BFSI Crisis Management Market Report by Component (Software, Services), Deployment Type (On-premises, Cloud-based), Enterprises Size (Large Enterprises, Small and Medium-sized Enterprises), Application (Disaster Recovery and Business Continuity, Risk and Compliance Management, Crisis Communication, Incident Management and Response, and Others), End User (Banks, Insurance Companies, and Others), and Region 2024-2032

BFSI Crisis Management Market Report by Component (Software, Services), Deployment Type (On-premises, Cloud-based), Enterprises Size (Large Enterprises, Small and Medium-sized Enterprises), Application (Disaster Recovery and Business Continuity, Risk and Compliance Management, Crisis Communication, Incident Management and Response, and Others), End User (Banks, Insurance Companies, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A4766
Buy Now

BFSI Crisis Management Market Size:

The global BFSI crisis management market size reached US$ 15.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 61.9 Billion by 2032, exhibiting a growth rate (CAGR) of 15.8% during 2024-2032. The increasing regulatory pressures, rising cyber threats, growing need for robust risk management frameworks, the rising complexity of financial operations, and the increasing importance of maintaining customer trust are some of the major factors propelling the market growth.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 15.8 Billion
Market Forecast in 2032
US$ 61.9 Billion
Market Growth Rate (2024-2032) 15.8%


BFSI Crisis Management Market Analysis:

  • Major Market Drivers: The escalating cyber threats and increasing regulatory pressures represent the major drivers of the market. Financial institutions face sophisticated cyberattacks that necessitate robust crisis management solutions to protect sensitive data and maintain operational integrity.
  • Key Market Trends: The increasing integration of artificial intelligence and machine learning for predictive analytics and risk management represents the key trends in the market. The rise of digital transformation initiatives is also prominent, with organizations investing in advanced technologies to streamline crisis management processes.
  • Geographical Trends: North America accounts for the largest region in the BFSI crisis management market growth. The strict regulatory requirements, rising cyber threats, and the growing need for robust risk management frameworks are driving the market growth across the region.
  • Competitive Landscape: Some of the major market players in the BFSI crisis management industry include 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, and Veoci Inc, among many others.
  • Challenges and Opportunities: The market faces various challenges including evolving cyber threats, regulatory complexities, and high implementation costs of advanced crisis management solutions. However, the market also faces various opportunities, such as the widespread adoption of artificial intelligence (AI) and machine learning (ML) for predictive analytics and risk management.
     

bfsi crisis management market


BFSI Crisis Management Market Trends:

Rising Cyber Threats

The increasing sophistication and frequency of cyberattacks on financial institutions necessitate robust crisis management solutions to protect sensitive data and maintain operational integrity, thus influencing the market growth. According to industry reports, there were 2365 cyberattacks in 2023 with 343, 338,964 victims. 2023 witnessed a 72% increase in data breaches since 2021, which held the previous record. A data breach costs $4.45 million on average. E-mail is the most common vector for malware, with around 35% of malware delivered via e-mail in 2023. 94% of organizations have reported e-mail security incidents. Business e-mail compromises accounted for $ 2.7 billion in losses in 2022. This is further boosting the BFSI crisis management market statistics significantly.

Increasing Digital Transformation Initiatives

The ongoing digital transformation in the financial sector is leading to the adoption of advanced technologies including artificial intelligence and machine learning which is propelling the market growth. For instance, in May 2024, global nonprofit company Accion announced the launch of the Accion Digital Transformation Fund. The $152.5 million fund seeks to enable financial institutions to better meet the needs of small businesses that are currently excluded from the financial system by providing growth capital and strategic support for digital transformation. This is expected to fuel the BFSI crisis management market forecast over the coming years.

Growing strict regulatory requirements

The rising implementation of stringent compliance standards of regulatory bodies on financial institutions to safeguard consumer interest and maintain market stability is contributing to the growth of the market. These According to an article published by The Economic Times, S&P global ratings highlight the Reserve Bank of India's (RBI) commitment to enhancing governance and transparency in India's financial sector. The RBI’s recent measures aim to mitigate lenders' exuberance, improve compliance, and protect consumers, albeit at the expensive higher capital costs for institutions. Regulatory actions include curbing lending activities and strict penalties for breaches, signaling a departure from nominal penalties.

BFSI Crisis Management Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on component, deployment type, enterprises size, application and end user.

