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Digital Risk Protection Market Trends

Report ID: GMI9497
Published Date: May 2024
Report Format: PDF

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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.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of digital risk protection reached USD 8.1 billion in 2023 and is set to witness 13.5% CAGR from 2024 to 2032, owing to the rising cybercrimes, stringent regulatory compliance, rapid digital transformation, and growing adoption of AI & ML.

The software component segment accounted for over 65% revenue share in 2023, due to the development of improved threat intelligence platforms with innovative ML and AI algorithms.

The cloud deployment model segment in the digital risk protection industry is projected to record over USD 9.5 billion by 2032, led by the increasing use of cloud model by organizations to leverage scalability, flexibility, and cost-efficiency.

North America market accounted for 35% revenue share in 2023, on account of the increasing frequency of digital threats and strict regulatory requirements.