Report

The global BFSI crisis management market size reached US$ 15.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 61.9 Billion by 2032, exhibiting a growth rate (CAGR) of 15.8% during 2024-2032. The increasing regulatory pressures, rising cyber threats, growing need for robust risk management frameworks, the rising complexity of financial operations, and the increasing importance of maintaining customer trust are some of the major factors propelling the market growth.

BFSI Crisis Management Market Analysis:
- Major Market Drivers: The escalating cyber threats and increasing regulatory pressures represent the major drivers of the market. Financial institutions face sophisticated cyberattacks that necessitate robust crisis management solutions to protect sensitive data and maintain operational integrity.
- Key Market Trends: The increasing integration of artificial intelligence and machine learning for predictive analytics and risk management represents the key trends in the market. The rise of digital transformation initiatives is also prominent, with organizations investing in advanced technologies to streamline crisis management processes.
- Geographical Trends: North America accounts for the largest region in the BFSI crisis management market growth. The strict regulatory requirements, rising cyber threats, and the growing need for robust risk management frameworks are driving the market growth across the region.
- Competitive Landscape: Some of the major market players in the BFSI crisis management industry include 4C Group AB, Beekeeper AG, Everbridge Inc., International Business Machines Corporation, Logicgate Inc., Metricstream Inc., NCC Group, Noggin Pty Ltd, Rockdove Solutions Inc., Sas Institute Inc., Software Aktiengesellschaft, and Veoci Inc, among many others.
- Challenges and Opportunities: The market faces various challenges including evolving cyber threats, regulatory complexities, and high implementation costs of advanced crisis management solutions. However, the market also faces various opportunities, such as the widespread adoption of artificial intelligence (AI) and machine learning (ML) for predictive analytics and risk management.

BFSI Crisis Management Market Trends:
Rising Cyber Threats
The increasing sophistication and frequency of cyberattacks on financial institutions necessitate robust crisis management solutions to protect sensitive data and maintain operational integrity, thus influencing the market growth. According to industry reports, there were 2365 cyberattacks in 2023 with 343, 338,964 victims. 2023 witnessed a 72% increase in data breaches since 2021, which held the previous record. A data breach costs $4.45 million on average. E-mail is the most common vector for malware, with around 35% of malware delivered via e-mail in 2023. 94% of organizations have reported e-mail security incidents. Business e-mail compromises accounted for $ 2.7 billion in losses in 2022. This is further boosting the BFSI crisis management market statistics significantly.
Increasing Digital Transformation Initiatives
The ongoing digital transformation in the financial sector is leading to the adoption of advanced technologies including artificial intelligence and machine learning which is propelling the market growth. For instance, in May 2024, global nonprofit company Accion announced the launch of the Accion Digital Transformation Fund. The $152.5 million fund seeks to enable financial institutions to better meet the needs of small businesses that are currently excluded from the financial system by providing growth capital and strategic support for digital transformation. This is expected to fuel the BFSI crisis management market forecast over the coming years.
Growing strict regulatory requirements
The rising implementation of stringent compliance standards of regulatory bodies on financial institutions to safeguard consumer interest and maintain market stability is contributing to the growth of the market. These According to an article published by The Economic Times, S&P global ratings highlight the Reserve Bank of India's (RBI) commitment to enhancing governance and transparency in India's financial sector. The RBI's recent measures aim to mitigate lenders' exuberance, improve compliance, and protect consumers, albeit at the expensive higher capital costs for institutions. Regulatory actions include curbing lending activities and strict penalties for breaches, signaling a departure from nominal penalties.
BFSI Crisis Management Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on component, deployment type, enterprises size, application and end user.
Breakup by Component:
- Software
- Services

The report has provided a detailed breakup and analysis of the market based on the component. This includes software and services.
The demand for software components in the market is driven by the need for real-time risk assessment, regulatory compliance, and enhanced cybersecurity. Advanced analytics, AI, and machine learning capabilities in software improve predictive risk management, streamline crisis response, and ensure data protection, fostering operational resilience and efficiency.
The rising need for expert guidance in implementing and managing crisis management systems, ensuring regulatory compliance, and providing ongoing support is driving the demand for service components in the market. Services like consultancy, training, and managed services help financial institutions enhance their crisis preparedness and response capabilities effectively.
Breakup by Deployment Type:
- On-premises
- Cloud-based

On-premises holds the largest share of the industry
A detailed breakup and analysis of the market based on the deployment type have also been provided in the report. This includes on-premises and cloud-based. According to the report, on-premises accounted for the largest market share.
The demand for on-premises components in the market is driven by concerns over data security and privacy, regulatory compliance, and control over sensitive information. Financial institutions prefer on-premises solutions to ensure robust protection against cyber threats and to meet stringent regulatory standards. Additionally, the need for high customization and seamless integration with existing IT infrastructure encourages the adoption of on-premises crisis management systems, providing greater control and reliability in managing critical operations.
Breakup by Enterprises Size:
- Large Enterprises
- Small and Medium-sized Enterprises

