Digital Risk Protection Market by Offering, Solution Type (Automated Threat Mitigation, Phishing Protection, Incident Response), Security Type, Organization Size, Deployment Mode, Vertical and Region - Global Forecast to 2028
[304 Pages Report] The global digital risk protection market is estimated to be worth USD 64.4 billion in 2023 and is projected to reach USD 157.8 billion by 2028, at a CAGR of 19.6% during the forecast period.
As cybercrime becomes more advanced, businesses will need cutting-edge DRP solutions to stay ahead of evolving digital and social engineering threats. Stringent data privacy regulations will drive the demand for robust DRP solutions to meet compliance requirements and will further fuel the need for DRP solutions as businesses seek to protect themselves from emerging cyber risks.
Recent advancements in DRP include the integration of advanced threat intelligence powered by AI and ML, automating tasks like monitoring and breach detection, and focusing on monitoring the deep and dark web for potential threats. The DRP market is expected to continue its upward trajectory, fueled by the rising complexity of cybercrime, growing regulatory pressure, and the increasing adoption of DRP solutions in emerging regions like the Asia-Pacific. It ensures a growing importance of DRP, as it remains a vital component in safeguarding businesses against evolving digital threats in the years to come.
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Digital Risk Protection Market Trends
Driver: Automation and Advance capabilities
Integrating automation and advanced threat detection in digital risk protection solutions reshapes cybersecurity, driving recent growth. Artificial intelligence analyzes threat data in real-time, offering early warnings and predictive analytics. Automation streamlines tasks like compliance reporting and vulnerability management, freeing security teams for strategic analysis. Integration with SOAR platforms automates incident response, minimizing potential attack impacts and addressing the cybersecurity skills gap. Ongoing trends include comprehensive AI integration, explainable AI for transparency, and cloud-based delivery models that enhance accessibility and scalability, particularly for smaller organizations.
Restraint: Implementation and Technical complexities
The Digital Risk Protection (DRP) market faces obstacles such as the difficulty in integrating different tools because companies are merging, making it harder for their products to work together smoothly. Also, there aren't many open platforms or standard ways for different software to talk to each other, which adds to the complexity. For businesses with limited tech resources, using traditional methods and software installed on their own computers makes things even harder. Protecting people's privacy is another challenge because it requires strong techniques to hide personal information and follow strict rules. Plus, there aren't enough skilled people who know how to manage these risks properly, so simpler tools and more training are needed. Overcoming these obstacles is crucial for the DRP market to grow and improve security for everyone online.
Opportunity: Growth driven through Innovation and AI
While navigating the Digital Risk Protection (DRP) market, there are several challenges, such as integration hurdles caused by vendor consolidation. To ensure sustained growth, strategic solutions are essential. Open platforms and standardized APIs help simplify integration complexities. At the same time, cloud-based DR and Software as a Service (SaaS) models make deployment more accessible, particularly for organizations with limited IT resources. Addressing data privacy concerns involves using advanced anonymization techniques and prioritizing compliance-driven development processes. To bridge the skill gap, user-friendly interfaces, Threat Intelligence as a Service (TIaaS), and educational initiatives empower users in effective risk management. Overcoming these challenges drives DR market growth and fosters innovation and automation, leading to a more resilient and secure digital future.
Challenge: Privacy concerns and ethical considerations
Data privacy challenges present substantial obstacles in the DRP market, affecting how widely these solutions are adopted and raising ethical concerns. The extensive data collection and analysis by DRP solutions can lead to worries about privacy infringement. Meeting the requirements of regulations like GDPR and CCPA demands transparency and giving individuals control over their data. Overcoming these challenges involves using techniques that protect privacy while allowing adequate risk protection. Collaborative efforts are also needed to establish standardized privacy practices across the industry, ensuring that data protection remains a priority.
Digital Risk Protection Market Ecosystem
The existing digital threats require strong defenses to protect against them. Digital Risk Protection (DRP) emerges as the shield, offering comprehensive protection against these evolving dangers. Key players in this field include DRP vendors like Broadcom, Cisco, and Microsoft and threat intelligence providers like CrowdStrike. Managed Security Service Providers such as Accenture offer expertise in managing security risks, while insurance companies provide cyber insurance to mitigate financial losses from cyber incidents. Regulatory bodies play a crucial role in shaping the requirements for DRP solutions to ensure compliance with data protection laws. Solutions provided by these entities range from threat detection and response to brand protection services. Current trends in the DRP market include adopting cloud-based DRP solutions, integrating AI for enhanced threat detection, Third-Party Risk Management (TPRM), and a compliance-driven approach to cybersecurity. Navigating this complex ecosystem requires carefully evaluating available solutions, forming strategic partnerships, and staying informed about emerging trends to ensure a secure digital journey.
