What Has Been the Growth of the Digital Risk Management Market So Far?
The digital risk management market has seen considerable growth due to a variety of factors.
• The market size for digital risk management has seen a speedy expansion in recent times. The prediction is for it to escalate from $11.89 billion in 2024 to $13.32 billion in 2025, with a compound annual growth rate (CAGR) of 12.0%.
Factors such as rising cyber threats, regulatory compliance requirements, globalization and interconnectedness, as well as concerns over data sensitivity, have all contributed to the growth during the historic period.
What Are the Future Growth Projections for the Digital Risk Management Market?
The digital risk management market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for digital risk management is forecasted to experience considerable expansion in the coming years. It is predicted to increase to $24.02 billion by 2029, growing at a compound annual growth rate (CAGR) of 15.9%.
This growth over the forecast period can be linked to the rising regulatory complexity, increasing reliance on digital technology, emphasis on third-party risk management, and integration into enterprise risk management. Key trends over the forecast period encompass the emergence of cloud-based digital risk management solutions, the use of artificial intelligence in risk evaluation, emphasis on managing brand reputation, exploiting big data analytics for risk insight, and the implementation of incident response planning.
What Are The Core Factors Supporting Growth In The Digital Risk Management Market?
The growth of the digital risk management market is expected to be driven by a surge in cyberattack incidents. Cyberattacks, which refer to malign activities carried out with the intention of damaging or gaining unauthorized access to computer systems, networks, devices, or data, have been on the rise. Digital risk management plays a vital role in cybersecurity, as it concentrates on identifying, assessing, and mitigating the potential risks and threats organizations encounter in the digital domain. For example, the Annual Cyber Threat Report 2021-2022 by the Australian Cyber Security Centre, a government agency in Australia, revealed that there were 76,000 cybercrime reports in 2022, displaying a 13% rise from the previous financial year. Therefore, the digital risk management market is being fueled by the escalating number of cyberattacks.
Digital Risk Management Market Driver: How Rising Dependence on Digital Technology Fuels the Growth of the Digital Risk Management Market
What Are The Major Segments Within The Global Digital Risk Management Market?
The digital risk management market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment: Cloud, On-Premises
3) By Enterprise Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
4) By Industry: Banking, Financial Services And Insurance (BFSI), Information Technology(IT) And Telecom, Healthcare, Retail, Manufacturing, Other Industry
Subsegments:
1) By Software: Risk Assessment Software, Compliance Management Software, Threat Detection And Response Software, Identity And Access Management Software
2) By Services: Consulting Services, Implementation Services, Managed Services, Training And Support Services
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Which Emerging Market Trends Are Altering The Digital Risk Management Industry?
Top-tier corporations in the digital risk management sector are utilizing a strategic alliances approach to deliver Next-Generation Digital Risk Management to meet several pressing industry requirements. Strategic alliances can be defined as a methodology where companies utilize each other's strengths and resources to acquire shared benefits and prosperity. For example, in December 2022, AOS DATA, Inc., a company specializing in data asset management based in Japan, entered into a collaboration with CYFIRMA, a cybersecurity organization headquartered in Singapore. Their collective objective with this collaboration is to create progressive solutions for the Attack Surface Analytics Service to offer next-generation digital risk management. This features a comprehensive risk evaluation, giving businesses a detailed overview of their digital presence to discern vulnerabilities across assorted platforms. Moreover, it introduces proactive threat intelligence, providing real-time knowledge of evolving threats and empowering companies to remain one step ahead of potential cyber hazards.
Who Are the Key Players In The Digital Risk Management Market?
Major companies operating in the digital risk management market report are:
• Microsoft Corporation
• The International Business Machines Corporation
• Oracle Corporation
• Broadcom Inc.
• SAP SE
• ServiceNow Inc.
• Rsam
• SAS Institute Inc.
• Proofpoint Inc.
• RSA Security LLC
• Optiv Security Inc.
• Rapid7
• Qualys Inc.
• OneTrust
• Metricstream
• NAVEX Global Inc.
• Riskonnect Inc.
• ZeroFox Holdings Inc.
• SecurityScorecard
• Archer Technologies LLC
• Galvanize
• LogicGate Inc.
• Resolver Inc.
• BitSight
• Hyperproof Inc.
• OTORIO
• Fastpath Solutions LLC
• ProcessUnity
• LogicManager Inc.
• Apptega
What Is The Most Dominant Region In The Digital Risk Management Market?
North America was the largest region in the digital risk management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital risk management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
