BFSI Crisis Management Market Size Worth $43.28 Billion by 2030 - Grand View Research, Inc.

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Oct 25, 2022, 06:00 ET

SAN FRANCISCO, Oct. 25, 2022 /PRNewswire/ -- 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.

Key Industry Insights & Findings from the report:

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

Read 182-page full market research report for more latest Insights, "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", published by Grand View Research.

BFSI Crisis Management Market Growth & Trends

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 Segmentation

Grand View Research has segmented the global BFSI crisis management market by component, deployment, enterprise size, application, end-user, and region:

BFSI Crisis Management Market - Component Outlook (Revenue, USD Million, 2017 - 2030)

Software
Services

BFSI Crisis Management Market - Deployment Outlook (Revenue, USD Million, 2017 - 2030)

On-premise
Cloud-based

BFSI Crisis Management Market - Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)

Large Enterprise
Small And Medium Enterprise

BFSI Crisis Management Market - Application Outlook (Revenue, USD Million, 2017 - 2030)

Risk & Compliance Management
Disaster Recovery & Business Continuity
Incident Management & Response
Crisis Communication
Others

BFSI Crisis Management Market - End-user Outlook (Revenue, USD Million, 2017 - 2030)

Banks
Insurance Companies
Financial Service Providers

BFSI Crisis Management Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

North America

U.S.
Canada

Europe

U.K.
Germany
France
Italy

Asia Pacific

China
Japan
India

Latin America

Brazil
Mexico

Middle East & Africa

List of Key Players of BFSI Crisis Management Market

NCC Group
Noggin
LogicGate, Inc.
MetricStream Inc.
4C Strategies
IBM
CURA Software Solutions
Everbridge
Konexus
SAS Institute Inc.
Deloitte
RQA Europe Ltd.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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