The Digital Risk Management Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Digital Risk Management Global Market Report 2024, The digital risk management market size has grown rapidly in recent years. It will grow from $10.58 billion in 2023 to $11.89 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to increasing cyber threats, regulatory compliance mandates, globalization and interconnectedness, data sensitivity concerns.
The digital risk management market size is expected to see rapid growth in the next few years. It will grow to $20.42 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%. The growth in the forecast period can be attributed to increased regulatory complexity, growing dependency on digital technologies, focus on third-party risk management, integration with enterprise risk management. Major trends in the forecast period include rise of cloud-based digital risk management solutions, application of artificial intelligence in risk assessment, focus on brand reputation management, utilization of big data analytics for risk insights, implementation of incident response planning.
The increased number of cyberattack cases are expected to propel the growth of the digital risk management market going forward. Cyberattacks refer to deliberate, malicious activities carried out in the digital world by damaging or gaining unauthorized access to computer systems, networks, devices, or data. Digital risk management is a crucial aspect of cybersecurity, focused on identifying, assessing, and mitigating potential risks and threats that organizations face in the digital realm. For instance, in 2022, according to the Annual Cyber Threat Report 2021-2022 by the Australian Cyber Security Centre, an Australia-based government agency, Australia recorded a staggering 76,000 cybercrime reports, representing a 13% increase from the 2021 financial year. Therefore, the increased number of cyberattacks is driving the growth of the digital risk management market.
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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
Major companies operating in the digital risk management market are adopting new technologies such as artificial intelligence (AI) and machine learning (ML) algorithms to provide reliable services to customers. Artificial intelligence (AI) and Machine learning in digital risk management refer to using advanced statistical and computational techniques to enable computer systems to learn from data and make predictions or decisions about assessing and mitigating digital risks. For instance, in May 2021, BCT Digital, an India-based FinTech firm specializing in risk management products, launched the rt360 credit risk suite for digital risk management. The rt360 credit risk suite is supported by data analytics, artificial intelligence (AI) and machine learning (ML) algorithms, configurable workflows, and a wealth of reporting and dashboarding tools. This enables lenders to manage their whole credit lifecycle in one location, giving them better control over their asset book. Additionally, It allows financial institutions to focus on profitable credit growth.
The digital risk management market report table of contents includes:
1. Executive Summary
2. Digital Risk Management Market Characteristics
3. Digital Risk Management Market Trends And Strategies
4. Digital Risk Management Market – Macro Economic Scenario
5. Global Digital Risk Management Market Size and Growth
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31. Digital Risk Management Market Other Major And Innovative Companies
32. Global Digital Risk Management Market Competitive Benchmarking
33. Global Digital Risk Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Digital Risk Management Market
35. Digital Risk Management Market Future Outlook and Potential Analysis
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