BFSI Crisis Management Market Size, Share & Trends Analysis Report By Deployment, By Enterprise, By End-use, By Region, And Segment Forecasts, 2021 To 2028

The global BFSI crisis management market is expected to witness significant growth over the forecast period. The market growth can be attributed to the increase in investments made by banks and financial institutions in advanced technologies for improving their offerings as well as customer experience. Additionally, the incorporation of several technologies such as Artificial Intelligence (AI), big data, machine learning, and cloud computing in crisis management solutions helps users track the ongoing events in real time and handle the incoming observations efficiently. At the same time, as crisis management solution providers have increased their focus on improving financial services, cybersecurity, and fraud detection & risk management, the demand for crisis management solutions in the BFSI sector is expected to continue to increase, thereby boosting the market growth.

BFSI Crisis Management Market Segmentation

Many crisis management solution providers are making efforts for enhancing their offerings and market position. These enhancements are aimed at providing a better customer experience. For instance, in October 2020, PagerDuty, Inc., a crisis management solution provider, announced that it completed the acquisition of Rundeck, a company that provides DevOps automation solutions for enterprises. Through this acquisition, PagerDuty, Inc. incorporated Rundeck’s intelligent machine automation into its incident response offering, which enabled teams on the digital frontlines to resolve issues faster, reduce costs, and improve customer experience.

The demand for crisis management software particularly increased during the COVID-19 pandemic. Due to a myriad of unexpected issues stemming from lockdowns, firms operating in the BFSI sector faced several challenges such as business shutdowns, funding and operational challenges, and subsequent changes in business models, which prompted the firms to consider adopting crisis management software to better monitor the response to an incident in real time, track and identify the areas to improve, and reduce operational costs. As a result, with these rising challenges among businesses, crisis management solution providers witnessed an exponential growth in their customer base.

In recent years, venture capital companies have been focusing on start-ups and helping them in raising funds to enhance their product portfolios and cement their position in the market. For instance, in July 2021, Blameless, a crisis management solution provider, raised USD 30 million in a Series B funding round, leading to the total funding of USD 50 million. Third Point Ventures, an investment company based in the U.S., led the funding round, which also included participation from Decibel, Accel, and Lightspeed Venture Partners. Blameless envisages utilizing the funding to expand its operation, accelerate growth, and extend its business reach. Such venture capital investments are expected to create new opportunities for the growth of the market over the forecast period

The key players in the BFSI crisis management market include 4C Strategies, Everbridge, CURA Software Solutions, IBM, Noggin, and SAS Institute Inc. These players are focusing on adopting growth strategies such as partnerships, mergers & acquisitions, and new product development to further expand their global market presence. For instance, in June 2020, Everbridge announced the launch of the Critical Event Management (CEM) solution in Europe to help organizations mitigate multiple crises, such as IT outages, supply chain disruptions, and cyberattacks. This launch helped Everbridge to strengthen its offerings and market position in Europe.