The Digital Risk Protection Platform Market is set to thrive at a steady CAGR of 10.1% during the forecast period. The market is anticipated to hold a share of USD 1,050.5 million in 2023 while it is expected to cross a value of USD 2,748.55 million by 2033.
The research report on the digital risk protection platform market explains that numerous businesses going online with websites and intellectual property storage. Furthermore, advanced multi-layered security systems are transforming the market space.
Digital risk protection solutions protect digital transformation from cyber threats and data breaches. The advanced cyber security strategy with a proactive approach does not work on cyber threats but works on their dimensions and origins.
Digital risk is created through unwanted consequences that can be a cyber threat that needs to be prevented.
The key tasks of digital risk protection software are cybersecurity, cloud technology, data leaks, compliance, resilience, process automation, and data security. Increased cases of cyber-attacks with database breaches and social media threats are pushing individuals and corporations as well to adopt digital risk protection services.
The digital risk protection platform market outlook states that businesses are heavily investing to ensure maximum security from cyberattacks and deploying advanced digital risk protection platforms. These attacks have increased in recent years, leading to maximizing security and strengthening business and customer data security.
The increasing use of cloud-based services for a variety of workloads, including enterprise resource planning, data backups, customer relationship management, collaboration services, and email services. These services are affected by the cyber threat and hence the higher adoption of digital risk protection software.
| Attributes | Details |
|---|---|
| Digital Risk Protection Platform Market CAGR (2023 to 2033) | 10.1% |
| Digital Risk Protection Platform Market Size (2023) | USD 1,050.5 million |
| Digital Risk Protection Platform Market Size (2033) | USD 2,748.55 million |
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Short-term Growth (2023 to 2026): Digitization has become a prominent trend across the world and is expected to see rapid growth through increasing technological proliferation over the forecast period. Though, the market witnessed a slower growth rate due to lesser cyber-attacks and digital implementation or security systems. This happened due to the spread of the coronavirus. Hence, the market recorded a comparatively lower CAGR of 7.0% between 2018 and 2022.
Mid-term Growth (2026 to 2029): Increasing digitization, rising adoption of new technologies, increasing support from the government to propel the adoption of digital platforms, growing instances of cyberattacks, and rising adoption of cloud-based platforms are a few key factors that influence digital risk protection platform market growth through the projected period.
Long-term Growth (2029 to 2033): High cyber security risks and data breaches have fueled the growth rate for the digital risk protection platform market through 2033. However, the key digital risk protection platform providers are focusing on delivering customized solutions that are likely to be targeted as per the specific needs of the enterprise and may cost them less than a full-blown risk protection program. Thus, the digital risk protection platform market is anticipated to thrive at a strong CAGR of 10.1% between 2023 and 2033.
Rapid Digitization to Boost Digital Risk Protection Platform Deployment
The world has seen a digital and technological revolution in recent times and the increasing proliferation of smartphones and smart devices has only bolstered this trend.
With multiple industry verticals moving towards a completely digital and cloud-based architecture, there is a substantial increase in cyber threats to their business models as they can be hacked and taken advantage of.
To avoid such instances and bolster their customer and business data security, multiple enterprises are deploying digital risk protection platforms and investing heavily to ensure maximum security from cyberattacks that have seen an increase in the past few years.
High Costs & Rapid Technological Advancements May Hamper Digital Risk Protection Platform Deployment
Digital risk protection solutions are expensive to deploy and maintain due to the changing landscape of technologies and changing requirements of the enterprise that is implementing them.
Moreover, technologies are advancing at a rapid pace, and this sometimes renders the previous versions of digital risk protection platforms useless against advanced technology and increases the risk of an attack.
Digital risk protection platform companies must keep updating their systems with new technologies and this incurs additional operational costs to enterprises which does not bode well for digital risk protection platform market growth and hinders overall potential.
| Region | Absolute Market Growth |
|---|---|
| United States | USD 247.44 million |
| United Kingdom | USD 124.52 million |
| China | USD 184.1 million |
| Germany | USD 94.41 million |
| India | USD 89.76 million |
Rising Instances of Cyberattacks to Drive Digital Risk Protection Platform Adoption
| Attributes | Details |
|---|---|
| United States Market CAGR (2023 to 2033) | 7.2% |
| United States Market Absolute Doller Growth (USD million/billion) | USD 247.44 million |
As per FMI’s analysis, the United States digital risk protection platform market is projected to thrive at a steady CAGR of 7.2% between 2023 and 2033. The market is anticipated to cross a value of USD 493.84 million by 2033. Instances of cyberattacks in the United States have become more frequent in recent years and as digitization is pacing in the country this risk is increasing at an alarming pace.
