Overview and Scope
Digital risk management refers to identifying, assessing, and mitigating risks associated with digital technologies, data, and online activities within an organization. Digital risk management is essential for maintaining the trust of customers, partners, and other stakeholders. It is used to protect sensitive information, ensure compliance, and maintain the integrity and availability of digital assets.
Sizing and Forecast
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..
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Segmentation & Regional Insights
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
North America was the largest region in the digital risk management market in 2023. 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
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
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
36.Appendix
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