Breakup by Component:

  • Software
  • Services
     

The report has provided a detailed breakup and analysis of the market based on the component. This includes software and services.

The demand for software components in the market is driven by the need for real-time risk assessment, regulatory compliance, and enhanced cybersecurity. Advanced analytics, AI, and machine learning capabilities in software improve predictive risk management, streamline crisis response, and ensure data protection, fostering operational resilience and efficiency.

The rising need for expert guidance in implementing and managing crisis management systems, ensuring regulatory compliance, and providing ongoing support is driving the demand for service components in the market. Services like consultancy, training, and managed services help financial institutions enhance their crisis preparedness and response capabilities effectively.

Breakup by Deployment Type:

  • On-premises
  • Cloud-based
     

On-premises holds the largest share of the industry

A detailed breakup and analysis of the market based on the deployment type have also been provided in the report. This includes on-premises and cloud-based. According to the report, on-premises accounted for the largest market share.

The demand for on-premises components in the market is driven by concerns over data security and privacy, regulatory compliance, and control over sensitive information. Financial institutions prefer on-premises solutions to ensure robust protection against cyber threats and to meet stringent regulatory standards. Additionally, the need for high customization and seamless integration with existing IT infrastructure encourages the adoption of on-premises crisis management systems, providing greater control and reliability in managing critical operations.

Breakup by Enterprises Size:

  • Large Enterprises 
  • Small and Medium-sized Enterprises
     

Large enterprises represent the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the enterprises size. This includes large enterprises and small and medium sized enterprises. According to the report, large enterprises represented the largest segment.

The demand for BFSI crisis management in large enterprises is driven by the complexity and scale of their operations, which require robust risk management frameworks. Large financial institutions face heightened regulatory scrutiny and significant cyber threats, necessitating comprehensive crisis management solutions. Additionally, the need to protect vast amounts of sensitive customer data, ensure business continuity, and maintain stakeholder trust propels these enterprises to invest in advanced crisis management systems to effectively mitigate risks and manage potential crises.

Breakup by Application:

  • Disaster Recovery and Business Continuity
  • Risk and Compliance Management
  • Crisis Communication
  • Incident Management and Response
  • Others
     

Incident management and response exhibits a clear dominance in the market 

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes disaster recovery and business continuity, risk and compliance management, crisis communication, incident management and response, and others. According to the report, incident management and response accounted for the largest market share.

The demand for BFSI crisis management in incident management and response is driven by the increasing frequency and sophistication of cyberattacks, necessitating rapid and effective incident handling. Regulatory mandates require financial institutions to have robust response protocols. Additionally, the need to minimize financial and reputational damage, ensure operational continuity, and swiftly recover from disruptions drives investment in advanced incident management solutions. These systems enable real-time threat detection, coordinated response efforts, and efficient recovery processes, enhancing overall crisis resilience.

Breakup by End User:

  • Banks
  • Insurance Companies
  • Others
     

Banks dominates the market

The report has provided a detailed breakup and analysis of the market based on the end user. This includes banks, insurance companies, and others. According to the report, banks represented the largest segment.

The demand for BFSI crisis management in banks is driven by stringent regulatory compliance requirements and the increasing complexity of financial transactions. Heightened cyber threats and the need to protect sensitive customer data necessitate robust crisis management solutions. Additionally, the importance of maintaining operational continuity and minimizing financial and reputational risks drives banks to invest in comprehensive crisis management frameworks. Advanced technologies like AI and real-time monitoring are crucial for effective risk mitigation and ensuring trust and stability in banking operations.

Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

North America leads the market, accounting for the largest BFSI crisis management market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represents the largest regional market for BFSI crisis management.

The market for BFSI crisis management market across North America is driven by the increasing complexity of financial operations, on strict regulatory compliance requirements. The growing cyber threats necessitate advanced crisis management solutions to protect sensitive data are driving the market demand across the region. For instance, in May 2024, the U.S. Insider Risk Management Center of Excellence (U.S. InRM COE) announced its official launch. This nonprofit will focus on promoting private, public, and academic partnerships to foster knowledge sharing and the development of collaborative resources to equip and enable insider risk practitioners.

Competitive Landscape:

  • The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the BFSI crisis management industry include 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 and Veoci Inc.

