The banking, financial services, and insurance (bfsi) crisis management global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Banking, Financial Services, And Insurance (BFSI) Crisis Management Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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 16.0%. The growth in the historic period can be attributed to rising remote work culture, growth in the digitization of banks and financial services, increasing frequency and severity of financial crises, growing regulatory requirements, and 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 in the forecast period can be attributed to increasing cybersecurity threats, rising awareness among banking, financial services, and insurance (BFSI) organizations, rising need for operational resilience, demand for enhanced customer experience, and accelerating the shift towards online financial services. Major trends in the forecast period include cloud-based technology, technology advancements, integrating artificial intelligence(AI), incorporating machine learning, and adopting big data analytics.
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Scope Of Banking, Financial Services, And Insurance (BFSI) Crisis Management Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Banking, Financial Services, And Insurance (BFSI) Crisis Management Market Overview
Market Drivers –
The increasing cybersecurity threats are expected to propel the growth of the banking, financial services, and insurance (BFSI) crisis management market going forward. Cybersecurity threats refer to malicious activities or events that target computer systems, networks, or data intending to steal, alter, destroy, or otherwise cause harm. The increasing cybersecurity threats are due to digital transformation, the sophistication of attackers, and regulatory compliance. Crisis management in the BFSI is integral to handling cybersecurity threats, ensuring organizations can respond effectively, comply with regulations, and maintain trust with their stakeholders. For instance, in March 2023, according to the Federal Bureau of Investigation, a US-based law enforcement agency, complaints about investment fraud jumped 127%, from $1.45 billion in 2021 to $3.31 billion in 2022. Further, cryptocurrency investment fraud rose from $907 million in 2021 to $2.57 billion in 2022. Therefore, the rise in cyberattacks is driving the growth of the banking, financial services, and insurance (BFSI) crisis management market
Market Trends –
Major companies operating in the banking, financial services, and insurance (BFSI) crisis management market are focusing on developing climate technology to mitigate financial risks associated with climate-related disruptions. Climate technology refers to innovative solutions and tools designed to address and mitigate the impacts of climate change, including renewable energy, emissions reduction, and climate risk management systems. For instance, in October 2024, Adaptive Insurance, a UK-based tech-focused parametric insurance platform, launched the GridProtect, to protect insureds from the impact of power outages due to climate risks. This technology-driven solution promises to offer financial relief following grid disruptions, filling a gap left by traditional insurance policies. Adaptive Insurance noted that power outages in the US pose a significant challenge, affecting an estimated 15 million businesses each month and leading to considerable economic losses.
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
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Regional Insights –
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.
Key Companies –
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.
Table of Contents
1. Executive Summary
2. Banking, Financial Services, And Insurance (BFSI) Crisis Management Market Report Structure
3. Banking, Financial Services, And Insurance (BFSI) Crisis Management Market Trends And Strategies
4. Banking, Financial Services, And Insurance (BFSI) Crisis Management Market – Macro Economic Scenario
5. Banking, Financial Services, And Insurance (BFSI) Crisis Management Market Size And Growth
…..
27. Banking, Financial Services, And Insurance (BFSI) Crisis Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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