CHICAGO, March 11, 2024 /PRNewswire/ -- The market for digital risk protection (DRP) is expected to develop in the future due to factors like growing digital footprints, changing threat environments, and stricter regulatory compliance requirements. Key developments include integration with security ecosystems, predictive analytics, and an emphasis on brand protection. Innovation and industry adoption will propel DRP solutions' continual evolution to successfully manage evolving digital hazards.

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The global Digital Risk Protection Market is growing quickly, valued at USD 64.4 billion in 2023 and expected to reach USD 157.8 billion by 2028, with a significant growth rate of 19.6%, according to a new report by MarketsandMarkets™. This growth is driven by the ongoing and evolving cyber threats, which are becoming more complex and sophisticated. Organizations are strengthening their cybersecurity defenses to combat the various tactics used by cybercriminals. With the rise of remote work and the increasing interconnectedness of digital systems, there's a greater need for strong digital risk protection measures. Additionally, stricter regulations like GDPR and other data protection laws are pushing for more advanced cybersecurity solutions. In this complex cybersecurity landscape, the Digital Risk Protection Market plays a vital role by providing innovative strategies to defend against a wide range of cyber threats, ensuring the security of digital communication channels, and safeguarding sensitive information.

Browse in-depth TOC on "Digital Risk Protection Market"

57 - Tables
17 - Figures
248 - Pages

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Scope of the Report

Report Metrics

Details

Market size available for years

2023-2028

Base year considered

2022

Forecast period

2023-2028

Forecast units

Value (USD) Million/Billion

Segments Covered

By offering, solution type, security type, organization size, deployment mode, vertical and region

Region covered

North America, Europe, Asia Pacific, Middle East and Africa, and Latin America

Companies covered

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 (UK), ZeroFOX (US), BrandShield (Israel), PhishLabs (US), Deepwatch (US), CyberInt (Israel), CybelAngel (France), SafeGuard Cyber (US), Axur (Brazil), F-Secure (Finland), Cofense (US), Exabeam (US), Dtex Systems (US), Menlo Security (US)

By deployment mode, the cloud segment is expected to demonstrate the highest growth rate in the Digital Risk Protection Market during the forecast period.

Cloud-based digital risk protection solutions offer scalability, flexibility, and centralized management, which aligns well with the evolving requirements of businesses to combat sophisticated digital risk threats. The surge in remote work scenarios and the growing dependence on cloud services amplify the demand for cloud-native digital risk protection technologies. As organizations prioritize agility and efficiency in their cybersecurity strategies, the cloud segment emerges as a focal point for dynamic growth within the Digital Risk Protection Market.

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Based on organization size, the SMEs segment is projected to exhibit highest growth rate at the highest CAGR during the forecast period.

Th growth fueled by SMEs' growing realization of the need to strengthen their digital security defenses against digital threats. As cyber threats evolve, SMEs understand the importance of customized and flexible solutions to meet their specific requirements. With increased awareness of the risks posed by digital attacks and the availability of scalable and cost-effective digital risk protection solutions, the SME segment is poised for rapid growth in the dynamic cybersecurity landscape.

Europe is anticipated to experience substantial growth in the Digital Risk Protection Market during the forecast period.

With the Europe region being a hub for technology and innovation, organizations increasingly prioritize digital security measures to safeguard against evolving digital threats. As businesses across Europe increasingly rely on digital platforms and online communication channels, the risk of cyber threats escalates, fueling the demand for comprehensive protection solutions. Government initiatives aimed at enhancing cybersecurity resilience and promoting awareness further contribute to the growth of Europe's Digital Risk Protection Market. Overall, Europe represents a key growth area for digital risk protection solutions, with organizations seeking innovative strategies to safeguard their digital assets and ensure regulatory compliance.

Top Key Companies in Digital Risk Protection Market:

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).

