Global BFSI Crisis Management Market Forecast, Trend Analysis And Competition Tracking - Market Insights: 2015 – 2031

Global BFSI Crisis Management Market Introduction

Banks, financial institutions, and other enterprises in the business of handling personal or corporate money are not exempt from crisis. As a result, it is essential that they develop emergency disaster preparedness plans in order to be able to mitigate damages in the event of an emergency.   An emergency disaster preparedness plan should include risk assessment, data backup, personnel awareness training, safety drills. It also helps when people are trained when using social media for communication when corporate websites are down.

Request Covid - 19 Impact

BFSI crisis management is the project of managing or preventing a crisis in the business such as banking, insurance and finance. It is important for companies to be prepared for any potential crisis so they can ensure customers are satisfied with how they handled it.

The financial industry has seen a number of damaging crises in recent years, with the financial crisis being one of the most serious. With ongoing concerns over the effects that Brexit may have on global markets, it is important for firms to have plan in place to respond. This article will discuss what firms should focus on in order to better handle potential crises.

The global BFSI crisis management market was valued at US$ 9.91 billion in 2020, and is projected to grow at a CAGR of 17.2%.

Contingency Planning is an important part of business continuity management. It helps organizations to prepare for worst-case scenarios that could result in a crisis or emergency. The organization must create a goal that will guide the contingency planning process and then identify what is needed to achieve that goal.

The banking sector has been one of the hardest hit by the economic crisis and risk management is a big topic. The first task of crisis management is to determine if we are in a crisis, and as such it is necessary to look at two factors: 1) over-indebtedness and 2) lack of liquidity.

Contractors are getting ready to face a new crisis. They are preparing themselves for the increase in cyber security risks, natural disasters, and other unpredictable events. The British Bankers Association Financial Services trade association is updating contingency plans by providing members with a new checklist. This checklist will help firms analyze risks and make sure they have the correct tools in place to limit damage when disaster strikes.

The global BFSI crisis management market is segregated into component, deployment mode, application, end use, and regions. On the basis of component, the global BFSI crisis management market is sub-segmented into software, and services. With respect to deployment mode, the global BFSI crisis management market is distributed into on-premise, and cloud-based. On the basis of application, the global BFSI crisis management market is sub-segmented into disaster recovery & business continuity, risk & compliance management, crisis communication, incident management & response, and other applications. With respect to end use, the global BFSI crisis management market is distributed into banks, insurance companies, and other end users. On the basis of region, the global BFSI crisis management market is sub-segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Speedy digitalization by financial institutions & banks

Rapid digitalization is the process of moving towards a more digitized society. Financial institutions and banks are experiencing a shift from paper to electronic records. This move has been accelerated by government regulations that require financial institutions to keep records digitally. The cost of compliance with these regulations, which can run into the millions, steers many non-compliant institutions towards digitalization.

Complex management of network

The banking and financial services industry is one of the most sensitive to economic changes. They must be able to manage risk and stay on top of changing economic situations. This requires a complex management approach that includes identifying, assessing, monitoring, and responding to various risks at different times.

Improved customer experience

Crisis management provides financial services and crisis communication features that ensure improved customer experience and the automated detection of fraud. In addition, crisis management is still an evolving industry and is entering a state of fast growth due to innovative offers it provides to financial institutions, among others. Moreover, businesses will be able to provide automatic road service in time for their customers much faster than they could in the past, which will allow them to save both time and money and further enhance customer experience. This has potential future growth potential for the worldwide BFSI crisis management industry in the coming years.

COVID-19 Impact Analysis on BFSI Crisis Management Market

The outbreak of COVID-19 outbreak had led to partial or complete shutdown of production facilities in certain countries, which didn't fall under essential goods, due to extended lockdown in key countries like the US, China, Japan, India, and Germany. It led to either closure or suspension of production activities in the industrial units around the globe. Due to the COVID-19 outbreak, various industries have either suspended or closed their operations in most parts of the world. On the opposite end, the BFSI crisis management market has seen a significant increase in outlook due to the increased use and adoption of online and traditional financial products and services across various countries. Several regions of the globe are taking actions against the spread of coronavirus, making BFSI crisis management providers more popular for developing innovative strategies to protect businesses dealing with large sums of money. The global health crisis' great influence on the BFSI crisis management market is among the top factors contributing to its increasing ascendancy to date.

Asia Pacific is expected to dominate the global market

The global BFSI crisis management market is sub-segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Markets in the Asia Pacific region are expected to account for the largest share due to the increase in use and adoption of online and digitalized financial services across the globe.

Competitive Landscape for BFSI Crisis Management Market

• 4C Strategies
• CURA Software Solutions
• Everbridge
• IBM
• Konexus
• LogicGate Inc.
• MetricStream Inc.
• NCC Group
• Noggin
• SAS Institute Inc.
• Other Key Players

Report Scope

• Forecast Period: 2022-2031
• Actual Year: 2021
• Historical Data Available for: 2015-2020

Key Segments Covered in Global BFSI Crisis Management Market by Component

• Software
• Services

Key Segments Covered in Global BFSI Crisis Management Market by Deployment Mode

• On-Premise
• Cloud-Based

Key Segments Covered in Global BFSI Crisis Management Market by Application

• Disaster Recovery & Business Continuity
• Risk & Compliance Management
• Crisis Communication
• Incident Management & Response
• Other Applications

Key Segments Covered in Global BFSI Crisis Management Market by End User

• Banks
• Insurance Companies
• Other End Users