Insider risk management market demand will grow at a significant CAGR of around 12.5% between 2022 and 2032, according to Future Market Insights’ (FMI) analysis.
The market will be worth $2,223.5 million by the end of 2022, according to the report. According to Future Market Insights, the pandemic has acted as a catalyst for digital transformation. There has been a significant shift in favour of efficiency and adaptability, in addition to a significant shift toward remote work.
With faster, more flexible ways of working, data security threats increase significantly. Employees were 85% less likely to leak private information a year ago, before the COVID issue. Insiders, rather than outsiders, were identified as the primary cause of data breaches by IT security leaders.
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While malicious assaults could still happen, a rise in actions by remote workers who might not even be aware they are putting the company at danger of security threats and compliance violations is more concerning. Organizations are using integrated, end-to-end tools to gain a handle on risk management as it seems to get ever more complex.
Insider Risk Management (IRM) develops a framework around the new concept of “risk tolerance,” with a goal of providing security. IRM further teams with visibility and context around data activities in order to secure that data without imposing onerous restrictions on users.
Due to a growing shift towards hybrid or remote workforce, there has been a rise in publicly-disclosed system breaches and data leaks. This has propelled the growth of the insider risk management market.
Key Takeaways: Insider Risk Management Market
- By solution, the on-premises insider risk management software segment accounts for the highest market share of around 0% for insider risk management market in the year 2021. However, the cloud based insider risk management software segment is estimated to grow at a robust CAGR of 23.3% through 2032.
- By enterprise size, the large enterprises segment had the highest market share of around 7% in the insider risk management market in 2021.
- By industry, the government segment is predicted to grow at a CAGR of around 4% between 2022 & 2032.
- By region, North America had the largest market share of around 9% in insider risk management market in 2021, whereas the South Asia & Pacific region is showing the highest growth of around 22.5% CAGR during the forecast period.
“Insider risk management has become a priority for security and risk management due to the growth of hybrid or remote workforce, as well as increased vendor integration. Organizations may quickly recognize, monitor, and reduce insider risks in real-time by implementing insider risk management solutions. Organizations can also spot and reveal other forms of malicious behavior that could be detrimental to the firm by using insider risk management systems” says FMI analyst”.
Increased vendor integration and shift towards hybrid or remote workforce to ensure secure work practices and data protection
The business ecosystem’s digitization has created new possibilities for organizational growth and transformation across industries. Due to the evolution and proliferation of cybersecurity threats, this digital revolution has also increased the risks associated with conducting business. Employees have greater and more access to data creation, management, and sharing capabilities across a variety of platforms and services. Due to careless sharing of data or malevolent intent, there has been rise in instances of data theft by departing employees and information leaks outside the firm.
Insider risk management is a powerful threat protection tool created to quickly identify, analyze, mitigate, and respond to insider risks. It offers control and visibility over internal data access and data leaks by end users, including workers, distant suppliers, and contractors, to safeguard against insider risks like theft, fraud, and damage.
Users can design policies for locating risk indicators using insider risk management. These guidelines support the detection and control of risky behavior, the detection and management of company policy violations, the monitoring and management of data access governance issues, and the improvement of insider threat security. Insider risk management solutions use cutting-edge techniques to safeguard confidential firm information and intellectual property from loss, theft, and leakage while fostering remote workers’ collaborative work.
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Competitive Landscape
Insider risk management market major vendors are concentrating on strategic partnerships with other crucial players to develop technologically advanced insider risk management solution for several applications to serve their consumers.
- In November 2021, Splunk Inc. and Code42 partner together to improve detection and response to insider threat activities. As per the partnership Code42 will deliver its dashboards and data exfiltration alerts inside the Splunk security operations suite.
- In October 2021, Microsoft Corporation declared that they are upgrading Microsoft 365 to permit admins to better control insider security threats in their environments with enhancements to insecure activity identification and visibility.
More Valuable Insights on Insider Risk Management Market
Future Market Insight’s report on insider risk management market industry research is segmented into four major sections – solution (cloud based insider risk management software, and on-premises insider risk management software), enterprise size (small & mid-sized enterprises (SMEs), and large enterprises), industry (finance, healthcare, government, education, manufacturing and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the insider risk management demand outlook.
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Insider Risk Management Market Outlook by Category
By Solution, Insider Risk Management Market is segmented as:
- Cloud-Based Insider Risk Management Software
- On-premises Insider Risk Management Software
By Enterprise Size, Insider Risk Management Market is segmented as:
- Small & Mid-size Enterprises (SMEs)
- Large Enterprises
By Industry, Insider Risk Management Market is segmented as:
- Finance
- Healthcare
- Government
- Education
- Manufacturing
- Others
By Region, Insider Risk Management Market Sales is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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