Digital Risk Management Global Market Analysis, Trends, Growth, Research And Forecast 2033

The digital risk management market size has grown rapidly in recent years. It will grow from $10.58 billion in 2023 to $11.89 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to increasing cyber threats, regulatory compliance mandates, globalization and interconnectedness, data sensitivity concerns..

The digital risk management market size is expected to see rapid growth in the next few years. It will grow to $20.42 billion in 2028 at a compound annual growth rate (CAGR) of 14.5%. The growth in the forecast period can be attributed to increased regulatory complexity, growing dependency on digital technologies, focus on third-party risk management, integration with enterprise risk management.. Major trends in the forecast period include 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, implementation of incident response planning..

Market Overview -
Digital risk management refers to identifying, assessing, and mitigating risks associated with digital technologies, data, and online activities within an organization. Digital risk management is essential for maintaining the trust of customers, partners, and other stakeholders. It is used to protect sensitive information, ensure compliance, and maintain the integrity and availability of digital assets.

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Escalating Cyberattack Incidents Fuel Expansion Of The Digital Risk Management Market
The increased number of cyberattack cases are expected to propel the growth of the digital risk management market going forward. Cyberattacks refer to deliberate, malicious activities carried out in the digital world by damaging or gaining unauthorized access to computer systems, networks, devices, or data. Digital risk management is a crucial aspect of cybersecurity, focused on identifying, assessing, and mitigating potential risks and threats that organizations face in the digital realm. For instance, in 2022, according to the Annual Cyber Threat Report 2021-2022 by the Australian Cyber Security Centre, an Australia-based government agency, Australia recorded a staggering 76,000 cybercrime reports, representing a 13% increase from the 2021 financial year. Therefore, the increased number of cyberattacks is driving the growth of the digital risk management market.

Competitive Landscape -
Major companies operating in the digital risk management market report are Microsoft Corporation, The International Business Machines Corporation, Oracle Corporation, Broadcom Inc., SAP SE, ServiceNow Inc, Rsam, SAS Institute Inc., Proofpoint Inc., RSA Security LLC, Optiv Security Inc, Rapid7, Qualys Inc., OneTrust, Metricstream, NAVEX Global Inc., Riskonnect Inc., ZeroFox Holdings Inc, SecurityScorecard, Archer Technologies LLC, Galvanize, LogicGate Inc., Resolver Inc., BitSight, Hyperproof Inc., OTORIO, Fastpath Solutions LLC, ProcessUnity, LogicManager Inc., Apptega

Innovative Integration Of Artificial Intelligence And Machine Learning In Digital Risk Management
Major companies operating in the digital risk management market are adopting new technologies such as artificial intelligence (AI) and machine learning (ML) algorithms to provide reliable services to customers. Artificial intelligence (AI) and Machine learning in digital risk management refer to using advanced statistical and computational techniques to enable computer systems to learn from data and make predictions or decisions about assessing and mitigating digital risks. For instance, in May 2021, BCT Digital, an India-based FinTech firm specializing in risk management products, launched the rt360 credit risk suite for digital risk management. The rt360 credit risk suite is supported by data analytics, artificial intelligence (AI) and machine learning (ML) algorithms, configurable workflows, and a wealth of reporting and dashboarding tools. This enables lenders to manage their whole credit lifecycle in one location, giving them better control over their asset book. Additionally, It allows financial institutions to focus on profitable credit growth.

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Key Segments -

The digital risk management market covered in this report is segmented -

1) By Component: Software, Services
2) By Deployment: Cloud, On-Premises
3) By Enterprise Size: Small And Medium-Sized Enterprises (SMEs), Large Enterprises
4) By Industry: Banking, Financial Services and Insurance (BFSI), Information Technology(IT) And Telecom, Healthcare, Retail, Manufacturing, Other Industry

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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