Chicago, March 18, 2024 (GLOBE NEWSWIRE) -- The global Digital Risk Protection Market is estimated to be worth USD 64.4 billion in 2023 and is projected to reach USD 157.8 billion by 2028, at a CAGR of 19.6% during the forecast period, according to a new report by MarketsandMarkets™.
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387 - Tables
52 - Figures
304 - Pages
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Digital Risk Protection Market Dynamics:
Drivers:
- Growing awareness of digital risk and compliance requirements
- Automation and advanced threat detection capabilities
- Adoption of cloud and remote work models
- Expansion of digital footprint and attack surface
Restraints:
- Technical complexities and implementation challenges
- Indifferent cost allocation and pricing
Opportunities:
- Continuous innovation and growth incorporating AI
- Emerging market events
List of Key Players in Digital Risk Protection Market:
- Microsoft
- CISCO
- Broadcom
- Palo Alto Networks
- Kaspersky
- Rapid7
- Proofpoint
- Trend Micro
- Fortinet
- RSA Security
The increasing complexity of cyber threats, the imperative for real-time threat detection, and the shortage of skilled digital security professionals drive the market. Organizations are intensifying their efforts to bolster their defenses against evolving deceptive tactics in response to the rising tide of digital risk attacks.
The digital risk protection market is crucial in safeguarding organizations' online presence from threats like data breaches, cyberattacks, and brand reputation damage. Adequate protection is paramount, with cyber threats becoming more frequent and sophisticated and businesses increasingly relying on digital operations. Factors like remote work and stricter data privacy regulations drive the demand for robust digital risk protection solutions. To meet such challenges like integration challenges, data privacy protection challenges, skill shortages and adapting to evolving threats the market is evolving with advancements such as AI-driven threat intelligence, automation of monitoring processes, and integration with existing security systems. These enhancements aim to provide proactive risk identification and mitigation, ensuring organizations stay ahead of potential threats. As technology advances, the digital risk protection market is poised for significant growth in the foreseeable future.
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The digital risk protection market in the Asia-Pacific (APAC) region is rapidly expanding, driven by specific factors, and fueled by technological advancements. APAC is seeing a surge in internet usage and digital adoption, especially in countries like India and Southeast Asia. This growth exposes businesses to more cyber threats, prompting the need for robust protection. Additionally, stringent data privacy regulations such as India's Data Protection Bill and China's PIPL push companies to invest in digital risk solutions to stay compliant. With cybercrime becoming more sophisticated and targeted attacks on the rise, APAC businesses are prioritizing proactive risk management. Solutions are being tailored to address the region's diverse needs with localized features, multilingual support, and a mobile-first approach. Social media monitoring is also gaining prominence to safeguard brand reputation in this highly engaged online landscape. With these advancements, the APAC digital risk protection market is poised for significant growth, offering tailored and effective solutions to regional businesses.
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The major players in the digital risk protection market are Microsoft(US), CISCO (US), Broadcom (US), Palo Alto Networks (US), Kaspersky (Russia), Rapid7 (US), Proofpoint (US), Trend Micro (Japan), Fortinet (US), RSA Security (US), Cyberark (US), Crowdstrike (US), Darktrace (UK), Forcepoint (US), Digital Shadows (US), Zerofox (US), Brandshield (US), Phishlabs (US), Deepwatch (US), CyberInt (Israel), Cybelangel (France) Safeguard Cyber (US), Axur (US), F-secure (Finland), Cofense (US), Exabeam (US), Dtex Systems (France), Menlo Security (US). The companies have diverse product lines and extensive global reach. With the digital landscape constantly changing and applications becoming more complex, companies invest in digital risk protection to secure their operations in a connected world. Using their worldwide presence, these firms offer a wide range of products. They focus on introducing new products, forming partnerships, acquiring other companies, collaborating with others, and securing contracts to strengthen their position in the market. By leveraging their research and development capabilities and diverse range of products and services, they aim to expand their presence in the market.
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