Digital technology has metamorphosed society and people’s lives in unprecedented ways. Technological advancements are evolving on a daily basis, rapidly transforming methods of interaction amongst human beings.
As digital footprints grow, independent online identities have become mainstream. Undoubtedly, our lives have become greatly streamlined due to such advancements.
On the flip side, digital imprints have emboldened cyber criminals and hackers to leverage online platforms to initiate malicious attacks. They are discovering novel ways of targeting classified or sensitive information for personal gain.
The 21st century is replete with instances of damaging cyberattacks, with deleterious impacts across industrial verticals.
Future Market Insights’ recent study explores how the digital risk protection platforms market will pan out based on the aforementioned trends. It opines that cloud-based integrated digital risk protection platforms will acquire massive traction from 2020-2030.
The Surge of Digitization
As businesses navigate through turbulent waters, they find themselves investing heavily in smart technologies and automated solutions. Incorporating the latest technologies has greatly assisted them in optimizing costs and enhancing operational scales. To achieve this, they increasingly utilize several technological platforms such as mobile applications and collaboration tools.
This everlasting digital footprint has heightened risks of malicious cyberattacks, jeopardizing online security. Consequently, organizations have aggrandized investments in cloud-based integrated security solutions, ensuring data safety, identity and brand value.
Furthermore, government budgets are expanding in scope to accommodate digitalization, accelerating growth of the digital risk protection platform market.
The Need for Dynamic Security Solutions
As business entities accumulate copious amounts of data, the need to ensure its security has heightened. The past decade has witnessed massive spawning of sophisticated data-theft and cyberattacks.
These usually assume the shape of malware, phishing, distributed-denial-of-service (DDOS) and ransomware attacks.
These breaches have successfully siphoned off immense volumes of critically sensitive data, endangering the survival and integrity of both business and individual entities.
Therefore, investors are collaborating with risk management solution companies to provide advanced solutions in digital risk protection platforms.
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Multiple Application Opens New Avenues
The demand for ubiquitous access to information exposes any organization’s data and systems from multiple end-points and devices. The resultant risk to system integrity, data, identity and privacy, therefore, presents a formidable challenge. Besides preventing them, it is equally important to ensure early detection and analysis of attack patterns to minimize damage.
Solutions such as security operations center, database activity monitoring, privileged access management, data loss prevention, endpoint security, vulnerability management, threat detection & response and file integrity monitoring.
Such widespread applications are anticipated to propel the market forward, reaching US$ 1.9 Bn by 2030. A strong growth trajectory is predicted for the said forecast.
Budgetary Constraints and Configuration Anomalies
Several small-scale enterprises have limited budgets, attributed to small-scale business operations. Due to their restricted business, revenue inflow is comparatively on a lower scale. Consequently, their expenses are significantly low, restraining the growth of digital risk protection platforms.
Besides, several software platforms are incompatible with existing computer systems. As a result, enterprises have to incur additional expenditure on system configuration, increasing overhead costs. Additionally, incompatible firewalls may hinder system performance or further compromise the existing system.
Region Wise Analysis
North America Digital Risk Protection Platform Market
The US is expected to tower the North America digital risk protection platform market, expanding substantially at a CAGR of 7.3% throughout the forecast period. According to the Cybersecurity & Infrastructure Security Agency , majority of the attacks are in the form of ransomware, impacting the private sector and government alike.
In late 2018, a massive uptick in malicious activity targeting domain name systems (DNS) infrastructure, targeting more than 7 out of 10 organizations. The annual costs incurred on recovering the data amounts to US$ 654,000 across the continent. To mitigate this, organizations are investing in robust solutions.
Recently, a major augmentation in computer network compromises across Canada. These incidents included intensive reconnaissance-style scanning of target networks, followed by a compromise of improperly secured devices.
In several instances, malware was installed across these networks. These attacks occurred from June-July 2020.
Based on these aforementioned attack patterns, prominent governmental and private entities have increased spending on risk protection platforms in recent years. Future Market Insights projects the North American market to expand positively, capturing nearly a quarter of the global market share by the end of 2030.
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European Digital Risk Protection Platform Market
Increasing digitalization of businesses as well penetration of e-commerce has heightened the demand for security solutions throughout Europe. As business volumes compound, government regulations concerning safety of data are constantly evolving. Major cyber-attacks in the past have compelled companies to invest in robust security solutions.
In April 2019, the European Union legislated the Cybersecurity Act, providing for an EU cybersecurity agency to monitor virtual environments. This agency substitutes the former European Union Agency for Network and Information Security (ENISA).
A definite upsurge in the number of cryptocurrency attacks were witnessed 2017 onwards. According to the European Union Agency for Cybersecurity, crypto-miners have become an important monetization vector for cyber-criminals, with state-sponsored agents increasingly targeting banks using attack-vectors. An example of this was the WannaCry ransomware attack in 2017, claiming over 200,000 victims.
A majority of the businesses affected were in Europe. Therefore, taking cognizance of this, the need for a stronger regulatory framework was ushered in, opening up green spaces for digital risk protection platform players. A staggering 10% CAGR is predicted for the region throughout the forecast period.
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Asia Digital Risk Protection Platform Market
The Asian market is likely to register impressive growth in the forthcoming forecast period. Majority of this growth will be generated from the East Asian market. Amongst all countries, Japan is expected to grow the fastest, at a noteworthy CAGR of 13.5%.
In 2016, nearly 13 million cases of personal information leak were confirmed or suspected as a result of cyberattacks against companies and other entities. Additionally, Japan hold the reputation of being the most technologically advanced country, thereby heightening the need for investments in cybersecurity solutions.
India will be a potential market for digital risk protection market players during the forecast period, attributed to a surging IT industry and a mushrooming banking and finance industry.
South Asia is an ideal environment for cyber criminals to thrive in due to high digital connectivity, low awareness of cyber-attacks, growing cross border data transfer and weak regulations.
Around 80% hackers are attacking the organizations in various countries of the region. So the major players are heavily investing to provide solutions to the organization in various sectors to prevent cyber-attacks on enterprise data.
Players in the region are focusing on offering cloud based solutions such as advanced threat protection, compliance governance, e-mail security, information protection to reduce threat and compliance risk.
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Companies are focusing on online exposure to target their audience, market their products and enhance their customer base. Increasing digital footprint of the company increases the data security threats for which companies are adopting digital risk protection solutions for securing the brand value and identity of the company.
Digital risk protection solution helps companies and customers to protect from digital risk across social media infrastructure, web domains, deep and dark web. The digital risk protection solution protects the social media presence from social media phishing scams, malicious contents, and account takeovers.
Large-scale enterprises will continue dominating the global landscape, capturing over half of the overall revenue share by the end of the forecast period. This is solely attributed to increasing scale of operations requiring collection of massive amounts of data. Vendors are increasing their forays into the American and Asian markets in particular.
Simultaneously, SMEs are picking up significant pace, as a majority of industrial verticals are peppered with small-scale start-up companies and ventures. These enterprises face significant threats of cyberattacks as they are not well-equipped with proper safeguards. The segment shall be valued at US$ 600.1 Mn by 2030 end.
Government sector is likely to register astounding growth, attributed to the need to protect state secrets. In recent years, there has been a significant rise in the number of cyber-attacks motivated at sabotaging government operations. A classic example is that of the 2016 Russian involvement in U.S elections.
The attack was intended to damage the credibility of Hillary Clinton’s presidential campaign and boosting the candidacy of Donald Trump. These activities were purported to spread disinformation by virtue of fabricated articles. Hence, since then, investment in government-related cyber-security solutions have upgraded.
Major inroads are being witnessed in the banking and financial services sector, projected to expand at a CAGR of 12.3% from 2020-2030. Growth is motivated due to an increase in the volume of banking transactions, making them easy prey for cyber-criminals. Previous attacks on financial institutions have augmented this investment.
COVID-19 Impact Analysis
The COVID-19 pandemic has impacted business in every sector. Social distancing norms are compelling organizations to transition towards digitalization to ensure operational continuity. Adoption of cloud computing platforms and build-your-own-devices to facilitate remote working are becoming highly mainstream.
According to estimates, nearly 3/5th of the organizations have adopted cloud platforms as a new normal. Companies are transforming existing infrastructure into virtual environment, aggrandizing the risk of cyber threats.