Recent Developments

  • Feb 2024 - The surge in demand for AI-driven Digital Risk Protection (DRP) solutions stems from their ability to outpace traditional methods. AI enhances threat detection by analyzing historical data, employing NLP for text surveillance, and utilizing computer vision for image analysis. Automated incident response and continuous learning algorithms bolster threat response, while scalability and 24/7 monitoring ensure comprehensive protection. Despite challenges in data quality and ethical considerations, embracing AI responsibly offers organizations heightened security and efficiency in managing digital risks.
  • Feb 2024 - Amid cybersecurity risks from insider threats, there's a growing need for efficient detection and mitigation measures. AI techniques are pivotal: Malicious and unintentional insiders pose risks, AI-driven methods like UBA, EBA, and NLP enhance detection, and mitigation strategies include DLP, least privileged access, and continuous training. Benefits include accuracy, vigilance, and proactive prevention, while challenges include privacy, false positives, and human oversight. Integrating AI with robust practices and education fortifies defenses, protecting valuable assets.
  • Sep 2023 – Kaspersky's FraudAction Fraud Intelligence Exchange (FIX), launched, enables anonymous data sharing among organizations to combat fraud collaboratively through features like threat intelligence enrichment and proactive threat detection; it strengthens defenses, minimizes fraud losses, and fosters a safer digital ecosystem through collective defense efforts
  • Feb 2024 - Introduction of the Managed Digital Risk Protection (DRP) service expands their MDR portfolio, actively monitoring the clear, deep, and dark web for early threat signals such as data leaks and phishing kits.

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Digital Risk Protection Market Advantages:

  • DRP solutions offer thorough coverage on a variety of digital platforms, including the dark web, social media, websites, and mobile apps. This guarantees that businesses can keep an eye on and safeguard sensitive data and their reputation as a brand on all digital channels.
  • DRP platforms proactively identify possible threats like brand impersonation, phishing attempts, data breaches, and intellectual property infringements by utilising sophisticated algorithms and machine learning approaches. Because of this early discovery, organisations are able to act quickly before any serious harm is done.
  • With the real-time monitoring features that DRP solutions provide, businesses can quickly recognise and address new threats as they materialise. By providing real-time visibility, cyber events can be lessened and business continuity can be preserved.
  • DRP platforms analyse enormous volumes of data from digital sources to produce actionable intelligence. This information offers suggestions for successfully reducing risks as well as insights into threat actors and their tactics, methods, and procedures (TTPs).
  • DRP systems monitor digital channels for any unauthorised use or exposure of sensitive data, helping organisations achieve and maintain regulatory compliance. This is especially important for sectors like healthcare, finance, and government that have strict data privacy laws.
  • By spotting and addressing instances of brand abuse, such as fake goods, trademark infringement, and unfavourable sentiment on social media, DRP technologies assist in protecting the reputation of brands. This proactive approach to brand protection contributes to the preservation of consumer loyalty and confidence.
  • Compared to the possible financial losses brought on by cyber catastrophes, data breaches, and reputational harm, investing in DRP solutions may be more affordable. Organisations can save a substantial amount of money that would otherwise be used for incident response and recovery operations by recognising and reducing risks early on.

Report Objectives:

  • To define, describe, and forecast the Digital Risk Protection Market based on segment offerings, solution types, security, organization sizes, deployment modes, and verticals with regions covered.
  • To forecast the size of the market segments with respect to five regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
  • To provide detailed information on the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the Digital Risk Protection Market.
  • To analyze each submarket with respect to individual growth trends, prospects, and contributions to the global Digital Risk Protection Market.
  • To analyze opportunities in the market for stakeholders by identifying high-growth segments of the global digital risk protection protection market.
  • To profile the key market players, such as top and emerging vendors; provide a comparative analysis based on their business overviews, product offerings, and business strategies; and illustrate the market's competitive landscape.
  • To track and analyze competitive developments in the market, such as new product launches, product enhancements, partnerships, acquisitions, and agreements and collaborations.

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