Rapid technological advancements in recent years have compelled companies to invest in smart database solutions. The increasing volumes of data collection have made it easier for cyber-criminals to target the organization’s operations and steal their data for financial gain. Digitization has led to multi-channel convergence and several fragile interfaces.
Such data breaches prove deleterious for the organization’s long-term survival. Hence, the 21st century has been witnessing high procreation of smart cyber-security solutions.
These solutions are being increasingly implemented across the IT, BFSI, governmental and healthcare industries to name a few. According to FMI, the market shall surge staggeringly, reaching US$ 1.9 Bn by 2030.
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Digital Risk Protection Market: Key Takeaways
- Cloud-based integrated digital risk protection platforms to acquire high popularity, expanding at ~11%
- North America is likely to emerge as the market hegemon, attributed to high expenditure on security solutions
- SMEs to gather significant momentum in the forecast period, ascribed to their growing business volumes
- BFSI to dominate the market in terms of industrial applications. Rising volumes of banking transactions is the chief driver
- East & South Asia are poised to be the fastest growing regions, attributed to high volumes of digital business operations
Prominent vendors are capitalizing on integrated cloud-based solutions for data protection and mobility and e-mail security to reduce threat and compliance risk,” opines the FMI analyst.
COVID-19 Impact Analysis
The COVID-19 pandemic has impacted business in every sector. Social distancing norms are compelling organizations to transition towards digitalization to ensure operational continuity. Adoption of cloud computing platforms and build-your-own-devices to facilitate remote working are becoming highly mainstream.
According to estimates, nearly 3/5th of the organizations have adopted cloud platforms as a new normal. Companies are transforming existing infrastructure into virtual environment, aggrandizing the risk of cyber threats.
Organizations are experiencing cyber threats and security vulnerabilities in remote working. Cyber criminals are leveraging the COVID-19 pandemic scenario to initiate ransomware, phishing emails and data theft attacks to steal confidential information.
The digital risk protection platform market is highly fragmented, characterized by the presence of a number of regional players and global corporations. Within the scope of this report, the following companies have been profiled: Proofpoint, Digital Shadows Ltd, FireEye, RSA Security LLC, Axur, Cyberint, RiskIQ and Safeguard Cyber.
The aforementioned market players tend to rely on collaborations, partnerships and product launches in order to stay afloat. In August 2020, for instance, Proofoint partnered SaiPoint to develop a cyber-security solution aimed at safeguarding users’ data in e-mail inboxes. Moreover, end-users can avail secure access to applications without the fear of any malware attacks.
In July 2020, Digital Shadows initiated a new database service enabling organizations to discover possible data breaches by introducing additional capabilities within its SearchLight platform.
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FMI’s report on the digital risk protection platform market is segmented into four major sections such as solution (integrated digital risk protection platform, and services), enterprise size (SMEs, large enterprises), industry (government, education, manufacturing, automotive, BFSI, healthcare, IT & Telecom, and others) and region(North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa) to help readers understand and lucrative evaluate opportunities in the digital risk protection platform market.
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The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.