Global BFSI Crisis Management Market Report
RA08772
Global BFSI Crisis Management Market by Component (Software and Services), Deployment (On-Premises and Cloud), Enterprise Size (Large Enterprises and Small & Medium Enterprises), Application (Risk & Compliance Management, Disaster Recovery & Business Continuity, Incident Management & Response Crisis Communication, and Others), End User (Banks, Insurance Companies, and Financial Services Providers), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Global BFSI Crisis Management Market by Component (Software and Services), Deployment (On-Premises and Cloud), Enterprise Size (Large Enterprises and Small & Medium Enterprises), Application (Risk & Compliance Management, Disaster Recovery & Business Continuity, Incident Management & Response Crisis Communication, and Others), End User (Banks, Insurance Companies, and Financial Services Providers), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
BFSI Crisis Management Overview
Financial crises, cybersecurity breaches, operational interruptions, regulatory non-compliance, and reputational hazards are just a few of the crises that the BFSI (Banking, Financial Services, and Insurance) sector is particularly vulnerable to. Organisations in the BFSI sector put in place thorough crisis management methods in order to manage these crises effectively. To be ready for any crises, BFSI organisations create extensive planning and crisis management frameworks. This entails locating potential risks and weaknesses, performing risk analyses, and creating reaction plans. Roles and responsibilities for crisis management teams are established beforehand.
Global BFSI Crisis Management Market Analysis
The global BFSI crisis management market size was $11.4 billion in 2022 and is predicted to grow with a CAGR of 18.4%, by generating a revenue of $61.0 billion by 2032.
COVID-19 Impact on Global BFSI Crisis Management Market
For the BFSI industry, the pandemic brought along hitherto unheard-of difficulties, like operational disruptions, the management of a remote workforce, and an increase in cyberthreats. As a result, business continuity planning and maintaining the resilience of crucial operations have received more attention. In order to support remote work, safeguard data access, and sustain key services during lockdowns and restricted operations, BFSI organisations have invested in technologies and processes.
The pandemic has brought to light the need for businesses in the BFSI sector to improve their crisis preparedness and resilience. To better address upcoming disruptions, a greater emphasis will be placed on creating strong crisis management strategies, business continuity plans, and risk mitigation frameworks.
Regulatory Compliance to Drive the Market Growth
Operating in a highly regulated environment is the BFSI sector. To protect the security, sustainability, and resilience of the financial system, regulatory agencies place severe standards on crisis management and business continuity planning. The adoption of crisis management services and solutions is driven by compliance with regulatory standards and recommendations. Cybersecurity dangers to the BFSI industry are on the rise and include data breaches, ransomware attacks, and fraud efforts. Organisations engage in crisis management solutions that improve cybersecurity controls, incident response capabilities, and threat intelligence to safeguard sensitive consumer data, financial systems, and infrastructure.
Complex Regulatory Environment to Restrain Market Growth
Businesses operating in the BFSI industry must adhere to a complicated regulatory environment's plethora of rules and regulations. As regulations frequently vary among jurisdictions and are subject to regular modifications, it can be difficult to comply with regulatory requirements for crisis management. This intricacy may make it difficult to implement crisis management plans and may slow market expansion. For BFSI organisations, putting comprehensive crisis management plans into place and spending money on the requisite tools, technologies, and resources can be expensive.
Enhanced Digital Resilience to Drive Excellent Opportunities
The BFSI industry's transition to digitalization has been expedited by the COVID-19 pandemic. This offers a chance for crisis management strategies to concentrate on boosting digital resilience, including safe remote work practises, strong cybersecurity safeguards, and dependable digital infrastructure. There will be a considerable demand for products that enable secure digital operations and safeguard client data. Opportunities for better crisis management are presented by the expanding data availability and developments in analytics and AI technology.
Global BFSI Crisis Management Market Share, by Component, 2022
The component sub-segment accounted for the highest share in 2022. In the BFSI sector, business continuity planning is a crucial part of crisis management. Businesses need products and services that make it possible to create effective business continuity plans. These plans cover operational disruptions, guarantee the continuing delivery of vital services in times of emergency, and specify the steps to take for prompt recovery and operation restoration.
