The benefit such as improved risk management, improved visibility, reduced cost of compliance, improved data security and privacy, improved analytics capabilities, and better regulatory control. Digital risk protection software allows organizations to identify potential risks before they become a problem and take proactive measures to mitigate them. The software also helps organizations to quickly respond to any changes in the environment or cyber-attacks.
The need for Digital Risk Protection Software Market is increasing due to the ever-growing threats of cybercrime and data breaches. Organizations are more susceptible to hostile actors who may try to steal critical information or disrupt operations as a result of their increased reliance on digital systems and procedures. Digital Risk Protection software can help organizations defend against these types of threats by providing advanced monitoring capabilities, incident response plans, and automated threat detection. Additionally, this type of software can also provide visibility into potential risks from third-party vendors and partners that could be exposing organizations to cyber risks.
Various advantages of the Digital Risk Protection Software Market are It offers real-time protection from malicious threats such as viruses, malware, and phishing attacks. It helps organizations identify cyber threats quickly and accurately. It enables organizations to quickly respond to cyber incidents and mitigate potential losses. It provides detailed risk intelligence that can be used to better manage digital risk.
The size of the global market for digital risk protection software was estimated at 3.1 billion dollars in 2022 and is projected to increase at a CAGR of 10.8% over the course of the forecast period, reaching 5.6 dollars in 2028.
As organizations seek to protect their digital assets from cyber threats, they have increasingly adopted Digital Risk Protection Software. Additionally, the growing use of cloud-based technologies and other digital services such as e-commerce portals have resulted in an increase in cybercrime activities such as data breaches and malicious attacks, which are fueling the demand for Digital Risk Protection Software solutions.
Digital Risk Protection Software Market is a type of software that helps organizations identify, assess, and mitigate the risks posed by digital threats. It is designed to protect organizations from online threats such as cyber-attacks, malware, data breaches, malicious websites, phishing attacks, and more. The software works by monitoring and analyzing digital behavior across multiple platforms to detect potential risks and provide alerts when a threat is detected.
These include the increasing need for secure data storage and transfer, the growing trend of remote working, the increasing number of cyber threats, the growing need to address compliance requirements, and the need to reduce costs associated with data security.
Additionally, government regulations on data security are also driving this market. As organizations are increasingly recognizing the need to protect their critical data from theft or other malicious activities, they are investing in sophisticated digital risk protection solutions.
There are several factors that are restraining the Digital Risk Protection Software Market from achieving its full potential, such as Many organizations are still unaware of the importance of using digital risk protection software. As a result, they do not invest in such solutions which in turn hampers the growth of the market. The implementation and maintenance cost associated with digital risk protection software is high which can restrain small and medium-sized businesses from investing in such solutions. Organizations need to comply with various regulations related to data privacy and security, which can be complicated for many companies leading to hindrances in adopting digital risk protection software solutions. Organizations may lack the technical knowledge regarding how to implement and use digital risk protection software, thus hampering its adoption rate among them.
Several Key players/ Manufactures/ Vendors of the market are profiled in the Report some of them are Digital Shadows, IBM Corporation, BAE Systems, and Symantec Corporation. McAfee LLC, FireEye, Inc., Trend Micro Incorporated, Forcepoint LLC, HP Enterprise Company, Microsoft Corporation
The cloud-based type segment is boosting
There are two types of Digital Risk Protection Software Market: On-Premise and Cloud-Based. As of 2019, the Cloud-Based type segment is expected to hold the largest share of the digital risk protection software market. This can be attributed to the increasing demand for cloud-based solutions, as it helps organizations ensure remote working security, and offers ease of access, scalability, and cost-efficiency
SMEs segments hold the major market share
Market segmentation is made according to the application of the software, such as large enterprises and small and medium-sized businesses. During the forecast period, the SME segment is expected to grow at the highest CAGR. This can be attributed to the continuous growth of small and medium enterprises across several industries, including retail and e-commerce, banking and financial services, healthcare, government, IT and telecom, media and entertainment, manufacturing, etc.
North America is dominating the market
North America is expected to dominate Digital Risk Protection Software Market during the forecast period 2019-2029, according to region analysis. This region is anticipated to witness significant growth in this market due to rising demand for digital risk protection software in countries such as US, Canada, and Mexico. Moreover, increasing awareness among organizations about data security and compliance with the latest regulations imposed by the governments of these countries are some of the key factors driving the demand for digital risk protection software in this region.
Europe is expected to be the second largest region in terms of value market share owing to the presence of a large number of organizations that are actively investing in data security and advanced technology solutions. Additionally, stringent government regulations on data privacy are also contributing to the growth of this regional market. Government initiatives taken by these countries to provide a secure environment for online transactions are expected to fuel the demand for digital risk protection software in near future.
COVID-19 Impact and Market Status of the Digital Risk Protection Software Market
The outbreak of the COVID-19 pandemic has had a significant impact on the digital risk protection software market. The growth of the market is attributed to the rising need for data security and privacy, the increasing number of cyber-attacks, and stringent government regulations. The outbreak of COVID-19 has led to a decrease in demand for digital risk protection software from small and medium enterprises (SMEs). This is due to the fact that SMEs are focused on surviving the economic downturn caused by the pandemic and are not making new investments. However, large enterprises are still investing in digital risk protection software as they see it as a critical tool for protecting their data during these uncertain times. The overall impact of COVID-19 on the digital risk protection software market has been positive as enterprises are becoming more aware of the importance of data security. However, the short-term outlook for the market is uncertain as enterprises focus on surviving the economic downturn caused by the pandemic.
Recent Development in the Digital Risk Protection Software Market
• In 2019, the market has seen considerable growth due to increasing demand for digital risk protection software from enterprises across different regions and verticals. Key players in the market are focusing on expanding their product portfolio and strengthening their presence in emerging markets such as Asia-Pacific and Latin America, which is expected to drive the market growth further in the forecast period.
• Digital Risk Protection Software Market growth is also expected to be driven by the increasing adoption of cloud-based solutions among organizations. For example, Microsoft Corporation has recently announced its new cloud-based solution called ‘Microsoft Risk Management’ which will enable organizations to detect and respond to cyber threats quickly and effectively.
Digital Risk Protection Software Market Scope
|Revenue forecast in 2028
|CAGR of 10.8 % during 2018-2028
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Digital Shadows, IBM Corporation, BAE Systems, and Symantec Corporation. McAfee LLC, FireEye, Inc., Trend Micro Incorporated, Forcepoint LLC, HP Enterprise Company, Microsoft Corporation
Key Segments of the Digital Risk Protection Software Market
By Type Overview
By Application Overview
• Large Enterprises
By Regional Overview
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa