Digital Risk Management market is projected to reach USD 34.68 billion by 2032, driven by rising cybersecurity needs | Research by SNS Insider

The Digital Risk Management market is expanding rapidly, driven by growing cybersecurity threats, AI adoption, and the increasing need for data protection across industries.

Pune, Jan. 20, 2025 (GLOBE NEWSWIRE) — Digital Risk Management market Size Analysis:

The Digital Risk Management Market was valued at USD 9.82 Billion in 2023 and is projected to reach USD 34.68 Billion by 2032, growing at a compound annual growth rate (CAGR) of 15.12% from 2024 to 2032.

Digital Risk Management Market Accelerates as Cybersecurity Threats, AI Adoption, and Consumer Data Protection Shape Future Demand

The Digital Risk Management market is growing rapidly as organizations increasingly rely on digital technologies like cloud computing and the Internet of Things, which expose them to a wide range of risks. In 2023, there were 2,365 cyberattacks, affecting 343,338,964 victims, reflecting a 72% rise in data breaches since 2021. This surge in cyber threats has led to businesses investing in advanced DRM solutions. Nearly 75% of organizations now have an incident response plan, with 63% regularly testing it. The growing urgency for effective risk management is evident, particularly in sectors like finance and healthcare. Furthermore, in 2023, 80% of consumers expressed concerns about personal data protection, prompting businesses to prioritize cybersecurity.

Looking forward, the DRM market will continue to expand, driven by advancements in artificial intelligence and machine learning. 80% of organizations see AI as an emerging risk while adopting the technology. The expansion of IoT and cloud services will further increase vulnerabilities, boosting demand for sophisticated DRM solutions. In August 2024, Qualys enhanced its TruRisk platform with Qualys TotalAI, addressing AI-related security challenges, signaling growth in the DRM market.

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Major Players Analysis Listed in this Report are:

  • IBM Corporation (IBM OpenPages, IBM Security QRadar)
  • Oracle Corporation (Oracle Risk Management Cloud, Oracle Governance, Risk, and Compliance)
  • SAP (SAP Business Integrity Screening, SAP Risk Management)
  • SAS Institute Inc. (SAS Risk Management for Banking, SAS Fraud Management)
  • Broadcom (Symantec Endpoint Protection, Symantec Data Loss Prevention)
  • NAVEX Global Inc (NAVEX EthicsPoint, NAVEX Risk & Compliance Management)
  • LogicManager Inc. (LogicManager Risk Management, LogicManager Incident Management)
  • Metric Stream (MetricStream GRC Platform, MetricStream Third-Party Risk Management)
  • Rapid7 (InsightVM, InsightIDR)
  • Microsoft Corporation (Microsoft Compliance Manager, Microsoft Defender for Identity)
  • ServiceNow Inc. (ServiceNow GRC, ServiceNow Security Incident Response)
  • Rsam (Rsam GRC Platform, Rsam Third-Party Risk Management)
  • Proofpoint Inc. (Proofpoint Email Protection, Proofpoint Cloud App Security Broker)
  • RSA Security LLC (RSA Archer GRC, RSA SecurID)
  • Optiv Security Inc. (Optiv Cybersecurity, Optiv Managed Security Services)
  • Qualys Inc. (Qualys Vulnerability Management, Qualys Policy Compliance)
  • OneTrust (OneTrust GRC, OneTrust Privacy Management)
  • Riskonnect Inc. (Riskonnect Risk Management, Riskonnect Incident Management)
  • ZeroFox Holdings Inc. (ZeroFox Social Media Risk Protection, ZeroFox External Threat Intelligence)
  • SecurityScorecard (SecurityScorecard Enterprise, SecurityScorecard Risk Assessment)
  • Archer Technologies LLC (Archer GRC Platform, Archer IT Risk Management)
  • Galvanize (Galvanize HighBond, Galvanize Governance, Risk, and Compliance)
  • LogicGate Inc. (LogicGate GRC Platform, LogicGate Third-Party Risk Management)
  • Resolver Inc. (Resolver Risk Management, Resolver Incident Management)
  • BitSight (BitSight Security Ratings, BitSight for Third-Party Risk)
  • Hyperproof Inc. (Hyperproof Compliance Management, Hyperproof Risk Management)

Digital Risk Management Market Report Scope:

Report Attributes Details
Market Size in 2023 USD 9.82 Billion
Market Size by 2032 USD 34.68 Billion
CAGR CAGR of 15.12% From 2024 to 2032
Base Year 2023
Forecast Period 2024-2032
Historical Data 2020-2022
Key Regional Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Key Growth Drivers • Sectors such as healthcare, retail, and finance are leveraging Big Data to enhance operations, predict trends, and improve customer experiences.

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Software Dominates, While Services Segment Sees Rapid Growth

In 2023, the Software segment captured the largest share of the Digital Risk Management market, with 60% of the total revenue. This growth is fueled by the increasing demand for advanced software solutions that tackle evolving cyber threats and meet regulatory standards. Companies are heavily investing in DRM software to strengthen cybersecurity, automate risk assessments, and simplify compliance, further driving market dominance.

The Services segment is projected to grow at the fastest CAGR of 16.45% from 2024 to 2032, fueled by a rising need for expert-driven, personalized support in digital risk management. With businesses prioritizing effective risk mitigation, there is an increased demand for continuous consultation, monitoring, and incident response services. The shift to cloud computing and the growing complexity of digital ecosystems are driving this accelerated demand for specialized services.

BFSI Dominates, While Healthcare Segment Experiences Rapid Growth

In 2023, the BFSI sector dominated the Digital Risk Management market, holding around 32% of the revenue share. This is primarily due to the critical need for protecting sensitive financial data and ensuring compliance with strict regulations like GDPR and PCI-DSS. Given the sector’s vulnerability to cyberattacks, including data breaches and fraud, significant investments in advanced DRM solutions are being made to safeguard customer trust and mitigate these

The Healthcare segment is projected to grow at the fastest CAGR of 18.93% from 2024 to 2032, driven by the increasing necessity to protect patient data and meet healthcare-specific regulations like HIPAA. With the adoption of digital technologies like electronic health records and telemedicine, the risk of cyber threats has intensified. Healthcare organizations are prioritizing digital risk management to secure sensitive patient information and critical health data, leading to accelerated DRM adoption in the sector.

Digital Risk Management Market Segmentation:

By Component

  • Software
  • Services

 By Deployment

  • Cloud
  • On-premise

By Organization Size

  • Large Enterprise
  • Small and Medium Size Enterprise

By Industry Vertical

  • BFSI
  • IT
  • Telecom
  • Healthcare
  • Retail
  • Manufacturing
  • Others

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North America Dominates, While Asia Pacific Sees Rapid Growth

In 2023, North America dominated the Digital Risk Management market, holding around 39% of the total revenue share. This leadership is driven by the region’s robust digital infrastructure, widespread adoption of advanced technologies, and stringent regulatory standards. Companies, particularly in sectors like BFSI and healthcare, are heavily investing in DRM solutions to address rising cybersecurity threats and comply with strict data protection regulations, ensuring their dominance in the market.

The Asia Pacific region is poised to grow at the fastest CAGR of 16.96% from 2024 to 2032, fueled by rapid digital transformation across emerging economies and increasing cybersecurity awareness. As countries like China, India, and Japan embrace digital technologies, the demand for DRM solutions intensifies to protect digital assets and comply with evolving regulations. The rise of e-commerce, cloud computing, and mobile applications is driving a surge in cyber threats, accelerating the adoption of DRM solutions in the region.

Key Developments in Digital Risk Management Market 

  • Oracle launched new cloud services in October 2024 to boost profitability and risk management for banks, utilizing AI for asset liability management and cash flow analysis.
  • Datricks and SAP Signavio unveiled a proactive AI-powered risk management solution in July 2024, helping organizations detect and mitigate risks by analyzing financial data.

Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

6. Competitive Landscape

7. Digital Risk Management Market Segmentation, By Component

8. Digital Risk Management Market Segmentation, By Deployment

9. Digital Risk Management Market Segmentation, By Industry Vertical

10. Digital Risk Management Market Segmentation, By Organization Size

11. Regional Analysis

12. Company Profiles

13. Use Cases and Best Practices

14. Conclusion

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