Covid-19 Impact & Market Status
The Digital Risk Protection Software market size has seen a great response in terms of growth due to the advent of Covid-19. This is because of the travel restrictions, flight bans, and quarantines which further resulted in termination of all the offline activities and offices temporarily. These reasons hampered the offline market and need for adoption digital practices increased immensely. Companies are adopting digital risk protection software to mitigate security risks and ensure that their digital footprints remain safe and secure.
This Digital Risk Protection Software Market report explores the current market, regulatory aspects, and potential opportunities, and challenges in individual market segments. The report also gives a detailed outlook of the competitive landscape.
Cloud Based Deployment to Remain Atop
By deployment model, the Digital Risk Protection software market was led by te cloud-based segment in 2020, and is projected to maintain its dominance during the forecast period. This is because of the rising approval of the cloud-based solutions such as advanced threat protection, email protection, social media protection etc. The on- premise segment is also expected to grow at a rapid pace during the forecast period.
Large Enterprises to Ensure Highest Sales
The large enterprises segment has dominated the market in 2020 and it is because of the fact that these large enterprises have a huge database which in turn needs to be regulated and audited efficiently. The large enterprises were early adopters of this and hence are responsible for huge sales. Small and medium scale enterprises are analysed to grow at considerable rate during the forecast period because of the high adoption of the cloud-based solutions in these firms.
Government sector to come out at top
The government sector is analysed to hold highest share in 2020 and is expected to grow at highest rate during the forecast period 2021-2028. Owing to the large amount of data that government possess, and the great threats of hackers around the world, the government sector comes out as the highest consumption sector. Increased digitization can be too overwhelming and that is why government segment needs the use of Digital Risk Protection Software to ensure the efficiency and thereby ensuring data protection. The dire need of monitoring and maintaining large amounts of data smoothly has an impact on the growth rate of the market.
North America Region to Render Ample Investment Avenues
North America is the largest contributor to the growth of global Digital Risk Protection Software Market. The key factors such as a huge need of data analytics, process efficiency among the large as well as small and medium enterprises in that region. Additionally, the market for e-commerce is extremely large and hence North America provides ample opportunities.
However, the Asia Pacific region is expected to incur huge demand because of the high population and the growing need for digital risk protection.
The growth in need for protecting digital channels and social media from security threats, along with growing adoption of cloud solutions and services has helped in the growth of this market.
Digital Risk Protection is the process of protecting digital channels and social media from security concerns and business risks. Digital Risk Protection also assists organizations to discover and fix the inadequacies which prove to be a road block for the performance of business processes
Digital Risk Protection Software is a type of software that protects a company during digital transformation from unwanted cyber-attacks and hackers. Increasing digitization, along with many benefits has also resulted into loss of data and data breach and it is super important to protect data so that it can’t be misused and this has had an immense impact in the adoption of the Digital Risk Protection Software Market. These factors collectively influence the global Digital Risk Protection Software market, ensuring an overall market size of 1.5 billion by 2028.
The rise in the adoption of technology and growth in awareness regarding the benefits that Digital Risk Protection Software gives has helped in the growth of this market. The unique feature of these software is that they continuously map the digital footprint of the company and identify external risk to brand and identity.
Enterprises are becoming large and more complex day by day, this along with it brings lots of data to work on and with large volumes of data, the risk also increases and to secure this data, Digital Risk Protection Software is needed.
However, budget constraints and limitations on IT spending on advanced technology are some of the reasons that are hampering the market growth. Organizations first need to think about their own usage to understand what they need. In developing nations, lack of awareness is the reason companies are still following traditional methods of executing processes. Nevertheless, Digital Risk Protection Software Market has the growth prospects, as companies are becoming more and more complex which will need the application of these software to make the processes more efficient.
The major players of this market are ZeroFOX, Proofpoint, Digital Shadows, Recorded Future, RiskIQ, IntSights, Axur, Cyberint, SKURIO, SafeGuard Cyber (Social SafeGuard), Blueliv, AppGate (Cyxtera), Sweepatic, CTM360, Cybersprint. Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Digital Risk Protection Software market. By applying technology, the R&D teams of the companies must try increase the efficiencies of these software to ensure that the organizations get full control over their data, reducing costs and increasing the effectiveness of any process at their companies.
Digital Risk Protection Software Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 1.5 billion|
|Segment Covered||deployment type, Enterprise, End User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||ZeroFOX, Proofpoint, Digital Shadows, Recorded Future, RiskIQ, IntSights, Axur, Cyberint, SKURIO, SafeGuard Cyber (Social SafeGuard), Blueliv, AppGate (Cyxtera), Sweepatic, CTM360, Cybersprint. Product launches, acquisitions, and R&D activities|
Key Segments of the Digital Risk Protection Software Market
Digital Risk Protection Software Market on the basis of deployment type, 2018-2028 (USD Million)
- Cloud – Based
- On – Premise
Enterprise Size Overview, 2018-2028 (USD Million)
- Large Enterprises
- Small and Medium Enterprises
End User Overview, 2018-2028 (USD Million)
- IT and Telecom
Regional Overview, 2018-2028 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa