Digital Risk Protection Service Market Overview: Key Insights and Trends>
Grand View Research –
The global digital risk protection platform market, valued at USD 61.24 billion in 2023, is set to grow at a CAGR of 15.4% from 2024 to 2030 due to escalating cyber threats like phishing and ransomware
As cyberattacks become more sophisticated and prevalent, traditional security measures fall short, thus driving demand for advanced digital risk protection (DRP) platforms that leverage AI and machine learning for real-time threat detection and response
Digital transformation initiatives, along with the adoption of cloud computing, IoT, and mobile technologies, increase exposure to cyber threats, emphasizing the need for comprehensive DRP solutions that monitor, detect, and mitigate risks across various digital channels
The increasing awareness of these risks propels businesses to invest in DRP platforms to safeguard digital assets, brand reputation, and customer data
The solutions segment leads the market with a 68.2% revenue share in 2023 due to its comprehensive approach in addressing various threats
The services segment is also growing, indicating a demand for expertise in managing sophisticated risks
Phishing detection accounted for the largest market share due to the rise of phishing attacks
The dark web intelligence segment is expected to grow significantly as businesses aim to monitor and analyze cybercriminal activities in real-time
The network security segment dominated the market in 2023, driven by the need to protect expanding network perimeters and ensure compliance with standards amid heightened cyber threats
Cloud security is projected to grow due to the widespread adoption of cloud computing
Regionally, North America held the largest market share at 41.6% in 2023, supported by advanced cybersecurity technologies and a robust regulatory framework
The U.S. market is expected to grow due to frequent cyberattacks and stringent regulations
Europe and Asia Pacific are also witnessing significant growth, driven by rapid digitalization and increased cybersecurity investments
Prominent companies like Amazon Web Services, Cisco Systems, Fortinet, and Microsoft lead the market, often engaging in strategic partnerships and innovations to enhance their market position
Recent developments include collaborations to integrate AI-driven threat intelligence and risk management solutions
As digital transformation continues, the demand for advanced digital risk protection platforms is expected to rise, addressing the growing complexity and frequency of cyber threats.
Link: https://www.grandviewresearch.com/industry-analysis/digital-risk-protection-platform-market-report