Soaring Demand Set to Propel Digital Risk Management Market to $24.02 Billion by 2029

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What Is the Expected CAGR for the Digital Risk Management Market Through 2025?
The market size of digital risk management witnessed substantial growth in the past few years. It is expected to soar from $11.89 billion in 2024 to $13.32 billion in 2025, with a compound annual growth rate (CAGR) of 12.0%. The growth during the historical period is chiefly driven by factors such as increased cyber threats, mandates for regulatory compliance, globalization and interconnectedness, as well as concerns over data sensitivity.

What's the Projected Size of the Global Digital Risk Management Market by 2029?
In the coming years, the market size for digital risk management is projected to experience a swift expansion. By 2029, it is predicted to reach $24.02 billion, with a compound annual growth rate (CAGR) of 15.9%. This surge during the forecast period is due to various factors like increased regulatory complexity, the rising reliance on digital technologies, the concentration on third-party risk management, and integration with enterprise risk management. Major trends anticipated during this forecasted period include the emergence of cloud-based digital risk management solutions, the use of artificial intelligence in risk evaluation, increased attention to brand reputation management, the use of big data analytics for gaining insight into risks, and the implementation of incident response planning.

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Top Growth Drivers in the Digital Risk Management Industry: What's Accelerating the Market?
The surge in cyberattack incidents is projected to escalate the expansion of the digital risk management market. Cyberattacks consist of intentional, harmful endeavors undertaken in the digital sphere to impair or illicitly access computer systems, networks, equipment, or data. Digital risk management forms a pivotal element of cybersecurity, primarily involved in spotting, evaluating, and lessening prospective risks and threats organizations are subjected to in the digital world. For example, the Annual Cyber Threat Report 2021-2022 by the Australian Cyber Security Centre, a government agency in Australia, documented an alarming 76,000 cybercrime reports in 2022, reflecting a 13% surge in comparison to the 2021 fiscal year. Thus, the escalating occurrences of cyberattacks are boosting the expansion of the digital risk management market. The burgeoning dependency on digital technologies is anticipated to drive the growth of the digital risk management market. Digital technologies encompass electronic gadgets, devices, systems as well as resources that organizations exploit. These technologies aid in the creation, storage, and processing of digital data. The growing incorporation of digital technologies across various industries underscores the urgency to secure digital assets, protect customer information, and uphold business continuity in an increasingly digitized world, making digital risk management an essential part of all-embracing risk management strategies. As per the International Data Corporation, a US-based firm providing market intelligence, advisory services, and events for the IT, telecommunications, and consumer technology markets, a comprehensive digital transformation implementation roadmap is anticipated to be adopted by 75% of organizations in 2023, a significant leap from 27% in 2020. Thus, the growing dependency on digital technologies spearheads the growth of the digital risk management market.

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What Trends Will Shape the Digital Risk Management Market Through 2029 and Beyond?
Leading businesses active in the digital risk management sector are taking on a collaborative strategy to offer advanced digital risk management solutions in response to numerous essential industry requirements. Strategic collaborations involve a setup whereby companies take advantage of each other's unique capabilities and resources for mutual gain and success. For example, in December 2022, AOS DATA, Inc., a data asset management firm based in Japan, joined forces with CYFIRMA, a Singapore-based cybersecurity firm. The goal of this alliance is to create innovative solutions for Attack Surface Analytics Service to offer advanced digital risk management. This includes a thorough risk evaluation, giving organizations a complete perspective of their digital presence to pinpoint weaknesses across numerous platforms. Furthermore, it introduces active threat intelligence, offering immediate awareness of emerging threats and equipping organizations to stay one step ahead of prospective cyber dangers.

What Are the Main 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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Which Top Companies are Driving Growth in the Digital Risk Management Market?
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

Which Regions Will Dominate the Digital Risk Management Market Through 2029?
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

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