Global BFSI Crisis Management Market Share, by Deployment, 2022
The cloud sector accounted for the highest market size in 2022. Organisations may simply increase their crisis management skills in response to demand thanks to the scalability and flexibility offered by cloud-based solutions. This is especially useful in emergency situations where prompt action and resource allocation are crucial. Organisations can instantly scale up or down their crisis management systems thanks to cloud infrastructure, ensuring they have the resources needed to handle the situation.
Global BFSI Crisis Management Market Share, by Enterprise Size, 2022
The large enterprises sector accounted for the highest market size in 2022. Large companies in the BFSI industry frequently have numerous subsidiaries, a variety of business lines, and intricate operating structures. It need all-encompassing crisis management systems that can handle the complexities of the organisation to manage crises across these various operations. Large businesses look for crisis management options that offer a comprehensive perspective of the organisation and allow for efficient coordination and response across various business units.
Global BFSI Crisis Management Market Share, by Application, 2022
The risk & compliance management sector accounted for the highest market size in 2022. An essential component of crisis management in the BFSI sector is efficient risk assessment. Solutions for risk and compliance management offer the concepts and tools required for thorough risk analysis. Organisations can use these solutions to recognise, assess, and rank risks, such as monetary, operational, cybersecurity, and regulatory threats. Enhanced risk assessment aids organisations in anticipating possible crises and putting the right risk mitigation measures in place.
Global BFSI Crisis Management Market Share, by End User, 2022
The banks sector accounted for the highest market size in 2022. Due to their crucial function in the financial system, banks are regarded as systemically significant institutions. Banks place a high focus on maintaining financial stability, and crisis management is essential to attaining this objective. In order to reduce risks and maintain financial stability, banks look for crisis management solutions that enable efficient risk assessment, early warning of possible crises, and quick response.
Global BFSI Crisis Management Market Share, by Region, 2022
North America region held the highest share in the BFSI crisis management market in 2022. The BFSI industry is subject to strict regulation in North America, which is overseen by organisations including the Securities and Exchange Commission (SEC), Federal Reserve System, and Office of the Comptroller of the Currency (OCC). These regulatory agencies establish standards and specifications for compliance, business continuity, crisis management, and cybersecurity. The region's demand for crisis management solutions is influenced by the regulatory environment.
Competitive Scenario in the Global BFSI Crisis Management Market
Product development and geographic expansion are major strategies in the highly competitive global market.
Some of the leading BFSI Crisis Management market players are NCC Group, MetricStream Inc., Noggin, IBM, LogicGate, Inc., 4C Strategies, CURA Software Solutions, Everbridge, Konexus, and SAS Institute Inc.
| Aspect | Particulars |
| Historical Market Estimations | 2021 |
| Base Year for Market Estimation | 2022 |
| Forecast Timeline for Market Projection | 2023-2032 |
| Geographical Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Segmentation by Component |
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| Segmentation by Deployment |
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| Segmentation by Enterprise Size |
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| Segmentation by Application |
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| Segmentation by End User |
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| Key Companies Profiled |
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Q1. What is the size of the BFSI crisis management market?
A. The size of the BFSI crisis management market was over $11.4 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 18.4% during the forecast period.
Q2. Which are the major companies in the BFSI crisis management market?
A. Konexus and IBM are some of the key players in the global BFSI crisis management market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What are the strategies opted by the leading players in this market?
A. Product development and geographic expansion are the two key strategies opted by the operating companies in this market.
Q5. Which companies are investing more on R&D practices?
