Crisis management solutions are adopted widely in several business areas like lending payments, money transfer, personal finance, financing, insurance equity, and others. The need to adopt crisis management solutions has significantly scaled its adoption in the financial services sector to prevent organizations and effectively handle the potential threats in the areas of financial viability, overall safety, and employees health.
BFSI is a highly targeted sector and is exposed to a large number of cyberattacks and data breaches owing to the presence of large customer data. Therefore, the organizations in the sector are highly vulnerable to security breaches, which in turn will accentuate the growth of the global BFSI crisis management market significantly. The surging requirements for crisis management solutions in financial institutions owing to the emerging potential threats are one of the primary factors fuelling the growth of the market.
These solutions offer compliance and incident management for detecting and lowering the business risk that proves helpful in processing financial transactions. Increasing awareness regarding the advantages of financial technology among organizations is also fuelling its demand. However, organizations are highly investing in effective criticism management solutions in the banking and financial sector due to the spike in cybersecurity concerns owing to the data theft issues and inefficient management of networks. Also, the growing emphasis of organizations on improving customer experience in using a wide range of financial products is further likely to augment the growth of the global BFSI crisis management market over the forecast period. The effective implementation of standard regulatory norms coupled with the spike in the adoption of cloud-based security solutions will further promulgate the growth of the market.
The global BFSI crisis management market can be segmented into components, end-users, deployment types, applications, organization sizes, and regions.
By components, the market can be segmented into software and services.
By end-user, the market can be segmented into banks, insurance companies, and other financial institutes.
By deployment types, the market can be segmented into on-premise and cloud deployment models.
By applications, the market can be segmented into disaster recovery & business continuity, risk & compliance management, crisis communication, incident management & response, and others.
By organization sizes, the market can be segmented into large organizations and small-medium enterprises.
North America accounts for the largest share in the global BFSI crisis management market due to the presence of effective software vendors in the region. In addition, the ongoing technological advancements in the field of crisis management software solutions are further likely to accentuate the growth of the regional market in the forthcoming years.
Asia Pacific is expected to be the fastest-growing region in the global BFSI crisis management market due to the growing awareness among people regarding the availability of crisis management solutions especially in the banking and financial sector. Also, the growing expenditure on adopting security solutions in the financial sector is further likely to accentuate the growth of the regional market.
Some of the significant players in the global BFSI crisis management market are Konexus, CURA Software Solutions, LogicGate, Inc., MetricStream Inc., IBM, Noggin, NCC Group, Everbridge, 4C Strategies and SAS Institute Inc. To cite, Equifax in 2017 is known to be among three largest credit agencies in the US and it had experienced a breach of over 140 million accounts, and over 209,000 credit cards associated with data being stolen.