By offering, the solutions segment to experience the highest growth rate during the forecast period.
The Solutions driving growth rate in digital risk protection market include comprehensive threat intelligence, brand protection and reputation management tools, data leak detection and prevention capabilities, third-party risk management services, and compliance management features. These solutions help businesses identify and mitigate various digital risks, such as data breaches and cyberattacks while ensuring compliance with data privacy regulations like GDPR and CCPA. As cyber threats become more sophisticated and regulations become stricter, the demand for DRP solutions is expected to continue rising. By offering comprehensive protection and actionable insights, DRP platforms play a crucial role in enhancing organizations' security posture and decision-making processes, ultimately contributing to their resilience in the face of evolving digital risks.
Based on organization size, the large enterprises segment accounts for the largest market size in the digital risk protection market.
The large enterprises segment is anticipated to hold the most substantial market size in the digital risk protection market. This dominance underscores the significant uptake of advanced cybersecurity measures among sizable organizations. Large enterprises, with their extensive digital presence and heightened security needs, prioritize comprehensive digital risk protection solutions. The market landscape underscores the importance of customized security approaches for large-scale operations, establishing this segment as a pivotal contributor to the overall market size in digital risk protection.
"The Asia Pacific region is projected to exhibit the highest growth rate in the digital risk protection market."
During the forecast period, this accelerated growth is attributed to various factors, including swift digitization across industries, escalating cyber threats, and an increased focus on cybersecurity measures. As businesses and governments in the Asia Pacific region increasingly integrate digital technologies, the risk of digital risk attacks becomes more pronounced, driving the demand for robust protection solutions. Growing awareness of the economic and reputational impacts of cyber threats, coupled with regulatory initiatives, fosters rapid adoption of digital risk protection measures in the region. The dynamic nature of the cyber threat landscape positions the Asia Pacific market as a pivotal driver of growth in the digital risk protection sector.
Key Market Players:
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).
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Report Metrics |
Details |
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Market size available for years |
2023-2028 |
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Base year considered |
2022 |
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Forecast period |
2023-2028 |
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Forecast units |
Value (USD) Million/Billion |
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Segments Covered |
By offering, solution type, security type, organization size, deployment mode, vertical and region |
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Region covered |
North America, Europe, Asia Pacific, Middle East and Africa, and Latin America |
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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) |
This research report categorizes the digital risk protection market to forecast revenues and analyze trends in each of the following submarkets:
Based on the offering:
- Solutions
- Services
Based on the Solution type:
- Brand Protection
- Phishing Detection
- Incident Response
- App Protection
- Dark Web Intelligense
- Automate Threat Mitigation
- Supply Chain Security
Based on Security type:
- Network Security
- Endpoint Security
- Cloud Security
- Application Security
Based on Organization size:
- Large enterprises
- SMES
Based on Deployment mode:
- Cloud
- On-premises
Based on the vertical:
- BFSI
- IT & ITeS
- Government
- Healthcare
- Retail and eCommerce
- Media and entertainment
- Other verticals
Based on the region:
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North America
- US
- Canada
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Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
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Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
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Middle East and Africa
- GCC
- KSA
- UAE
- Rest of the GCC Countries
- South Africa
- Rest of the Middle East & Africa
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Latin America
- Brazil
- Mexico
- Rest of Latin America
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.
Frequently Asked Questions (FAQ):
What is digital risk protection?
Digital risk protection is a comprehensive approach to safeguarding organizations against digital threats, including cyberattacks, data breaches, phishing attempts, and online fraud. It involves deploying advanced technologies, such as artificial intelligence and machine learning, to detect, prevent, and mitigate risks across various digital channels and platforms. Digital risk protection encompasses threat detection, incident response, vulnerability management, and regulatory compliance measures to preserve the integrity, confidentiality, and availability of digital assets and sensitive information.
What is the market size of the managed digital risk protection market?
The global digital risk protection market is estimated to be worth USD 64.4 billion in 2023 and is projected to reach USD 157.8 billion by 2028, at a CAGR of 19.6% during the forecast period.
What are the major drivers in the digital risk protection market?
Global digital risk attacks' escalating sophistication and frequency drive the digital risk protection market. The major drivers in the digital risk protection market include the escalating sophistication of cyber threats, prompting organizations to fortify their defenses against evolving risks. The widespread adoption of digital technologies and communication channels expands the attack surface, intensifying the need for robust protection measures. Regulatory compliance mandates, such as GDPR and CCPA, compel organizations to invest in advanced cybersecurity solutions to safeguard sensitive data. Additionally, the increasing reliance on cloud-based services and remote work scenarios amplifies the demand for innovative technologies that can effectively detect, prevent, and mitigate digital risk attacks, driving growth in the digital risk protection market.