A. Konexus and IBM are the companies investing more on R&D activities for developing new products and technologies.
1. Research Methodology
1.1. Desk Research
1.2. Real time insights and validation
1.3. Forecast model.
1.4. Assumptions and forecast parameters
1.5. Market size estimation
1.5.1. Top-down approach
1.5.2. Bottom-up approach
2. Report Scope
2.1. Market definition
2.2. Key objectives of the study
2.3. Report overview
2.4. Market segmentation
2.5. Overview of the impact of COVID-19 on BFSI crisis management market.
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Growth impact forces
4.2.1. Drivers
4.2.2. Restraints
4.2.3. Opportunities
4.3. Market value chain analysis
4.3.1. List of raw material suppliers
4.3.2. List of manufacturers
4.3.3. List of distributors
4.4. Innovation & sustainability matrices
4.4.1. Technology matrix
4.4.2. Regulatory matrix
4.5. Porter’s five forces analysis
4.5.1. Bargaining power of suppliers
4.5.2. Bargaining power of consumers
4.5.3. Threat of substitutes
4.5.4. Threat of new entrants
4.5.5. Competitive rivalry intensity
4.6. PESTLE analysis
4.6.1. Political
4.6.2. Economical
4.6.3. Social
4.6.4. Technological
4.6.5. Environmental
4.7. Impact of COVID-19 on bfsi crisis management market
4.7.1. Pre-covid market scenario
4.7.2. Post-covid market scenario
5. BFSI Crisis Management Market, by Component
5.1. Overview
5.2. Software
5.2.1. Definition, key trends, growth factors, and opportunities
5.2.2. Market size analysis, by region, 2022-2032
5.2.3. Market share analysis, by country, 2022-2032
5.3. Services
5.3.1. Definition, key trends, growth factors, and opportunities
5.3.2. Market size analysis, by region, 2022-2032
5.3.3. Market share analysis, by country, 2022-2032
5.4. Research Dive Exclusive Insights
5.4.1. Market attractiveness
5.4.2. Competition heatmap
6. BFSI Crisis Management Market, by Enterprise Size
6.1. Overview
6.2. Large Enterprises
6.2.1. Definition, key trends, growth factors, and opportunities
6.2.2. Market size analysis, by region, 2022-2032
6.2.3. Market share analysis, by country, 2022-2032
6.3. Small & Medium Enterprises
6.3.1. Definition, key trends, growth factors, and opportunities
6.3.2. Market size analysis, by region, 2022-2032
6.3.3. Market share analysis, by country, 2022-2032
6.4. Research Dive Exclusive Insights
6.4.1. Market attractiveness
6.4.2. Competition heatmap
7. BFSI Crisis Management Market, by Deployment
7.1. Overview
7.2. On-Premises
7.2.1. Definition, key trends, growth factors, and opportunities
7.2.2. Market size analysis, by region, 2022-2032
7.2.3. Market share analysis, by country, 2022-2032
7.3. Cloud
7.3.1. Definition, key trends, growth factors, and opportunities
7.3.2. Market size analysis, by region, 2022-2032
7.3.3. Market share analysis, by country, 2022-2032
7.4. Research Dive Exclusive Insights
7.4.1. Market attractiveness
7.4.2. Competition heatmap
8. BFSI Crisis Management Market, by Enterprise Size
8.1. Overview
8.2. Large Enterprises
8.2.1. Definition, key trends, growth factors, and opportunities
8.2.2. Market size analysis, by region, 2022-2032
8.2.3. Market share analysis, by country, 2022-2032
8.3. Small & Medium Enterprises
8.3.1. Definition, key trends, growth factors, and opportunities
8.3.2. Market size analysis, by region, 2022-2032
8.3.3. Market share analysis, by country, 2022-2032
8.4. Research Dive Exclusive Insights
8.4.1. Market attractiveness
8.4.2. Competition heatmap
9. BFSI Crisis Management Market, by Application
9.1. Overview
9.2. Risk & Compliance Management
9.2.1. Definition, key trends, growth factors, and opportunities
9.2.2. Market size analysis, by region, 2022-2032
9.2.3. Market share analysis, by country, 2022-2032
9.3. Disaster Recovery & Business Continuity
9.3.1. Definition, key trends, growth factors, and opportunities
9.3.2. Market size analysis, by region, 2022-2032
9.3.3. Market share analysis, by country, 2022-2032
9.4. Incident Management & Response
