Global BFSI Crisis Management Market to Reach US$ 61.9 Billion by 2032, Propelled by Bolstering Growth of BSFI Industry

According to the latest report by IMARC Group, titled “­­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,” the global BFSI crisis management market size reached US$ 15.8 Billion in 2023. 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$ 61.9 Billion by 2032, expanding at a CAGR of 15.8% during 2024-2032.

Market Summary:

• 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.

Report Scope:

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