Organizations are experiencing cyber threats and security vulnerabilities in remote working. Cyber criminals are leveraging the COVID-19 pandemic scenario to initiate ransomware, phishing emails and data theft attacks to steal confidential information.
Based on these trends, the digital risk protection platform market will register a steep upward sloping curve throughout the course of the pandemic and beyond. In 2020 alone, the growth is projected to rise to 11%.
The digital risk protection platform market is highly fragmented, characterized by the presence of a number of regional players and global corporations. Within the scope of this report, the following companies have been profiled:
- Digital Shadows Ltd
- RSA Security LLC,
- Safeguard Cyber
The list is not exhaustive, and only for representational purposes. Full competitive analysis available in the report
The aforementioned market players tend to rely on collaborations, partnerships and product launches in order to stay afloat. In August 2020, for instance, Proofoint partnered SaiPoint to develop a cyber-security solution aimed at safeguarding users’ data in e-mail inboxes. Moreover, end-users can avail secure access to applications without the fear of any malware attacks.
In July 2020, Digital Shadows initiated a new database service enabling organizations to discover possible data breaches by introducing additional capabilities within its SearchLight platform.
Digital Risk Protection Platform Market- Report Scope
Historical Data Available for
USD Million for value
Key Regions Covered
North America, Latin America, Europe, East Asia, South Asia and Middle East & Africa
Key Countries Covered
US, Canada, Germany, U.K., France, Italy, Spain, BENELUX, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Vietnam, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa, Brazil and Mexico.
Key Segments Covered
Solution, Enterprise Size, Industry, and Region
Key Companies Profiled
Proofpoint, Digital Shadows Ltd., FireEye, RSA Security LLC, Axur, Cyberint, RiskIQ and Safeguard Cyber (only indicative list)
Market Forecast, DORT Analysis, Segmental Outlook, COVID-19 Impact Analysis, Regional Profile and Market Competitiveness
Customization & Pricing
Key Questions Answered by the Report
- What is the digital risk protection platform market size?
The digital risk protection platform market size is US$ 1.9 billion in 2020. The growth rate for digital risk protection platform market will be 10.1% CAGR during 2020-2030.
- Which is the largest market for digital risk protection platforms?
North America is the largest market for digital risk protection platforms globally. Growing need to prevent enterprise data breach by cyber-criminals make North America a lucrative market for digital risk protection platforms
- Which are the top companies in digital risk protection platforms market?
Proofpoint, Digital Shadows Ltd, FireEye, RSA Security LLC, Axur, Cyberint, RiskIQ and Safeguard Cyber are among the prominent market players.
- Where are the uses of digital risk protection platforms?
Digital risk protection platforms are widely used in the government sector. Recent scientific research has also boosted their case as an ingredient in supplements. This is because the government stores the data of millions of citizens which could be compromised at any point of time by hostile entities.
- In which solutions are digital risk protection platforms available?
Companies usually make digital risk protection platforms available in two types – integrated risk protection platforms and services. The integrated risk protection platforms adoption is higher, attributed to the heightened need to protect sensitive information from potential cyber-attacks.
- What is the outlook on US digital risk protection platform market?
The market in US is likely to be the kingpin during the upcoming decade’s forecast period. Strong demand from the SMEs segment continues to drive growth.
- Are digital risk protection platforms utilized in the Asia Pacific?
Digital risk protection platforms are used in several industries across the Asia Pacific. This is largely attributed to increasing digital connectivity, limited awareness about cyber-attacks, surging cross-border data exchange and fragile regulations.
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Yes, the digital risk protection market research has been conducted by expert analysts of Future Market Insights through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to our research analyst.
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Digital Risk Protection Platform Market segmentation
- Integrated Digital Risk Protection Platform
- Integration & Implementation
- Digital Risk & Advisory
- Support & Maintenance
- Large Enterprises
- IT & Telecom
- North America (U.S & Canada)
- Latin America (Brazil, Mexico & Rest of Latin America)
- Europe (Germany, Italy, France, U.K, Spain, BENELUX, Russia & Rest of Europe)
- East Asia (China, Japan & South Korea)
- South Asia & Pacific (India, Thailand, Indonesia, Malaysia, Indonesia, Oceania & Rest of South Asia & Pacific)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa & Rest of Middle East & Africa)