9.4.1. Definition, key trends, growth factors, and opportunities
9.4.2. Market size analysis, by region, 2022-2032
9.4.3. Market share analysis, by country, 2022-2032
9.5. Crisis Communication
9.5.1. Definition, key trends, growth factors, and opportunities
9.5.2. Market size analysis, by region, 2022-2032
9.5.3. Market share analysis, by country, 2022-2032
9.6. Others
9.6.1. Definition, key trends, growth factors, and opportunities
9.6.2. Market size analysis, by region, 2022-2032
9.6.3. Market share analysis, by country, 2022-2032
9.7. Research Dive Exclusive Insights
9.8. Market attractiveness
9.9. Competition heatmap
10. BFSI Crisis Management Market, by End User
10.1. Overview
10.2. Banks
10.2.1. Definition, key trends, growth factors, and opportunities
10.2.2. Market size analysis, by region, 2022-2032
10.2.3. Market share analysis, by country, 2022-2032
10.3. Insurance Companies
10.3.1. Definition, key trends, growth factors, and opportunities
10.3.2. Market size analysis, by region, 2022-2032
10.3.3. Market share analysis, by country, 2022-2032
10.4. Financial Services Providers
10.4.1. Definition, key trends, growth factors, and opportunities
10.4.2. Market size analysis, by region, 2022-2032
10.4.3. Market share analysis, by country, 2022-2032
10.5. Research Dive Exclusive Insights
10.6. Market attractiveness
10.7. Competition heatmap
11. BFSI Crisis Management Market, by Region
11.1. North America
11.1.1. U.S.
11.1.1.1. Market size analysis, by Component
11.1.1.2. Market size analysis, by Deployment
11.1.1.3. Market size analysis, by Enterprise Size
11.1.1.4. Market size analysis, by Application
11.1.2. Canada
11.1.2.1. Market size analysis, by Component
11.1.2.2. Market size analysis, by Deployment
11.1.2.3. Market size analysis, by Enterprise Size
11.1.2.4. Market size analysis, by Application
11.1.3. Mexico
11.1.3.1. Market size analysis, by Component
11.1.3.2. Market size analysis, by Deployment
11.1.3.3. Market size analysis, by Enterprise Size
11.1.3.4. Market size analysis, by Application
11.1.4. Research Dive Exclusive Insights
11.1.4.1. Market attractiveness
11.1.4.2. Competition heatmap
11.2. Europe
11.2.1. Germany
11.2.1.1. Market size analysis, by Component
11.2.1.2. Market size analysis, by Deployment
11.2.1.3. Market size analysis, by Enterprise Size
11.2.1.4. Market size analysis, by Application
11.2.2. UK
11.2.2.1. Market size analysis, by Component
11.2.2.2. Market size analysis, by Deployment
11.2.2.3. Market size analysis, by Enterprise Size
11.2.2.4. Market size analysis, by Application
11.2.3. France
11.2.3.1. Market size analysis, by Component
11.2.3.2. Market size analysis, by Deployment
11.2.3.3. Market size analysis, by Enterprise Size
11.2.3.4. Market size analysis, by Application
11.2.4. Spain
11.2.4.1. Market size analysis, by Component
11.2.4.2. Market size analysis, by Deployment
11.2.4.3. Market size analysis, by Enterprise Size
11.2.4.4. Market size analysis, by Application
11.2.5. Italy
11.2.5.1. Market size analysis, by Component
11.2.5.2. Market size analysis, by Deployment
11.2.5.3. Market size analysis, by Enterprise Size
11.2.5.4. Market size analysis, by Application
11.2.6. Rest of Europe
11.2.6.1. Market size analysis, by Component
11.2.6.2. Market size analysis, by Deployment
11.2.6.3. Market size analysis, by Enterprise Size
11.2.6.4. Market size analysis, by Application
11.2.7. Research Dive Exclusive Insights
11.2.7.1. Market attractiveness
11.2.7.2. Competition heatmap
11.3. Asia Pacific
11.3.1. China
11.3.1.1. Market size analysis, by Component
11.3.1.2. Market size analysis, by Deployment
11.3.1.3. Market size analysis, by Enterprise Size
11.3.1.4. Market size analysis, by Application
11.3.2. Japan
11.3.2.1. Market size analysis, by Component
11.3.2.2. Market size analysis, by Deployment
11.3.2.3. Market size analysis, by Enterprise Size
11.3.2.4. Market size analysis, by Application
11.3.3. India
11.3.3.1. Market size analysis, by Component