Hence, businesses and governments alike in this region are implementing advanced digital risk protection platforms to avoid data loss and secure them from increasing cybercrime activity.
Rapid technological advancements and increasing adoption of these new technologies are expected to have a positive influence on the digital risk protection platform market in the United States.
The North American digital risk protection platform market is projected to hold a dominant outlook over the forecast period and thrive at a CAGR of 6.9% between 2023 and 2033. The increasing risk of malware and other kinds of cyberattacks in this region are significant factors influencing digital risk protection platform market growth in this region.
Other factors such as the rising adoption of advanced technologies, increasing digital infrastructure, and digitization of multiple industry verticals are expected to govern digital risk protection platform demand in this region.
Advanced Security Solutions, the launch of National Cyber Strategy 2022, and International Cyber Attacks Are Propelling the Regional Growth
| Attributes | Details |
|---|---|
| United Kingdom Market CAGR (2023 to 2033) | 13% |
| United Kingdom Absolute Doller Growth (USD million/billion) | USD 124.52 million |
The United Kingdom’s digital risk protection platform market is expected to register a CAGR of 13% between 2023 and 2033 while it is likely to hold a value of USD 176.52 million by 2033. The United Kingdom’s market leads in Europe in terms of CAGR.
The growth is attributed to the changing government mandates to increase security compliance, rising investments in digitization, and high penetration of e-commerce. Also, increasing instances of cybercrime activities are anticipated to boost digital risk protection platform market growth in this region.
The Europe digital risk protection platform market is also anticipated to have a bright outlook through 2030 and accounts for a significant market share of 23.1% in the global marketplace at present.
Surging Digitization to Propel Digital Risk Protection Platform Market Potential through 2033
| Attributes | Details |
|---|---|
| Indian Market CAGR (2023 to 2033) | 18% |
| Indian Absolute Doller Growth (USD million/billion) | USD 89.76 million |
The Indian digital risk protection platform market is anticipated to record a CAGR of 18% between 2023 and 2033. The market is expected to reach a value of USD 110.96 million by 2033. Technological proliferation in India has increased over the past decade and now increasing penetration of smartphones is expected to boost digitization in the nation.
The Increase in start-ups and the rising adoption of cloud-based platforms are also expected to propel digital risk protection platform market growth in India over the forecast period.
| Segment | Top Enterprise Size |
|---|---|
| Top Sub-segment | Large Enterprises |
| CAGR (2023 to 2033) | 9.3% |
| CAGR (2018 to 2022) | 6.2% |
| Segment | Top Solutions |
|---|---|
| Top Sub-segment | Integrated Digital Risk Protection Platform |
| CAGR (2023 to 2033) | 10.7% |
| CAGR (2018 to 2022) | 8.3% |
Large enterprises hold a dominant share in the global market at present and are expected to have a bright outlook over the forecast period, as well as these enterprises seeing an increase in digitization of their business models.
The large enterprise segment is anticipated to flourish at a CAGR of 9.3% during the forecast period. Though the SMEs are expected to thrive at a CAGR of 11.1% between 2023 and 2033. The growth for this segment is broadly driven by start-ups and new ventures.
Based on solutions, the integrated digital risk protection platform is likely to fuel a CAGR of 10.7% between 2023 and 2033. The pre-installed DRP and OEM implemented are preferred over the service solutions.
The integrated services are system specific and provide better layering to the security wall. The segment is anticipated to hold a value of USD 1,270 million by 2030. Previously, the segment recorded an elevated CAGR of 8.3% between 2017 and 2022.
Digital risk protection platform providers are focusing on expanding their business potential by widening their offerings and the highly fragmented nature of the market is encouraging new market players to disrupt the market with novel offerings.
Market Developments
The global demand for digital risk protection platforms is forecasted to grow at 10.1% through 2033.
The net worth of the global market might reach about USD 2,748.55 million by 2033.
The United States dominates the overall market and is poised to increase further at 7.2% CAGR until 2033.
The overall market in China could experience an absolute growth of USD 184.1 million by 2033.
The demand for digital risk protection platforms in the United Kingdom could surge at 13% CAGR until 2033.
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Digital Risk Protection Platform Market
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