Digital Risk Management Market Size Forecasted To Achieve $24.02 Billion By 2029 With Steady Growth

The Digital Risk Management Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Digital Risk Management Market Size and Projected Growth Rate?
The size of the market for digital risk management has seen a swift increase in recent years. It is projected to rise from $11.89 billion in 2024 to $13.32 billion in 2025, witnessing a compound annual growth rate (CAGR) of 12.0%. The growth witnessed during the historic period can be linked to the escalation in cyber threats, regulatory compliance requirements, globalization and interconnectedness, as well as concerns related to data sensitivity.

The digital risk management industry is projected to experience significant expansion in the upcoming years, with an estimated value of $24.02 billion by 2029 and a compound annual growth rate (CAGR) of 15.9%. The expected surge during the forecast period may be credited to rising regulatory complexities, increasing reliance on digital technology, emphasis on managing third-party risks, and integration with enterprise risk management. Leading trends anticipated during the forecast period comprise the adoption of cloud-based digital risk management solutions, application of AI for risk evaluation, concentration on brand reputation management, and the use of big data analytics for risk discernment, along with the execution of incident response planning.

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What Are the Major Segments in the Digital Risk Management Market?
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

Subsegments:
1) By Software: Risk Assessment Software, Compliance Management Software, Threat Detection And Response Software, Identity And Access Management Software
2) By Services: Consulting Services, Implementation Services, Managed Services, Training And Support Services

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What Are The Driving Digital Risk Management Market Evolution?
The surge in cyberattack cases is predicted to boost the digital risk management market's expansion. Cyberattacks involve intentional harmful actions executed digitally, attacking or illicitly accessing computer systems, networks, gadgets, or data. Digital risk management, a key aspect of cybersecurity, is concentrated on the discovery, evaluation, and alleviation of potential risks and threats that companies encounter in the digital world. For example, in 2022, as per the Annual Cyber Threat Report 2021-2022 by the Australian Cyber Security Centre, an Australia-based government agency, Australia registered an astonishing 76,000 cybercrime reports, signifying a 13% rise from the 2021 financial year. Hence, the growing number of cyberattacks is catalyzing the expansion of the digital risk management market. A surge in reliance on digital technologies is anticipated to bolster the growth of the digital risk management market. Digital technologies encompass electronic tools, devices, systems, and resources used by organizations. This technology aids in the creation, storage, and processing of digital data. In an increasingly digitized world, the escalating use of digital technologies across sectors necessitates the need to secure digital assets, protect client data, and ensure business continuity, making digital risk management a significant part of overall risk management strategies. For instance, the International Data Corporation, a US-based organization offering market intelligence, advisory services, and events for the IT, telecoms, and consumer technology markets, forecasts that by 2023, 75% of organizations will have a comprehensive digital transformation implementation plan, a considerable increase from 27% in 2020. Hence, the growing reliance on digital technologies is propelling the digital risk management market's growth.

Which Firms Dominate The Digital Risk Management Market Segments?
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

What Trends Are Expected to Dominate the Digital Risk Management Market in the Next 5 Years?
Major firms within the digital risk management market utilize strategic collaborations to offer cutting-edge digital risk management solutions, responding to a variety of significant industry requirements. These strategic collaborations involve companies harnessing each other's capabilities and resources to derive mutual advantages and achieve joint success. For instance, in December 2022, a partnership was established between AOS DATA, Inc., a data asset management corporation based in Japan, and CYFIRMA, a cybersecurity company from Singapore. This alliance aims to devise novel solutions for the Attack Surface Analytics Service, which is set to offer state-of-the-art digital risk management. This includes a comprehensive risk assessment that gives businesses a broad perspective of their digital presence, allowing them to locate vulnerabilities across diverse platforms. Furthermore, it integrates proactive threat intelligence, providing real-time insights into unfolding threats and empowering enterprises to anticipate potential cybersecurity risks.

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Which Is The Largest Region In The Digital Risk Management Market?
North America was the largest region in the digital risk management market in 2024. 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

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Digital Risk Management Market?
2. What is the CAGR expected in the Digital Risk Management Market?
3. What Are the Key Innovations Transforming the Digital Risk Management Industry?
4. Which Region Is Leading the Digital Risk Management Market?

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