Richmond, Nov. 28, 2023 (GLOBE NEWSWIRE) -- According to a research report "BFSI Crisis Management Market”, by Component (Software, Services), Deployment (On-Premise, Cloud), Enterprise (Large Enterprises, Small and Medium Enterprises), Application (Risk & Compliance Management, Disaster Recovery & Business Continuity, Incident Management & Response, Crisis Communication, Others), End-user (Banks, Insurance Companies, Financial Services Providers, and Region.
Global BFSI Crisis Management Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 13.4 Billion |
| Market size value in 2030 | USD 45.8 Billion |
| CAGR (2023-2030) | 19.2% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Offering, Component, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on BFSI Crisis Management Market
172 - Market Data Tables
66 - List of Figures
227 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
Crisis management involves the implementation of strategies aimed at assisting organizations in navigating significant and abrupt negative events. These crises often stem from unforeseen consequences of events that were initially identified as potential risks. The purpose of crisis management is to enable organizations, including those in the Banking, Financial Services, and Insurance (BFSI) sector, to swiftly make decisions that mitigate damage during unforeseen circumstances. In the BFSI domain, crisis management specifically focuses on handling or preventing crises in banking, insurance, and finance businesses. Preparedness is crucial for companies to effectively manage any potential crisis, ensuring customer satisfaction with their response. The market for BFSI crisis management experiences substantial growth driven by increased reliance on crisis management software and solutions within financial institutions and banks. This technology offers digitalized solutions encompassing fraud detection, risk minimization, and incident and compliance management, thereby acting as a significant catalyst for market expansion.
Major Vendors in the Global BFSI Crisis Management Market:
- NCC Group
- LogicGate Inc.
- MetricStream
- 4C Strategies
- IBM
- CURA
- Everbridge
- SAS Institute Inc.
- Deloitte
- RQA Europe Ltd
- Noggin
- MetricStream Inc.
- CURA Software Solutions
- Konexus
- RQA Europe Ltd
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Growing demand for risk mitigation and fraud detection
The burgeoning demand for risk mitigation and fraud detection stands as a pivotal driver for the BFSI (Banking, Financial Services, and Insurance) Crisis Management Market. As financial institutions grapple with an ever-evolving landscape of risks and sophisticated fraud threats, there is a heightened emphasis on deploying advanced crisis management solutions. These tools not only enable proactive risk mitigation but also bolster fraud detection capabilities, crucial for safeguarding sensitive financial data and maintaining the integrity of transactions. The increasing integration of technologies such as artificial intelligence and machine learning in crisis management solutions empowers the BFSI sector to stay ahead of emerging risks, enhancing its ability to swiftly identify and address potential crises before they escalate. This growing recognition of the importance of risk mitigation and fraud detection underscores the essential role played by crisis management solutions in fortifying the resilience of the BFSI industry.
Market Dynamics
Drivers:
- Increasing frequency and severity of financial crises
- Growing regulatory requirements
- Increasing complexity of the financial system
Opportunities:
- Developing integrated crisis management solutions
- Leveraging artificial intelligence (AI) and machine learning (ML)
- Developing cloud-based solutions
The increasing focus on crisis prevention
The BFSI (Banking, Financial Services, and Insurance) Crisis Management Market has witnessed a significant trend towards an increasing focus on crisis prevention. Financial institutions are recognizing the imperative to proactively identify and mitigate potential threats before they escalate into crises. This shift is driven by the growing complexity of cyber threats, operational vulnerabilities, and regulatory requirements. The integration of advanced technologies such as artificial intelligence, machine learning, and predictive analytics has empowered the BFSI sector to enhance its ability to detect and preemptively respond to potential crises. By prioritizing prevention over reactive measures, financial organizations aim to not only safeguard their systems, data, and operations but also to maintain customer trust and comply with stringent regulatory standards in an ever-evolving risk landscape. This trend underscores the industry's commitment to resilience and proactive risk management in the face of an increasingly dynamic and challenging environment.
The market for BFSI Crisis Management Market is dominated by North America.
North America's dominance in the BFSI Crisis Management Market can be attributed to a combination of factors, including the region's highly developed financial infrastructure, stringent regulatory frameworks, and a proactive approach towards adopting advanced technologies. The United States, in particular, is home to a large number of major financial institutions and banks that prioritize cutting-edge crisis management solutions to protect against cyber threats, operational disruptions, and compliance challenges. Additionally, the region's early recognition of the importance of crisis preparedness and risk mitigation, coupled with significant investments in cybersecurity measures, has positioned North America at the forefront of the BFSI Crisis Management Market. The region's robust cybersecurity ecosystem and a mature market for technological innovations contribute to its continued dominance as a key player in shaping the landscape of crisis management solutions within the BFSI sector.
The Asia-Pacific region is emerging as the fastest-growing market for BFSI Crisis Management due to several factors propelling the demand for advanced solutions. The region's rapid economic development, expanding financial services sector, and increasing digitalization have exposed financial institutions to a diverse range of risks, making crisis management solutions essential. Heightened awareness of cybersecurity threats, coupled with a surge in online transactions, has driven the need for robust risk mitigation and crisis response strategies in the BFSI sector. Moreover, governments across the Asia-Pacific are increasingly focusing on strengthening cybersecurity regulations, creating a conducive environment for the adoption of crisis management technologies. As financial institutions in the region recognize the critical importance of safeguarding sensitive data and ensuring business continuity, the demand for sophisticated crisis management solutions is experiencing significant growth, positioning Asia-Pacific as a dynamic and pivotal market in the BFSI sector
Cloud Segment is anticipated to hold the Largest Market Share during the Forecast Period
Based on by Deployment segment is categorized into On-premises and Cloud. The cloud segment asserted its dominance in the market, capturing a substantial 59.8% revenue share and is anticipated to exhibit the highest Compound Annual Growth Rate (CAGR) of 20.8% throughout the forecast period. The remarkable growth in the cloud sector can be attributed to its cost-effective provision of robust backup and redundancy. The market is categorized based on deployment into on-premise and cloud solutions. For BFSI entities, safeguarding data privacy and security is paramount. Additionally, the swift response time for message delivery and receipt is a significant concern for banks. Consequently, on-premise solutions offer low latency to users by minimizing external dependencies, thereby reducing the feedback loop time for message exchange between individuals.
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