Rise in dependency on crisis management software & solutions among financial institutions drives the growth of the global BFSI crisis management market

PORTLAND, Ore., May 25, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "BFSI Crisis Management Market by Component (Solution and Services), Deployment Type (On-premises and Cloud), Enterprise Size (Large Enterprises and Small & Medium Enterprises (SMEs)), and Application (Disaster Recovery & Business Continuity, Risk & Compliance Management, Crisis Communication, Incident Management & Response, and Others), and End User (Banks, Insurance Companies, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global BFSI crisis management industry was pegged at $8.46 billion in 2019, and is projected to reach $31.15 billion by 2027, growing at a CAGR of 18.2% from 2020 to 2027.

Drivers, restraints, and opportunities

Rise in dependency on crisis management software & solutions among financial institutions and rapid adoption of crisis management solutions among the BFSI sector drive the growth of the global BFSI crisis management market. However, data theft & cybersecurity concerns and complicated management of networks hinder the market growth. On the contrary, untapped potential in developing countries is expected to open lucrative opportunities for the market players in the future.

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Covid-19 scenario:

• The Covid-19 pandemic and followed lockdown resulted in rise in use and adoption of online and digitalized financial services across the globe.
• Moreover, several countries imposed strict lockdowns to curb the spread of the virus. Thus, several market players offered an advanced platform for managing uncertain incidents, risks, and cyber protection solutions for financial institutes.

The solution segment held the largest share

By component, the solution segment held the lion's share in 2019, accounting for more than two-thirds of the global BFSI crisis management market, as regulatory firms have been implementing solutions with better technology capabilities to improve their business operations. However, the services segment is estimated to portray the highest CAGR of 19.7% during the forecast period, as crisis management services help in processing & improving effectiveness to meet customers' demand.

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The incident management & response segment dominated the market

By application, the incident management & response segment held the largest share in 2019, contributing to nearly two-fifths of the global BFSI crisis management market, as incident management involves huge vulnerabilities & issues such as human errors, machine errors, technical glitches, and others. However, the risk & compliance management segment is projected to manifest the highest CAGR of 19.3% during the forecast period, owing to technological advancements and innovation, rise in the emergence of new risks, and increase in demand for crisis management solutions under risk & compliance management.

North America held the lion's share

By region, the global BFSI crisis management market across North America held the largest share in 2019, contributing to more than one-third of the market. This is due to increased awareness of BFSI crisis management among banks & financial institutions and surge in partnership of companies providing technologies with major banks & financial institutions in this region. However, the market across Asia-Pacific is estimated to register the highest CAGR of 20.4% from 2020 to 2027, as several financial institutions, banks, and insurance companies are adopting crisis management software & services to boost business efficiency, lower compliance risk exposure, and increase bureaucratic competence of organizations in the region.

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Major market players

• 4C Strategies
• Everbridge
• CURA Software Solutions
• Konexus
• IBM
• MetricStream Inc.
• LogicGate, Inc.
• Noggin
• NCC Group
• SAS Institute Inc.

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