11.3.3.2. Market size analysis, by Deployment
11.3.3.3. Market size analysis, by Enterprise Size
11.3.3.4. Market size analysis, by Application
11.3.4. Australia
11.3.4.1. Market size analysis, by Component
11.3.4.2. Market size analysis, by Deployment
11.3.4.3. Market size analysis, by Enterprise Size
11.3.4.4. Market size analysis, by Application
11.3.5. South Korea
11.3.5.1. Market size analysis, by Component
11.3.5.2. Market size analysis, by Deployment
11.3.5.3. Market size analysis, by Enterprise Size
11.3.5.4. Market size analysis, by Application
11.3.6. Rest of Asia Pacific
11.3.6.1. Market size analysis, by Component
11.3.6.2. Market size analysis, by Deployment
11.3.6.3. Market size analysis, by Enterprise Size
11.3.6.4. Market size analysis, by Application
11.3.7. Research Dive Exclusive Insights
11.3.7.1. Market attractiveness
11.3.7.2. Competition heatmap
11.4. LAMEA
11.4.1. Brazil
11.4.1.1. Market size analysis, by Component
11.4.1.2. Market size analysis, by Deployment
11.4.1.3. Market size analysis, by Enterprise Size
11.4.1.4. Market size analysis, by Application
11.4.2. Saudi Arabia
11.4.2.1. Market size analysis, by Component
11.4.2.2. Market size analysis, by Deployment
11.4.2.3. Market size analysis, by Enterprise Size
11.4.2.4. Market size analysis, by Application
11.4.3. UAE
11.4.3.1. Market size analysis, by Component
11.4.3.2. Market size analysis, by Deployment
11.4.3.3. Market size analysis, by Enterprise Size
11.4.3.4. Market size analysis, by Application
11.4.4. South Africa
11.4.4.1. Market size analysis, by Component
11.4.4.2. Market size analysis, by Deployment
11.4.4.3. Market size analysis, by Enterprise Size
11.4.4.4. Market size analysis, by Application
11.4.5. Rest of LAMEA
11.4.5.1. Market size analysis, by Component
11.4.5.2. Market size analysis, by Deployment
11.4.5.3. Market size analysis, by Enterprise Size
11.4.5.4. Market size analysis, by Application
11.4.6. Research Dive Exclusive Insights
11.4.6.1. Market attractiveness
11.4.6.2. Competition heatmap
12. Competitive Landscape
12.1. Top winning strategies, 2022
12.1.1. By strategy
12.1.2. By year
12.2. Strategic overview
12.3. Market share analysis, 2022
13. Company Profiles
13.1. NCC Group
13.1.1. Overview
13.1.2. Business segments
13.1.3. Product portfolio
13.1.4. Financial performance
13.1.5. Recent developments
13.1.6. Audi
13.2. MetricStream Inc.
13.2.1. Overview
13.2.2. Business segments
13.2.3. Product portfolio
13.2.4. Financial performance
13.2.5. Recent developments
13.2.6. SWOT analysis
13.3. Noggin
13.3.1. Overview
13.3.2. Business segments
13.3.3. Product portfolio
13.3.4. Financial performance
13.3.5. Recent developments
13.3.6. SWOT analysis
13.4. IBM
13.4.1. Overview
13.4.2. Business segments
13.4.3. Product portfolio
13.4.4. Financial performance
13.4.5. Recent developments
13.4.6. SWOT analysis
13.5. LogicGate, Inc.
13.5.1. Overview
13.5.2. Business segments
13.5.3. Product portfolio
13.5.4. Financial performance
13.5.5. Recent developments
13.5.6. SWOT analysis
13.6. 4C Strategies
13.6.1. Overview
13.6.2. Business segments
13.6.3. Product portfolio
13.6.4. Financial performance
13.6.5. Recent developments
13.6.6. SWOT analysis
13.7. CURA Software Solutions
13.7.1. Overview
13.7.2. Business segments
13.7.3. Product portfolio
13.7.4. Financial performance
13.7.5. Recent developments
13.7.6. SWOT analysis
13.8. Everbridge
13.8.1. Overview
13.8.2. Business segments
13.8.3. Product portfolio
13.8.4. Financial performance
13.8.5. Recent developments
13.8.6. SWOT analysis
13.9. Konexus
13.9.1. Overview
13.9.2. Business segments
13.9.3. Product portfolio
13.9.4. Financial performance
13.9.5. Recent developments
13.9.6. SWOT analysis
13.10. SAS Institute Inc.
13.10.1. Overview
13.10.2. Business segments
13.10.3. Product portfolio
13.10.4. Financial performance
13.10.5. Recent developments
13.10.6. SWOT analysis
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