Digital Risk Protection Market Size - By Component (Software, Services), By Deployment Model (On-premises, Cloud), By Organization Size (SME, Large Organization), By Application, By End-user & Forecast, 2024 - 2032

Digital Risk Protection Market Size

Digital Risk Protection Market size was valued at USD 8.1 billion in 2023 and is estimated to register a CAGR of over 13.5% between 2024 and 2032. The market growth is driven by rising cybercrimes, stringent regulatory compliance, rapid digital transformation, and adoption of AI & ML. The need for secure data transportation across borders has increased with the expansion of global digital commerce.
 

For instance, in April 2023, SecureNet from the U.S. and Cyber Guard from the UK successfully achieved secure cross border data transmissions. This achievement is a critical step in assuring data integrity and confidentiality in the global digital ecosystem. Technological advancements play a pivotal role as market growth driver in the market. Innovative threat detection technologies enable advanced threat detection over the channels. Technological innovations facilitate the sharing of threat intelligence and collaborative defense mechanisms among organizations, industry peers, and online vendors.
 

The digital risk protection market is experiencing growth and innovations due to technological advancements that enable advanced threat detection capabilities, facilitate threat intelligence sharing, foster collaborative defense mechanisms, and promote closer integration with the organizations. The market is predicted to continue to evolve and expand over the coming years as organizations prioritize cybersecurity & risk management strategies. This will increase the demand for creative DRP solutions that use innovative technologies to safeguard against digital threats.
 

The digital risk protection market is facing several restraints, impacting its growth and development. The ability of organizations to effectively mitigate cyber risks and safeguard their digital assets and sensitive data presents a serious challenge to market growth. The complexity of regulatory compliance also poses as a significant challenge to the market as it requires proactive strategies and investments to navigate regulatory landscapes effectively while mitigating legal, financial, and reputational risks.
 

Digital Risk Protection Market Trends

The digital risk protection industry is experiencing dynamic shifts owing to innovations and product launches from key players. Manufacturers are responding to evolving customer demands and regulatory requirements by prioritizing customization and technological advancements. Features such as AI-driven threat detection, real time monitoring systems, and enhanced data encryption are becoming standard offerings. For instance, in February 2024, India and the U.S.  partnered to launch AI to enhance cybersecurity and data sharing between both countries.
 

Organizations are using modern technologies such as AI and ML to identify and address emerging cyber threats before they become more serious. This pattern shows a move in the direction of a more proactive and predictive strategy to cybersecurity, enabling companies to keep ahead of changing online threats and safeguard their resources efficiently.
 

Digital Risk Protection Market Analysis

Based on components, the market is divided into software and services. The software segment accounted for a market share of over 65% in 2023. The development of improved threat intelligence platforms with innovative ML and AI algorithms is a key component of the rise of solutions for digital risk protection. Organizations may efficiently protect their digital assets by using innovative technologies and comprehensive software. For instance, in February 2024, there was a surge in the demand for AI-driven digital risk protection solutions as they had an edge over traditional protection methods. Digital threats can be identified easily with AI, propelling the market.
 

Based on deployment mode, the digital risk protection market is categorized into premises and cloud. The cloud segment is expected to hold over USD 9.5 billion by 2032. Organizations are using cloud deployment methods to leverage scalability, flexibility, and cost-efficiency. Financial organizations can obtain sophisticated threat detection capabilities without significant infrastructure investments by utilizing cloud-based solutions.
 

For instance, in June 2024, Darktrace and IBM collaborated to provide financial institutions with an AI and ML-powered cloud-based digital risk protection platform. This technology helps banks and fintech organizations to proactively detect and mitigate cyber risks by utilizing real-time data processing and analysis, providing improved security posture and protecting against possible financial losses due to cyberattacks.
 

North America dominate the digital risk protection market with around 35% of the market share in 2023. The market growth is led by the increasing frequency of digital threats and strict regulatory requirements. The businesses in North America are increasingly relying on technologies, such as AI, ML, and big data analytics, to combat the changing cyber threats.
 

