reached US$ 13.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 36.4 Billion by 2028, exhibiting a growth rate (CAGR) of 18.2% during 2023-2028.
What is BFSI crisis management?
Banking, financial services and insurance (BFSI) crisis management refers to the strategic planning, preparedness, and response measures implemented by organizations to effectively handle and mitigate crisis situations. It aims to mitigate risks, protect stakeholders, maintain financial stability, and safeguard the reputation of organizations in the face of crises. BFSI crisis management relies on advanced technologies, such as artificial intelligence (AI), cloud computing, machine learning (ML), and big data, to access and counter potential emergencies in the banking industry. By implementing robust crisis management practices, BFSI institutions can navigate challenging situations with greater resilience and minimize the potential negative impacts on their operations and the broader financial ecosystem. In addition to this, it can help institutions improve their financial services and protect against fraud detection and cyber security.
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What are the growth prospects and trends in the BFSI crisis management industry?
The rise in frequency and complexity of numerous financial crises across the BFSI sector, such as economic recessions, market crashes, liquidity crises, and cyberattacks, is primarily driving the market growth. Besides this, the implementation of numerous stringent regulatory requirements and compliance obligations in the industry is prompting organizations to adopt robust crisis management strategies and systems to meet these regulatory expectations, which, in turn, is aiding in market expansion. Moreover, widespread product utilization to identify, assess, and mitigate risks, ensuring the resilience and stability of the financial system, is acting as another significant growth-inducing factor. In addition to this, the escalating threat of cyber-attacks and data breaches, and the rising emphasis on brand reputation and customer trust, are impelling product adoption to enable timely response and recovery.
In line with this, the intensive need for business continuity among BFSI organizations is facilitating the adoption of robust crisis management solutions capable of ensuring minimal disruption and efficient recovery in emergency situations, which is favoring the market growth. Furthermore, the growing demand for innovative solutions integrated with advanced technologies, such as cloud computing, artificial intelligence (AI), and machine learning (ML), to facilitate real-time monitoring and analysis of data to detect potential threats is positively impacting the market growth. Looking forward, the market value is projected to reach US$ 36.4 Billion by 2028, expanding at a CAGR of 18.2 % during 2023-2028.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Component:
- Software
- Services
Breakup by Deployment type:
- On-premises
- Cloud-based
Breakup by Enterprises Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Breakup by Application:
- Disaster Recovery and Business Continuity
- Risk and Compliance Management
- Crisis Communication
- Incident Management and Response
- Others
Breakup by End User:
- Banks
- Insurance Companies
- Others
Breakup by Region:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- 4C Group AB
- Beekeeper AG
- Everbridge Inc.
- International Business Machines Corporation
- Logicgate Inc.
- Metricstream Inc.
- NCC Group
- Noggin Pty Ltd
- Rockdove Solutions Inc.
- Sas Institute Inc.
- Software Aktiengesellschaft
- Veoci Inc.
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