LONDON, Jan. 31, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Digital Risk Management Global Market Report 2024, the global digital risk management market is on a trajectory of rapid growth, and the latest market report forecasts substantial expansion. The digital risk management market size will surge from $10.58 billion in 2023 to $11.89 billion in 2024, boasting an impressive compound annual growth rate (CAGR) of 12.5%. The forecast period anticipates even greater growth, with the digital risk management market expected to reach $20.42 billion by 2028, at a CAGR of 14.5%.
North America Leads, Asia-Pacific Emerges as the Fastest-Growing Region
In 2023, North America dominated the digital risk management market. However, the Asia-Pacific region is poised to be the fastest-growing in the digital risk management market in the forecast period, reflecting the global significance of digital risk management in an interconnected world.
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From Cyber Threats to Regulatory Complexity: Catalysts for Digital Risk Management Expansion
The historic period's digital risk management market growth is attributed to the increasing cyber threats, regulatory compliance mandates, globalization, interconnectedness, and data sensitivity concerns. Looking ahead, the forecast period is expected to see rapid growth driven by factors such as increased regulatory complexity, growing dependency on digital technologies, a focus on third-party risk management, and integration with enterprise risk management.
Cloud-Based Solutions and AI-Driven Risk Assessment on the Rise
Major trends in the forecast period include the rise of cloud-based digital risk management solutions, application of artificial intelligence in risk assessment, focus on brand reputation management, utilization of big data analytics for risk insights, and implementation of incident response planning. The report emphasizes the need for organizations to embrace these trends to effectively navigate the evolving landscape of digital risk management market.
75% of Organizations Expected to Implement Comprehensive Digital Transformation by 2023
The increasing reliance on digital technologies is identified as a significant driver for the digital risk management market. As organizations across industries undergo digital transformation, safeguarding digital assets, protecting customer data, and ensuring business continuity become paramount. International Data Corporation projects that 75% of organizations will have a comprehensive digital transformation implementation roadmap by 2023, showcasing the pervasive adoption of digital technologies in the business landscape.
Deloitte Acquires Terbium Labs to Strengthen Cybersecurity Services
Major companies operating in the digital risk management market include Microsoft, IBM, Oracle, Broadcom, SAP, ServiceNow, Rsam, SAS Institute, Proofpoint, RSA Security, Optiv Security, Rapid7, Qualys, OneTrust, Metricstream, NAVEX Global, Riskonnect, ZeroFox Holdings, SecurityScorecard, Archer Technologies, Galvanize, LogicGate, Resolver, BitSight, Hyperproof, OTORIO, Fastpath Solutions, ProcessUnity, LogicManager, and Apptega.
In June 2021, Deloitte acquired Terbium Labs, enhancing its threat intelligence and cybersecurity services. Terbium Labs is known for its digital risk protection and management services.
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This comprehensive report equips players in the digital risk management market with strategic insights to navigate the evolving landscape. Manufacturers, investors, and policymakers can leverage the data to make informed decisions, capitalize on emerging trends, and align their strategies with the dynamic needs of the industry. By staying abreast of digital risk management market projections and understanding key drivers, stakeholders can position themselves for success in this rapidly growing market.
Digital Risk Management Global Market Report 2024 by The Business Research Company provides insights on the digital risk management market size, digital risk management market segments, digital risk management market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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