Digital Risk Protection Market Size Worth $333.44 Billion By 2032 | CAGR: 20.2%

The global digital risk protection market size is expected to reach USD 333.44 billion by 2032, according to a new study by Polaris Market Research. The report “Digital Risk Protection Market Share, Size, Trends, Industry Analysis Report, By Offering (Solution and Services); By Solution Type; By Security Type; By Organization Size; By Deployment Mode; By Vertical; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Digital risk management involves establishing a framework to anticipate all potential threats and vulnerabilities associated with digital risks. It aims to implement mitigative measures either before or during the introduction of new technologies. The primary objective of digital risk management is to enforce a stringent and sustainable approach to prevent digital risks from impeding enterprise growth and management. It enables the identification of potential risks and the proactive mitigation of such risks. With the escalating threats of cybercrime and data leaks, digital risk management becomes increasingly crucial.

Furthermore, the increasing adoption of cloud-based solutions by diverse organizations contributes to the heightened demand for digital risk protection. For instance, IBM Corporation provides cloud-based solutions, including hybrid, multi-cloud, and public cloud options for risk management. These solutions deploy pre-configured, customized security and compliance controls across enterprise and third-party ecosystems. Moreover, governments globally are making substantial investments to enhance cybersecurity within their countries, thereby playing a pivotal role in propelling the growth of the digital risk management market.

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Furthermore, digitalization, which involves the use of digital technologies to transform business models and create new revenue opportunities, is gaining momentum, particularly in the post-COVID-19 era. The expanded emphasis on mobile apps due to industry digitalization and customer demands is driving the growth of the digital risk management market. Digitalization is evident across various sectors, such as healthcare, where AI-enabled frontier technologies are aiding in saving lives, diagnosing diseases, and extending life expectancy. Virtual learning environments and distance learning have also opened up new educational opportunities for students, while AI assistance is making public services more accessible and accountable. Thus, the digitalization of risk management involves leveraging digital technologies to modernize the discipline of risk management, thereby creating significant growth opportunities.

Moreover, the growth of e-commerce platforms following the COVID-19 pandemic has further accelerated the market expansion. The rapid adoption of online shopping, coupled with emerging technological trends and changing consumer buying behavior, presents complex challenges in terms of cybersecurity for the e-commerce industry. E-commerce sites store vast amounts of personal data, making them lucrative targets for hackers seeking to steal sensitive user information. Therefore, e-security and digital risk management are paramount to safeguard user details. Financial technology companies, such as MasterCard and Visa, are leveraging artificial intelligence and machine learning technologies to predict and prevent financial fraud faced by e-commerce platforms and customers. These emerging technologies enable faster detection of potential fraud and threats during transactions, contributing to the overall growth of the digital risk management market.

Digital Risk Protection Market Report Highlights

• In 2023, the service segment accounted for the largest market share. These services are particularly valuable for organizations navigating complex regulatory environments or undergoing digital transformation initiatives.
• The BFSI segment is expected to grow at the fastest CAGR during the forecast period due to the increasing adoption of fintech innovations and mobile banking services within the BFSI sector introduces new digital risks and vulnerabilities, including mobile malware, app vulnerabilities, and unauthorized access to financial data.
• In 2023, North America dominated the largest market share due to advanced technological infrastructure, including high-speed internet connectivity, cloud computing services, and a mature cybersecurity ecosystem. This infrastructure enables organizations to leverage cutting-edge digital risk protection technologies.
• Asia Pacific is expected to grow at the fastest CAGR in the digital risk protection market. Governments across the Asia Pacific region are enacting stringent data protection and privacy regulations to address growing concerns about cybersecurity threats and data breaches.
• The global key market players are BrandShield, Broadcom, Cisco, Cofense, CrowdStrike, CybelAngel, CyberArk, CyberInt, Darktrace, Digital Shadows, Exabeam, Forcepoint, and more.

Polaris Market Research has segmented the digital risk protection market report based on offering, solution type, security type, organization size, deployment mode, vertical and region.

Digital Risk Protection, Offering Outlook (Revenue - USD Billion, 2019 - 2032)

• Solutions
• Services

Digital Risk Protection, Solution Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Brand Protection
• Phishing Detection
• Incident Response
• App Protection
• Dark Web Intelligence
• Automate Threat Mitigation
• Supply Chain Security

Digital Risk Protection, Security Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Network Security
• Endpoint Security
• Cloud Security
• Application Security

Digital Risk Protection, Organization Size Outlook (Revenue - USD Billion, 2019 - 2032)

• Large enterprises
• SMES

Digital Risk Protection, Deployment Mode Outlook (Revenue - USD Billion, 2019 - 2032)

• Cloud
• On-premises

Digital Risk Protection, Vertical Outlook (Revenue - USD Billion, 2019 - 2032)

• BFSI
• IT & ITeS
• Government
• Healthcare
• Retail and eCommerce
• Media and entertainment
• Other verticals

Digital Risk Protection, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands
• Rest of Europe

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia
• Australia
• Rest of Asia Pacific

• Latin America

• Argentina
• Brazil
• Mexico
• Rest of Latin America

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa
• Rest of Middle East & Africa

Digital Risk Protection Report Scope