Crisis management in the banking, financial services, and insurance industries (BFSI) is one of the most recent breakthroughs in financial technology.
Covid-19 Impact & Market Status
The global economy was severely impacted by the COVID-19 pandemic's breakout. The BFSI Crisis Management Market report examines the micro-and macroeconomic effects of the pandemic in great detail. Furthermore, the report demonstrates COVID-19's direct impact on the BFSI Crisis Management Market's growth.
It summarizes specific information regarding the market's size and shares as a result of the outbreak's impact. The supplier chain and BFSI Crisis Management Market sales are also highlighted in the report. Last but not least, the report depicts a post-COVID-19 scenario, illustrating various government actions and efforts conducted around the world.
Banks had to operate with a reduced workforce because to the COVID-19 pandemic and its consequences. This had a negative influence on the market in 2020. However, BFSI organizations’ increased embrace of the remote working paradigm could boost the sector after the epidemic. The COVID-19 outbreak has had a major impact on the BFSI crisis management sector, as various financial institutions and banks are looking to invest in new technology and expand their capabilities.
However, many businesses believe they are only exposed to BFSI crisis management solutions to a limited extent. This is changing and sales of crisis management software and solutions have grown in 2019, owing to an increase in the frequency of cyber-attacks and data theft, which has resulted in increasing crisis management adoption in the BFSI industry. Banks had to operate with a reduced workforce because to the COVID-19 pandemic and its consequences.
This had a negative influence on the market in 2020. However, BFSI organizations’ increased embrace of the remote working paradigm could boost the sector after the epidemic. Due to the protracted lockdown in major countries such as the United States, China, Japan, India, and Germany, the emergence of the COVID-19 pandemic has resulted in the partial or entire shutdown of non-essential products production facilities. Most industrial units throughout the world have had to close or suspend their operations as a result of this. The COVID-19 pandemic, on the other hand, has had a substantial impact on the growth of the BFSI crisis management market, owing to the increased use and adoption of online and digitalized financial services around the world.
Furthermore, numerous countries have ordered lockdown to prevent the spread of the virus; as a result, BFSI crisis management providers are offering superior platforms for handling unknown occurrences, risks, and cyber protection solutions for organizations dealing large amounts of money. This has become one of the key development factors for the BFSI crisis management business during the global health crisis.
In terms of a remedy,
The speech analytics segment will dominate the market by 2020. BFSI firms employ speech analytics tools to get insight into the operation of their contact centres and other functional areas.
In terms of customer service,
In 2020, the market was led by the integration and deployment sector. Integration and deployment services are used by BFSI organizations to integrate sophisticated technologies into their company operations.
When it comes to deployment,
The on-premise segment dominated the market in 2020. The advantages of on-premise contact centre analytics, such as system maintenance and installation on end-user premises, contribute to the segment's growth.
In terms of business scale,
In 2020, the large enterprise sector dominated the market. Vast organizations’ increased desire for contact center analytics to handle large amounts of client data has benefited segment growth.
North America is likely to hold a significant share of the market.
North America, notably the United States, is one of the most important markets for BFSI security because of the region's heavy reliance on digital payments. Multiple government activities in the country are requiring the need for stronger security solutions; therefore the region is likely to grow at a steady pace.
Artificial intelligence (AI), machine learning (ML), cloud computing, and big data are all used in the banking industry to deal with diverse events and potential emergency scenarios.
The global BFSI Crisis management market is expected to increase at a CAGR of 16.3 percent from 2021 to 2028, reaching USD 842.5 million. It also aids in the protection of the financial institution network's trustworthiness and credibility.
As providers enhance financial services, risk mitigation and fraud detection, and cyber security, demand for BFSI crisis management solutions is growing throughout the world. Contact center analytic solutions are increasingly in demand in the BFSI sector to evaluate client data. One of the primary reasons driving market expansion is BFSI organizations’ increased attempts to improve their operational performance and fulfill client needs.
Several banks are investing in AI-powered analytics solutions to improve their client experience. For example, the Bank of Singapore said in February 2021 that it would use artificial intelligence-based analytical tools to boost customer service and sales team performance.
This technology would also provide text analytics to the bank, providing information on consumer moods and conversation subjects. As the use of digital banking solutions develops, as does the complexity of handling transactional contacts, the need for contact centre analytics is anticipated to rise.
These solutions are likely to be used by banks to deal with complicated situations, informational calls, and sales and purchase-related concerns. The global BFSI crisis management market has grown as financial institutions' reliance on crisis management software and solutions has grown, as has the BFSI sector's adoption of crisis management solutions.
On the contrary, market growth is hampered by complicated network management, data theft, and cyber security concerns. Untapped potential in developing countries, on the other hand, will present new opportunities in the coming years.
The major firms highlighted in the study are 4C Strategies, Everbridge, IBM, CURA Software Solutions, Konexus, LogicGate, Inc., NCC Group, Noggin, MetricStream Inc., and SAS Institute Inc. These businesses have employed a range of strategies to increase their market share and reinforce their position.
Latest Innovations in the BFSI Crisis Management Market: a Snapshot
- Broadcom Inc. sells the Symantec Cyber Security Services division to Accenture in April 2020. Accenture Security's position as a provider of managed security services will be strengthened as a result of the purchase, which will improve the company's capacity to assist organizations to anticipate, identifying, and responding to cyber threats.
- At the European IT & Software Excellence Awards 2021 in October, Sophos was named Security Vendor of the Year. Sophos is focused on incorporating artificial intelligence into its products and services.
BFSI Crisis Management Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 842.5 million|
|Growth Rate||CAGR of 16.3% during 2021-2028|
|Segment Covered||Component, Application, Deployment type, End User, Enterprises Size, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||4C Strategies, Everbridge, IBM, CURA Software Solutions, Konexus, LogicGate, Inc., NCC Group, Noggin, MetricStream Inc., and SAS Institute Inc.|
Key Segments of the BFSI Crisis Management Market
- By Component
- By Deployment type
- By Enterprises Size
- Large Enterprises
- Small & Medium Enterprises (SMEs)
- By Application
- Disaster Recovery & Business Continuity
- Risk & Compliance Management
- Crisis Communication
- Incident Management & Response
- By End User
- Insurance Companies
- By Region
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East