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.
Banking, financial services, and insurance (BFSI) crisis management represents one of the latest advancements in financial technology. It relies on artificial intelligence (AI), cloud computing, machine learning (ML), and big data to deal with different incidents and potential emergency situations in the banking industry. Besides this, it also assists in protecting the reliability and credibility of the financial institution network. As the BFSI crisis management solution providers are improving financial services, risk mitigation and fraud detection, and cyber security, its demand is escalating around the world.
BFSI Crisis Management Market Trends:
At present, there is a rise in the need to protect an organization’s reputation and manage threats related to financial viability, employee health, and overall public safety. This represents one of the key factors catalyzing the demand for crisis management solutions worldwide. These solutions find a wide range of applications in numerous business areas, such as lending, international money transfers, personal finance, equity financing, and insurance. In addition, there is a considerable increase in the volume of data produced by large enterprises. This, in confluence with the rapid adoption of digitalized platforms and network solutions by financial institutions and banks to operate their businesses, is creating a favorable market outlook. Furthermore, developing countries across the globe are offering lucrative growth opportunities for crisis management solution providers to expand their product portfolios. This, along with increasing focusing on making improvements in customer experience while availing financial products and services, is contributing to the growth of the market. Other major factors, including the growing awareness about financial technology, and an extensive expansion of the BFSI industry, are projected to drive the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global BFSI crisis management market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, deployment type, enterprises size, application and end user.
Breakup by Component:
Breakup by Deployment type:
Breakup by Enterprises Size:
Small and Medium-sized Enterprises
Breakup by Application:
Disaster Recovery and Business Continuity
Risk and Compliance Management
Incident Management and Response
Breakup by End User:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
Base Year of the Analysis
Component, Deployment type, Enterprises Size, Application, End User, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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.
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Key Questions Answered in This Report
The global BFSI crisis management market was valued at US$ 13.3 Billion in 2022.
We expect the global BFSI crisis management market to exhibit a CAGR of 18.2% during 2023-2028.
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
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.
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