The organizations in North America are implementing risk prevention measures due to the increasing frequency and severity of cyberattacks. The demand for innovative digital risk protection solutions is projected to grow over time as organizations focus on risk management and cybersecurity, accelerating the digital risk protection market.
 

In addition, joint initiatives by technology companies and businesses from a range of sectors are spurring innovations and the creation of customized solutions to deal with regionally specific digital risk issues. For instance, in October 2023, CyberDefend, a cybersecurity company that specializes in threat intelligence, forged an alliance with Shippe, a leading shipping platform for modern e-commerce, to provide a revolutionary digital risk prevention service. This initiative was taken to meet the unique needs of e-commerce merchants operating in U.S. It provides comprehensive coverage against a wide range of digital threats. This partnership exemplifies the collective effort to enhance digital risk protection in U.S. by leveraging advanced technologies.
 

In Europe’s key markets such as France, Italy, the UK, and Germany, the digital risk protection market is witnessing significant growth, propelled by stringent regulatory mandates and the increasing adoption of AI and ML to counter cybersecurity. The organizations in these countries are investing in advanced digital risk protection technologies.
 

In the Asia Pacific region, the digital risk protection industry is experiencing robust growth due to rapid digitization and the increasing prevalence of fraudulent activities. Organizations in countries, including China, India, Japan, and Australia, are adopting advanced technologies such as Al, ML, and blockchain to strengthen their digital threat detection capabilities. Collaborations between organizations and technology firms are driving innovations and the development of tailored solutions to address the unique challenges.
 

Digital Risk Protection Market Share

Microsoft (RiskIQ) and Broadcom (Symantec) dominate the market with around 10% revenue share. Microsoft is gaining ground through technological advancements, especially in digital risk protection, and strategic alliances. They have increased the range of products they offer through strategic acquisitions, increasing the ability to respond to changing consumer needs.
 

Partnerships with cybersecurity and technology companies bolster the use of advanced security systems, boosting the effectiveness of digital risk management operations. Organizations’ commitment to cybersecurity satisfies both legal and consumer needs with the use of cutting-edge threat detection and mitigation techniques. Companies are maintaining their leadership positions owing to their strategic combination of innovation, cooperation, and market adaptation.
 

Digital Risk Protection Market Companies

Major companies operating in the digital risk protection industry are:

• BlueVoyant
• Broadcom (Symantec)
• Fortinet, Inc.
• Microsoft (RiskIQ)
• Palo Alto Networks
• Proofpoint
• Rapid7, Inc.
• ReliaQuest (Digital Shadows)
• Splunk Inc.
• ZeroFOX
   

Digital Risk Protection Industry News

• In February 2024, Rapid7 Inc. expanded its MDR portfolio with the introduction of the Managed Digital Risk Protection (DRP) service, actively monitoring the clear, deep, and dark web for early threat signals like data leaks and phishing kits.
   
• In September 2023, Kaspersky launched Fraud Action Fraud Intelligence Exchange (FIX) that enabled anonymous data sharing among organizations to combat fraud collaboratively through features such as threat intelligence enrichment and proactive threat detection. It strengthened defenses, minimized fraud losses, and fostered a safer digital ecosystem through collective defense efforts.
   

The digital risk protection market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2021 to 2032, for the following segments:

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Market, By Component

• Software
  • Brand protection solutions
  • Cyber threat intelligence platforms
• Services
  • Professional services
  • Managed services

Market, By Deployment Model

• On-premises
• Cloud

Market, By Organization Size

• SME
• Large organization

Market, By Application

• Domain monitoring
• Account takeover prevention
• Brand protection
• Social media protection
• Data leak protection
• Executive protection

Market, By End-user

• BFSI
• IT & Telecom
• Retail & e-commerce
• Healthcare
• Government
• Manufacturing             
• Automotive
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America 
• MEA
  • UAE
  • South Africa
  • Saudi Arabia
  • Rest of MEA