    (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
     
  • The competitive landscape of the BFSI crisis management market characterizes key players including MetricStream Inc., SAS Institute Inc., and IBM Corporations, leading with advanced risk management and analytics solutions. Emerging companies such as LogicGate and Resolver Inc. Also contribute innovation software for crisis detection and response. For instance, in September 2023, Analytics and AI leader SAS announced to expansion of its partnership with Microsoft to help banks better manage looming liquidity and interest rate risks as financial firms maneuver the continued fallout of recent bank failures. SAS Asset and Liability Management (ALM), powered by Kamakura Risk Manager on Microsoft Azure, supports multi-period, scenario-based, integrated simulation and valuation for risk management, capital allocation, and balance sheet optimization.


BFSI Crisis Management Market News:

  • In June 2024, technology major IBM announced that it would set up an artificial intelligence (AI) cluster for Banking, Financial Services, and Insurance (BFSI) units operating in Gujarat International Finance Tec-City (GIFT City) in Gandhinagar.
  • In March 2024, LogicGate, a leading provider of holistic Governance, Risk, and Compliance (GRC) solutions through its Risk Cloud platform, announced the new Cyber Risk Suite and Operations Risk Suite offerings, providing enterprises with purpose-built integrated solutions to optimize their Enterprise Risk Management (ERM) and Cyber Risk programs efficiently and effectively.
  • In March 2024, NCC Group officially launched its Escode brand- a new name and a new identity for its world-leading software escrow verification division as it enters an exciting next phase of truth. This bold rebrand and fresh identity is a significant milestone for the business, reflecting its continuing commitment to setting the highest standards for the industry and creating first class, escrow solutions that enhance credibility for software developers and deliver unmatched protection for software users.


BFSI Crisis Management Market Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
  • Component
  • Deployment Type
  • Enterprises Size
  • Application
  • End User
  • Region
Components Covered Software, Services
Deployment Types Covered On-Premises, Cloud-Based
Enterprises Sizes Covered Large Enterprises, Small and Medium Size Enterprises
Applications Covered Disaster Recovery and Business Continuity, Risk and Compliance Management, Crisis Communication, Incident Management and Response, Others
End Users Covered Banks, Insurance Companies, Others
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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 and Veoci Inc., etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Key Benefits for Stakeholders:

  • IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the BFSI crisis management market from 2018-2032.
  • The research report provides the latest information on the market drivers, challenges, and opportunities in the global BFSI crisis management market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the BFSI crisis management industry and its attractiveness.
  • The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.

Key Questions Answered in This Report

The global BFSI crisis management market was valued at US$ 15.8 Billion in 2023.

We expect the global BFSI crisis management market to exhibit a CAGR of 15.8% during 2024-2032.

The growing advancements in the financial technology to aid in protecting the reliability and credibility of financial institution network are primarily driving the global BFSI crisis management market.

The sudden outbreak of the COVID-19 pandemic has led to the escalating demand for BFSI crisis management solutions to detect financial fraudulent activities and provide cyber security on account of the rising deployment of online payment solutions.

Based on the deployment type, the global BFSI crisis management market has been divided into on- premises and cloud-based. Currently, on-premises deployment exhibits a clear dominance in the market.

Based on the enterprises size, the global BFSI crisis management market can be categorized into large enterprises and small and medium-sized enterprises, where large enterprises hold the majority of the total market share.

Based on the application, the global BFSI crisis management market has been segmented into
disaster recovery and business continuity, risk and compliance management, crisis communication, incident management and response, and others. Among these, the incident management and response segment represents the largest market share.

Based on the end user, the global BFSI crisis management market can be bifurcated into banks, insurance companies, and others. Currently, banks account for the majority of the total market share.

On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.

Some of the major players in the global BFSI crisis management market include 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, and Veoci Inc.

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
BFSI Crisis Management Market Report by Component (Software, Services), Deployment Type (On-premises, Cloud-based), Enterprises Size (Large Enterprises, Small and Medium-sized Enterprises), Application (Disaster Recovery and Business Continuity, Risk and Compliance Management, Crisis Communication, Incident Management and Response, and Others), End User (Banks, Insurance Companies, and Others), and Region 2024-2032
Purchase options




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-714-6104

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More
DEinternational Egypt

IMARC did an outstanding job in preparing our study. They were punctual and precise, delivering all the data we required in a clear and well-organized format. Their attention to detail and ability to meet deadlines was impressive, making them a reliable partner for our project.

Read More