BFSI Crisis Management Market Size, Share & Trends Analysis Report By Component (Software, Services), By Deployment, By Enterprise Size, By Application, By End-user, By Region, And Segment Forecasts, 2022 - 2030

BFSI Crisis Management Market Size, Share & Trends Analysis Report By Component (Software, Services), By Deployment, By Enterprise Size, By Application, By End-user, By Region, And Segment Forecasts, 2022 - 2030

BFSI Crisis Management Market Growth & Trends

The global BFSI crisis management market size is anticipated to reach USD 43.28 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 18.4% from 2022 to 2030. Various technological advancements such as AI-based applications, the usage of Big Data, and cloud computing are expected to create growth opportunities for crisis management service providers in the global market. Moreover, the crisis management market is witnessing a rise in popularity owing to benefits such as digitization of banks and financial services, adoption of AI, cloud-based platforms, and work-from-home culture.

The COVID-19 pandemic had a positive impact on the crisis management market. The banking, financial services, and insurance sector continued to operate despite the pandemic. Financial institutions adopted remote working at the beginning of the COVID-19 pandemic, owing to which the adoption of cloud technology became a priority. AI and cloud-based technology became essential for crisis management providers to efficiently handle BFSI firms’ issues and concerns. As a result, during the pandemic, the adoption of crisis management expanded.

BFSI Crisis Management Market Report Highlights

• In terms of component, software held a dominant share of over 70.0% in 2021. The software segment is dominant as the crisis management software enables the key stakeholders to stay informed and helps crisis teams to coordinate response activities
• The services segment is estimated to register the highest CAGR of 22.7% over the forecast period. This is due to the increased focus of technology companies on the development of technology as a service (TaaS)
• In terms of deployment, the cloud-based segment accounted for the largest share of over 55.0% in 2021. There is significant growth in this segment as cloud computing provides banking firms with higher degrees of fault tolerance, data protection, and disaster recovery
• In terms of enterprise size, the large enterprises segment grabbed a leading share of over 60.0% in 2021. This is due to the fact that companies in this category produce a large amount of data and must therefore adhere to regulatory initiatives
• According to a report by Global Alliance for Mass Entrepreneurship, the small and medium enterprises segment requires crisis management plans to deal with the crisis. The segment is estimated to register the highest CAGR of 20.2% over the forecast period
• In terms of application, the risk and compliance management segment captured a leading share of over 30.0% in 2021 and is projected to maintain its dominance over the forecast period. This is due to the rise in cloud-based technology trends in the risk and compliance management industry. The crisis communications segment is projected to register the highest CAGR of 20.4% over the forecast period as according to Business Continuity Institute’s estimation in 2020, 84% of the firms had crisis communication platform
• In terms of end-user, the banks segment held a dominant share of over 50.0% in 2021 as they largely adopted digital platforms and networked solutions. The financial service providers segment is expected to expand at the highest CAGR of 20.0% over the forecast period. This is due to an increase in the number of investments in fintech in Asia Pacific (APAC)
• APAC is expected to expand at the highest CAGR of 20.3% over the forecast period due to the rise in fintech deals in the region. The North American region held the largest share of over 30.0% in 2021 owing to the presence of prominent crisis management service and software providers