Who are the major players operating in the 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), Lookingglass cyber solutions (US), CyberInt (Israel), Cybelangel (France) Safeguard Cyber (US), Axur (US), F-secure (Finland), Cofense (US), Exabeam (US), Dtex Systems (France), Menlo Security (US)
Which key technology trends prevail in the digital risk protection market?
Several key technology trends shape the landscape of the digital risk protection market. Several key technology trends are shaping the cybersecurity landscape in the digital risk protection market. Artificial Intelligence (AI) and Machine Learning (ML) are utilized for real-time threat detection, anomaly identification, and predictive analytics, bolstering the effectiveness of security measures. Automation is vital in streamlining processes like threat detection and incident response, reducing manual efforts and response times. Cloud-based solutions offer scalability and centralized management, catering to organizations with diverse digital footprints. Integration with Security Orchestration, Automation, and Response (SOAR) platforms enables automated incident response workflows, minimizing the impact of cyber threats. Advanced analytics provide actionable insights for prioritizing threats, while collaborative threat intelligence sharing initiatives foster proactive defense strategies. Identity and Access Management (IAM) strengthens access controls, and compliance-driven solutions ensure adherence to regulatory requirements, collectively empowering organizations to mitigate evolving cyber risks and safeguard their digital assets effectively. .
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The research study involved four major activities in estimating the digital risk protection market size. Exhaustive secondary research has been done to collect important information about the market and peer markets. The next step has been to validate these findings, assumptions, and sizing with the help of primary research with industry experts across the value chain. Both top-down and bottom-up approaches have been used to estimate the market size. Post which the market breakdown and data triangulation have been adopted to estimate the market sizes of segments and sub-segments.
Secondary Research
In the secondary research process, various secondary sources were referred to identify and collect information for the study. These included journals, annual reports, press releases, investor presentations of companies and white papers, certified publications, and articles from recognized associations and government publishing sources. Secondary research was mainly used to obtain key information about industry insights, the market's monetary chain, the overall pool of key players, market classification, and segmentation according to industry trends to the bottom-most level, regional markets, and key developments from both market and technology-oriented perspectives.
Primary Research
In the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for the report. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Chief Technology Officers (CTOs), Chief Operating Officers (COOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various companies and organizations operating in the digital risk protection market. The primary sources from the demand side included consultants/specialists, Chief Information Officers (CIOs), and subject-matter experts.
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Market Size Estimation
Multiple approaches were adopted to estimate and forecast the digital risk protection market. The first approach involved estimating the market size by summating companies' revenue generated through digital risk protection solutions.
Both top-down and bottom-up approaches were used to estimate and validate the total size of the digital risk protection market. The research methodology used to estimate the market size includes the following:
- Key players in the digital risk protection market have been identified through secondary research.
- Regarding value, the industry's supply chain and market size have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakups have been determined using secondary sources and verified through primary sources.
Market Size Estimation Methodology-Bottom-up approach
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Market Size Estimation Methodology-top-down approach
Data Triangulation
The data triangulation procedures were used to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with data triangulation and market breakdown, the market size was validated by the top-down and bottom-up approaches.
Market Definition
The digital risk protection market is experiencing exponential growth, catering to businesses seeking robust defenses against cyber threats. This sector offers multifaceted solutions encompassing the dark web and social media surveillance to preemptively detect references to a company or its brand, thereby averting potential reputational damage and security breaches. Additionally, these services extend to identifying and eliminating instances of unauthorized replication of a company's intellectual property, safeguarding its innovations and assets. Moreover, in the event of security incidents, these platforms facilitate swift and effective response strategies, mitigating the impact of breaches and enhancing overall cybersecurity posture. The digital risk protection market presents a comprehensive suite of tools and services essential for modern enterprises to combat the evolving landscape of cyber threats proactively.
Key Stakeholders
- Enterprise and Corporations
- Technology Partners
- Third-Party Vendors
- Digital Risk Protection providers
- Regulatory Bodies and Government agencies
- IT Security Teams
- Legal advisors
- Financial Institutes and Insurance Companies
- Cybersecurity Firms
- Educational and healthcare organizations
- Investors and venture Capitalists
The main objectives of this study are as follows:
- 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 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.
Available Customizations
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Company Information
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Growth opportunities and latent adjacency in Digital Risk Protection Market