Large enterprises represent the leading market segment
The report has provided a detailed breakup and analysis of the market based on the enterprises size. This includes large enterprises and small and medium sized enterprises. According to the report, large enterprises represented the largest segment.
The demand for BFSI crisis management in large enterprises is driven by the complexity and scale of their operations, which require robust risk management frameworks. Large financial institutions face heightened regulatory scrutiny and significant cyber threats, necessitating comprehensive crisis management solutions. Additionally, the need to protect vast amounts of sensitive customer data, ensure business continuity, and maintain stakeholder trust propels these enterprises to invest in advanced crisis management systems to effectively mitigate risks and manage potential crises.
Breakup by Application:
- Disaster Recovery and Business Continuity
- Risk and Compliance Management
- Crisis Communication
- Incident Management and Response
- Others

Incident management and response exhibits a clear dominance in the market
A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes disaster recovery and business continuity, risk and compliance management, crisis communication, incident management and response, and others. According to the report, incident management and response accounted for the largest market share.
The demand for BFSI crisis management in incident management and response is driven by the increasing frequency and sophistication of cyberattacks, necessitating rapid and effective incident handling. Regulatory mandates require financial institutions to have robust response protocols. Additionally, the need to minimize financial and reputational damage, ensure operational continuity, and swiftly recover from disruptions drives investment in advanced incident management solutions. These systems enable real-time threat detection, coordinated response efforts, and efficient recovery processes, enhancing overall crisis resilience.
Breakup by End User:
- Banks
- Insurance Companies
- Others

Banks dominates the market
The report has provided a detailed breakup and analysis of the market based on the end user. This includes banks, insurance companies, and others. According to the report, banks represented the largest segment.
The demand for BFSI crisis management in banks is driven by stringent regulatory compliance requirements and the increasing complexity of financial transactions. Heightened cyber threats and the need to protect sensitive customer data necessitate robust crisis management solutions. Additionally, the importance of maintaining operational continuity and minimizing financial and reputational risks drives banks to invest in comprehensive crisis management frameworks. Advanced technologies like AI and real-time monitoring are crucial for effective risk mitigation and ensuring trust and stability in banking operations.
Breakup by Region:
- North America
o United States
o Canada
- Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
- Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
- Latin America
o Brazil
o Mexico
o Others
- Middle East and Africa

North America leads the market, accounting for the largest BFSI crisis management market share
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represents the largest regional market for BFSI crisis management.
The market for BFSI crisis management market across North America is driven by the increasing complexity of financial operations, on strict regulatory compliance requirements. The growing cyber threats necessitate advanced crisis management solutions to protect sensitive data are driving the market demand across the region. For instance, in May 2024, the U.S. Insider Risk Management Center of Excellence (U.S. InRM COE) announced its official launch. This nonprofit will focus on promoting private, public, and academic partnerships to foster knowledge sharing and the development of collaborative resources to equip and enable insider risk practitioners.
Competitive Landscape:
- The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the BFSI crisis management industry include 4C Group AB, Beekeeper AG, Everbridge Inc., International Business Machines Corporation, Logicgate Inc., Metricstream Inc., NCC Group, Noggin Pty Ltd, Rockdove Solutions Inc., Sas Institute Inc., Software Aktiengesellschaft and Veoci Inc.

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

- The competitive landscape of the BFSI crisis management market characterizes key players including MetricStream Inc., SAS Institute Inc., and IBM Corporations, leading with advanced risk management and analytics solutions. Emerging companies such as LogicGate and Resolver Inc. Also contribute innovation software for crisis detection and response. For instance, in September 2023, Analytics and AI leader SAS announced to expansion of its partnership with Microsoft to help banks better manage looming liquidity and interest rate risks as financial firms maneuver the continued fallout of recent bank failures. SAS Asset and Liability Management (ALM), powered by Kamakura Risk Manager on Microsoft Azure, supports multi-period, scenario-based, integrated simulation and valuation for risk management, capital allocation, and balance sheet optimization.

BFSI Crisis Management Market News:
- In June 2024, technology major IBM announced that it would set up an artificial intelligence (AI) cluster for Banking, Financial Services, and Insurance (BFSI) units operating in Gujarat International Finance Tec-City (GIFT City) in Gandhinagar.
- In March 2024, LogicGate, a leading provider of holistic Governance, Risk, and Compliance (GRC) solutions through its Risk Cloud platform, announced the new Cyber Risk Suite and Operations Risk Suite offerings, providing enterprises with purpose-built integrated solutions to optimize their Enterprise Risk Management (ERM) and Cyber Risk programs efficiently and effectively.
- In March 2024, NCC Group officially launched its Escode brand- a new name and a new identity for its world-leading software escrow verification division as it enters an exciting next phase of truth. This bold rebrand and fresh identity is a significant milestone for the business, reflecting its continuing commitment to setting the highest standards for the industry and creating first class, escrow solutions that enhance credibility for software developers and deliver unmatched protection for software users.

Key Questions Answered in This Report
1. What was the size of the global BFSI crisis management market in 2023?
2. What is the expected growth rate of the global BFSI crisis management market during 2024-2032?
3. What are the key factors driving the global BFSI crisis management market?
4. What has been the impact of COVID-19 on the global BFSI crisis management market?
5. What is the breakup of the global BFSI crisis management market based on the deployment type?
6. What is the breakup of the global BFSI crisis management market based on the enterprises size?
7. What is the breakup of the global BFSI crisis management market based on the application?
8. What is the breakup of the global BFSI crisis management market based on the end user?
9. What are the key regions in the global BFSI crisis management market?
10. Who are the key players/companies in the global BFSI crisis management market?