According to the latest report by IMARC Group, titled “BFSI Crisis Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global BFSI crisis management market size reached US$ 13.3 Billion in 2022. 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.
Global BFSI Crisis Management Market Trends:
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.
- On the basis of the component, the market has been divided into software and services.
- Based on the deployment type, the market is bifurcated into on premises and cloud-based. Currently, on-premises dominate the market, holding the largest share.
- On the basis of the enterprise size, the market has been segregated into large, and, small and medium-sized enterprises. At present, large enterprises account for the majority of the global share.
- Based on the application, the market is categorized into disaster recovery and business continuity, risk and compliance management, crisis communication, incident management and response, and others. Among these, incident management and response represent the biggest market segment.
- On the basis of the end user, the market has been classified into banks, insurance companies, and others. Presently, banks are the biggest end-use industry.
- Based on the region, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Currently, North America is the leading market.
- The competitive landscape of the market has also been examined, with some 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
| Historical Period
||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.
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
134 N 4th St.
Brooklyn, NY 11249, USA
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800