What are the Historical Developments and Current Growth Metrics of the Banking Financial Services And Insurance BFSI Crisis Management Market?
The banking financial services and insurance bfsi crisis management market has seen considerable growth due to a variety of factors.
• The market size for crisis management in the banking, financial services, and insurance (BFSI) sectors has seen rapid growth lately. It's expected to rise from $13.26 billion in 2024 to $15.45 billion in 2025, with a compound annual growth rate (CAGR) of 16.5%.
This progress during the historical timeframe is due to factors such as the surge in remote working culture, advancement in digitalized banking and financial services, the high frequency and intensity of financial crises, stricter regulatory requirements, and rising complexities in the financial system.
What Is The Projected Growth Of The Banking Financial Services And Insurance BFSI Crisis Management Template Market?
The banking financial services and insurance bfsi crisis management market is expected to maintain its strong growth trajectory in upcoming years.
• The value of the crisis management market in the banking, financial services, and insurance (BFSI) sector is predicted to experience rapid expansion in the coming years. It is projected to reach $28.15 billion by 2029, growing at a compound annual growth rate (CAGR) of 16.2%.
The projected growth during this period can be linked to a rise in cybersecurity threats, growing cognizance in BFSI institutions, an increased need for operational durability, customer service enhancement requirements, and a fast-paced transition to digitalized financial services. The expected major trends throughout this period are cloud-based technology, technological progress, the integration of artificial intelligence (AI), the application of machine learning, and the adoption of big data analytics.
What Are The Key Drivers Fueling Growth In The Banking Financial Services And Insurance BFSI Crisis Management Market?
The surge in cybersecurity threats is anticipated to boost the banking, financial services, and insurance (BFSI) crisis management market. Cybersecurity threats involve harmful actions targeting computer systems, networks or data with the objective to steal, change, destroy or cause damage. Such threats are increasing due to factors such as digital transformation, sophisticated attackers, and the need for regulatory compliance. Crisis management within the BFSI sector is crucial for effectively addressing cybersecurity threats, ensuring regulatory compliance, and maintaining stakeholder trust. For instance, in March 2023, the Federal Bureau of Investigation reported a 127% rise in investment fraud complaints, increasing from $1.45 billion in 2021 to $3.31 billion in 2022. Additionally, cryptocurrency investment fraud ballooned from $907 million in 2021 to $2.57 billion in 2022. Consequently, the escalation in cyberattacks is fueling the growth of the banking, financial services, and insurance (BFSI) crisis management market.
What Are The Principal Market Segments In The Global Banking Financial Services And Insurance BFSI Crisis Management Industry?
The banking, financial services, and insurance (BFSI) crisis management market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment: On-Premise, Cloud
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprises
4) By Application: Risk And Compliance Management, Disaster Recovery And Business Continuity, Incident Management And Response, Other Applications
Subsegments:
1) By Software: Crisis Management Software, Risk Assessment and Management Software, Incident Management Software, Business Continuity Planning Software, Communication and Collaboration Tools
2) By Services: Consulting Services, Training and Awareness Programs, Incident Response Services, Recovery and Continuity Services, Compliance and Regulatory Advisory Services
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Which Emerging Market Trends Are Altering The Banking Financial Services And Insurance BFSI Crisis Management Industry?
Leading corporations in the banking, financial services, and insurance (BFSI) crisis management industry are prioritizing the advancement of climate technology to alleviate financial perils tied to climate-induced disturbances. Climate technology is characterized by the application of groundbreaking solutions and tools aimed at tackling and reducing climate change impacts, involving renewable energy, emissions decline, and climate risk management structures. For example, in October 2024, Adaptive Insurance, a tech-oriented parametric insurance platform originating from the UK, set off GridProtect, seeking to insulate the insured against the aftermath of power stoppages attributed to climate perils. This tech-based solution avows to provide financial succor after grid disruptions, covering a lapse left by orthodox insurance covers. Adaptive Insurance stated that power interruptions in the US present a major hindrance, impacting roughly 15 million businesses monthly and culminating in substantial economical setbacks.
Who Are the Key Players In The Banking Financial Services And Insurance BFSI Crisis Management Market?
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.
What Are The Regional Insights Into The Banking Financial Services And Insurance BFSI Crisis Management Market?
North America was the largest region in the banking, financial services, and insurance (BFSI) crisis management market in 2024. 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.
