Digital Risk Management Global Market Reach $20.42 Billion at a CAGR of 14.5% By 2028, Key Factors behind Market's Exponential Growth

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Digital Risk Management Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $20.42 billion In 2028 At A CAGR Of 14.5% :

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..

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Digital Risk Management Market Major 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 Driver - 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.

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Prominent Trend - 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.

Digital Risk Management Market Players
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

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Largest And Fastest Growing Region In The Market
North America was the largest region in the digital risk management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital risk management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Digital Risk Management Market Report Structure
3. Digital Risk Management Market Trends And Strategies
4. Digital Risk Management Market - Macro Economic Scenario
5. Digital Risk Management Market Size And Growth
…..
27. Digital Risk Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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