Digital Risk Protection Platform Market is Anticipated to Expand at a High CAGR of 9.8% From 2022-2030

The global digital risk protection platform market is anticipated to expand at a high CAGR of 9.8% from 2022 to 2030. The market accounts for a valuation of US$ 946.6 Mn at present, and is predicted to reach US$ 1.96 Bn by the end of 2030.

Digital risk protection platform sales accounted for a share of 10% in the global risk management software market in 2021. The world has become more digital than it was ever before, and the demand for risk protection and management is more prominent than ever, which is expected to see further rise over the coming years.

As digital footprints grow, independent online identities have become mainstream. Undoubtedly, our lives have become greatly streamlined due to such advancements. On the flip side, digital imprints have emboldened cyber criminals and hackers to leverage online platforms to initiate malicious attacks. They are discovering novel ways of targeting classified or sensitive information for personal gain. The 21st century is replete with instances of damaging cyberattacks, with deleterious impacts across industrial verticals.

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Digital Risk Protection Market: Key Implications

  • Cloud-based integrated digital risk protection platform gains popularity, expands ~11%
  • North America is likely to emerge as a market hegemon due to its high spending on security solutions.
  • SMEs will gather significant momentum in the forecast period due to the growing business volume.
  • BFSI dominates the market in terms of industrial applications. Growth in banking volume is the main driver
  • East and South Asia will be the fastest growing regions due to the high volume of digital business operations.

“Reputable vendors are leveraging integrated cloud-based solutions for data protection, mobility and email security to reduce threat and compliance risks,” says FMI analysts.

Analysis of the impact of COVID-19

The COVID-19 pandemic has affected businesses in all sectors. Social distancing norms are forcing organizations to move to digitalization to ensure continuity of operations. Building cloud computing platforms and own devices to facilitate remote work is becoming mainstream.

By estimates, nearly three-fifths  of organizations   have adopted cloud platforms as the new standard. Businesses are transforming their existing infrastructure into virtual environments, increasing the risk of cyber threats.

Organizations are experiencing cyber threats and security vulnerabilities in remote work. Cybercriminals are leveraging the COVID-19 pandemic scenario to launch ransomware, phishing emails and data theft attacks to steal confidential information.

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Competitive Information

The Digital Risk Protection Platform Market is highly fragmented, characterized by the presence of several regional players and global players. Companies such as Proofpoint, Digital Shadows Ltd, FireEye, RSA Security LLC, Axur, Cyberint, Risk IQ and Safeguard Cyber ​​​​have been profiled within the scope of this report.

The aforementioned market players tend to rely on collaborations, partnerships, and product launches to survive. For example, in August 2020, Proofoint partnered with SaiPoint to develop a cybersecurity solution to protect user data in their email inbox. In addition, end users can safely access applications without fear of malware attacks.

In July 2020, Digital Shadows launched a new database service that enables organizations to discover possible data breaches by introducing additional features to the SearchLight platform.

More Insights

FMI’s report on Digital Risk Protection Platforms Market reports on Solutions (Integrated Digital Risk Protection Platforms and Services), Enterprise Size (Small Business, Large Enterprise), Industry (Government, Education, Manufacturing, Automotive, BFSI, Healthcare, IT & Telecommunications and Others ) and regions (North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa) to enable readers to understand the opportunities in the Digital Risk Protection Platform market and make a profitable assessment.

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