Banking, Financial Services, and Insurance (BFSI) Crisis Management Market Report 2024

This Banking, Financial Services, And Insurance (BFSI) Crisis Management market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The banking, financial services, and insurance (BFSI) crisis management market size has grown rapidly in recent years. It will grow from $11.43 billion in 2023 to $13.26 billion in 2024 at a compound annual growth rate (CAGR) of 16%. The growth during the historic period can be attributed to the rise of remote work culture, increased digitization of banking and financial services, more frequent and severe financial crises, growing regulatory requirements, and the increasing complexity of the financial system.

The banking, financial services, and insurance (BFSI) crisis management market size is expected to see rapid growth in the next few years. It will grow to $24.23 billion in 2028 at a compound annual growth rate (CAGR) of 16.3%. The growth during the forecast period can be attributed to escalating cybersecurity threats, heightened awareness among banking, financial services, and insurance (BFSI) organizations, an increased need for operational resilience, a demand for improved customer experience, and the rapid shift towards online financial services. Key trends expected during this period include the adoption of cloud-based technology, advancements in technology, integration of artificial intelligence (AI), incorporation of machine learning, and the use of big data analytics.

The growing cybersecurity threats are expected to drive the expansion of the banking, financial services, and insurance (BFSI) crisis management market. Cybersecurity threats involve malicious activities targeting computer systems, networks, or data with the intent to steal, alter, destroy, or cause harm. These threats are increasing due to digital transformation, the sophistication of attackers, and regulatory requirements. Effective crisis management in the BFSI sector is crucial for addressing cybersecurity threats, ensuring organizations can respond appropriately, adhere to regulations, and maintain stakeholder trust. For example, in March 2023, the Federal Bureau of Investigation reported a 127% increase in complaints about investment fraud, rising from $1.45 billion in 2021 to $3.31 billion in 2022. Additionally, cryptocurrency investment fraud surged from $907 million in 2021 to $2.57 billion in 2022. Consequently, the rise in cyberattacks is driving the growth of the BFSI crisis management market.

Leading companies in the banking, financial services, and insurance (BFSI) crisis management sector are concentrating on developing climate technology to reduce financial risks stemming from climate-related disruptions. Climate technology encompasses innovative tools and solutions aimed at addressing and alleviating the effects of climate change, such as renewable energy, emissions reduction, and climate risk management systems. For example, in October 2024, Adaptive Insurance, a parametric insurance platform based in the UK, introduced GridProtect to shield policyholders from the effects of power outages caused by climate risks. This technology-driven solution aims to provide financial support following grid failures, addressing a gap left by conventional insurance policies. Adaptive Insurance highlighted that power outages in the US represent a significant challenge, impacting approximately 15 million businesses monthly and resulting in substantial economic losses.

In January 2024, Hitachi Payment Services, a financial services company based in India, acquired Writer Corporation for an undisclosed amount. This acquisition allows Hitachi to enhance its service offerings by incorporating Writer Corporation's cash management business, marking a significant move to expand its market presence as a comprehensive payments and commerce solutions provider in India. Writer Corporation, also based in India, specializes in crisis management across various industries, including banking, financial services, and insurance (BFSI).

Major companies operating in the banking, financial services, and insurance (BFSI) crisis management market are Deloitte Touche Tohmatsu Limited, PricewaterhouseCoopers International Limited, KPMG International Limited, Capgemini SE, SAS Institute Inc., Software AG, LogicGate Inc., Everbridge Inc., NCC Group, MetricStream Inc., CURA Software Solutions, Resolver Inc., Fusion Risk Management Inc., Beekeeper AG, 4C Group AB, Noggin Pty Ltd., RQA Europe Ltd., Veoci Inc., Konexus, Rockdove Solutions Inc.

North America was the largest region in the banking, financial services, and insurance (BFSI) crisis management market in 2023. The regions covered in the banking, financial services, and insurance (BFSI) crisis management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the banking, financial services, and insurance (BFSI) crisis management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Banking, financial services, and insurance (BFSI) crisis management refers to financial institutions and insurance companies' strategies, processes, and practices to prepare for, respond to, and recover from crises that could significantly disrupt their operations. This management is essential for maintaining trust with customers, investors, and regulators, as well as for protecting the institution's financial stability. Effective crisis management helps minimize losses, maintain operational continuity, and safeguard the institution's reputation during uncertainty or disruption.

The main components of banking, financial services, and insurance (BFSI) crisis management are software and services. Software in the banking, financial services, and insurance (BFSI) crisis management includes applications and tools designed to help financial institutions manage crises efficiently. These are deployed through various deployments such as on-premise, and cloud. These are used by various enterprise sizes such as large enterprises, small and medium enterprises, and also by multiple applications such as risk and compliance management, disaster recovery & business continuity, incident management and response, and others.

The banking, financial services, and insurance (BFSI) crisis management market research report is one of a series of new reports that provides banking, financial services, and insurance (BFSI) crisis management market statistics, including banking, financial services, and insurance (BFSI) crisis management industry global market size, regional shares, competitors with a banking, financial services, and insurance (BFSI) crisis management market share, detailed banking, financial services, and insurance (BFSI) crisis management market segments, market trends, and opportunities, and any further data you may need to thrive in the banking, financial services, and insurance (BFSI) crisis management industry. This banking, financial services, and insurance (BFSI) crisis management research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The banking, financial services, and insurance (BFSI) crisis management market consists of revenues earned by entities by providing services such as cyber security services, regulatory and compliance management, and crisis communication. The market value includes the value of related goods sold by the service provider or included within the service offering. The banking, financial services, and insurance (BFSI) crisis management market also includes sales of disaster recovery tools and fraud detection tools. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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