What is Operational Resilience services Market?
Operational resilience service includes strategies to handle operational disruptions of any business. The pandemic, Ukraine-Russia war, adoption of technological advancements, and emerging trend of remote working across the globe have boosted the operational resilience service market. Increasing data loss concerns due to rising cyberattacks and IT failures in the banking and financial sectors have fueled growth in the operational resilience market. However, the regulatory bodies are also developing and implementing operational resilience policies in order to mitigate the risk of operational disruptions.
Highlights from Operational Resilience services Market Study
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | EY (United Kingdom), PwC (United Kingdom), Protiviti (United States), KPMG (Netherlands), PA Consulting (United States), RSM Global (United Kingdom), Deloitte (United Kingdom), State Street Corporation (United States) and Smith & Williamson (United Kingdom) |
The market consists of a large number of global players who compete with each other. The players are partnering with each other and targeting mergers & acquisitions to strengthen their service offerings and expand their presence. However, the demographic trends and frequent changes in the technologies will pose significant opportunities for market growth. Research Analyst at AMA predicts that United Kingdom Players will contribute to the maximum growth of Global Operational Resilience services market throughout the forecasted period.
EY (United Kingdom), PwC (United Kingdom), Protiviti (United States), KPMG (Netherlands), PA Consulting (United States), RSM Global (United Kingdom), Deloitte (United Kingdom), State Street Corporation (United States) and Smith & Williamson (United Kingdom) are some of the key players profiled in the study. Operational Resilience services Market Segmentation:
Scope | Sub-Segments |
---|
Type | Operational Risk Management, Business Continuity, Incident Management, Third-Party Dependency Management, Information Security and Disaster Recovery |
Organization Size | Small & Medium Enterprises,Large Enterprises |
Industry Vertical | BFSI,IT & Telecom,Healthcare,Manufacturing,Retail & E-commerce,Transportation & Logistics,Others |
On the basis of geography, the market of Operational Resilience services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Adoption of Technologically Advanced Solutions by the Service Providers to Automate the Workflow and Deliver High Level of Services to their Clients
Market Growth Drivers:
Growing Demand for Operational Resilience Services for Business Continuity and Disaster Recovery Strategies and High Growth of Operational Resilience Services in Financial Services Sector Due to Emerging Trend of Remote Working
Challenges:
Quality of Service Offerings and Availability of Global Players in Operational Resilience Service Market
Restraints:
Adoption of Operational Resilience Solutions by End Users May Create Hurdles for the Market
Opportunities:
Challenges Associated With Supply Chain and Third Party Dependency Management During and Post Pandemic Have Created Significant Opportunities for Operational Resilience Market and Implementation of Operational Resilience Policy by FCA to Strengthen Resilience Against the Operational Disruptions
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Operational Resilience Service Providers, Venture Capitalists and Private Equity Firms, Regulatory Bodies, Industry Verticals and Others
In April 2022, Mastercard partnered with Interos, a hyper-growth operational resilience company to expand security strategy and bring Interos' multi-tier risk monitoring capabilities to financial institutions. With this new offering of Interos, businesses or enterprises are able to detect and eliminate risks of operational resilience such as cybersecurity, financial, ESG, geopolitical, etc. throughout the network of business and merchant relationships.
In March 2021, FCA, the Financial Conduct Authority released an operational resilience policy for financial service firms to strengthen operational resilience. The new policy focuses on transitional arrangements, important businesses services, impact tolerances, mapping & scenario testing, and communication & self-assessment, and is applied to a wide range of institutions related to financial services including banks, investment firms, insurance companies, insurers, building societies, and payment service providers.