BFSI Crisis Management Market Size, Share & Trends Analysis Report By Component (Software, Services), By Deployment, By Enterprise Size, By Application, By End-Users, By Region, And Segment Forecasts, 2023 - 2030

BFSI Crisis Management Market Size, Share & Trends Analysis Report By Component (Software, Services), By Deployment, By Enterprise Size, By Application, By End-Users, By Region, And Segment Forecasts, 2023 - 2030

BFSI Crisis Management Market Growth & Trends

The global BFSI crisis management market size is anticipated to reach USD 43.31 billion by 2030, to expand at a CAGR of 18.5% from 2023 to 2030 according to a new report by Grand View Research, Inc. 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 the digitization of banks and financial services, the adoption of artificial intelligence (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 (BFSI) 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 had expanded.

BFSI Crisis Management Market Report Highlights

• The software segment dominated the market with 72.2% in 2022 owing to the availability of numerous software provided by key players. The services segment is estimated to register the highest CAGR of 22.8% 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 segment accounted for the largest share of 57.8% in 2022. There is significant growth in this segment as cloud computing provides banking firms with higher degrees of fault tolerance, data protection, and disaster recovery. The on-premise registered CAGR of 14.6% in the forecast period as it provides low latency to the users because of few or no external dependencies, which cut short the feedback loop time.
• In terms of enterprise size, the large enterprises segment held a share of 59.6% in 2022. This is owing to the fact that companies in this category produce a large amount of data and must therefore adhere to regulatory initiatives. The small, and medium enterprise segment was projected to register the highest CAGR of 20.4%, as according to a report by Global Alliance for Mass Entrepreneurship the companies in this segment require crisis management plans to deal with the crisis.
• In terms of application, the risk and compliance management segment dominated the market with a share of 31.4% in 2022. This is attributed to the growth in cloud technology trends in the risk & compliance management industry. The crisis communications segment will register the highest CAGR of 20.5% in the forecast period owing to the increase in the requirement for a platform for communicating regarding the crisis within the departments in the form of alert notifications.
• In terms of end users, the bank's segment held the largest market share of 53.2% in 2022 as they largely as they are more prone to cyberattacks and frauds, moreover, banks deal with sensitive customer information. The financial service providers segment is expected to grow at the highest CAGR of 20.2% over the forecast period, owing to the adoption of digitization promoting the growth of fintech and applications such as Groww, Zerodha Broking Ltd, WazirX, and several others.
• Asia Pacific is expected to grow at the highest CAGR of over 20.5% over the forecast period due to the rise in fintech deals in the region. Furthermore, the North America region dominated the market with a share of 33.5% in 2022, this is owing to the dominance of U.S. based companies in providing crisis management solutions to the BFSI sector.

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