Digital Risk Protection [DRP] Platform Market Size, Share, Growth, and Industry Growth by Type (Cloud Based, and On-premise), By Application (Large Enterprises and SMEs), and Regional Forecast From 2023 To 2028

Updated On: 13 November 2023

DIGITAL RISK PROTECTION [DRP] PLATFORM MARKET REPORT OVERVIEW

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The global digital risk protection [DRP] platform market size is estimated to be USD 4.8079 billion in 2021 and the market is projected to touch USD 7.6517 billion by 2028, exhibiting a CAGR of 6.8% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with digital risk protection [DRP] platform experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

The practice of defending enterprises from cyber dangers while undergoing digital transformation is known as digital risk protection (DRP). Cybersecurity strategies need to switch to a preventative strategy to protection rather than responding to cyber threats once they are identified. This is essential for enabling ecosystem extension and risk reduction. To fulfil this urgent need, Digital Risk Protection was created, starting with social media platforms and extending to all digital assets exposed to possible risks.

The scope of digital protection options is vast. DRP platform has a solution in place for every type of digital risk. The risk entails cyberattack risks, third party risks, workforce risks, cloud technology risks, compliance risks, process automation risks, business resilience risk, data privacy risks and so on. The DRP platform also hosts a framework. A framework for managing digital risks deconstructs each mitigation initiative's requirements and identifies the best risk mitigation strategies. It might be applied to handling all types of digital risk.

COVID-19 IMPACT : Increasing Need for Security Boosted Product Demand Significantly

COVID-19 had a life changing impact globally. The global digital risk protection [DRP] platform market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for digital risk protection [DRP] platform experienced a hike in demand.

Lockdown caused all offices and industries to shut down. Companies commenced with the process of work from home [WFH] for employees. This was made to ensure to continuation of work and reduce the losses incurred due to the COVID-19 pandemic. As they hosted multiple services online, this led to an increase in the need for security of company and employee data. There was an increased number of cyberattacks that occurred during the forecast period. Hence it was mandatory for companies to use digital risk protection [DRP] platform for their own security and progress.

As the COVID-19 virus spread out across the globe, it increased the number of patients. This led to massive numbers in hospitalization across the globe. There was a increasing need to protect the massive patient details as they were vulnerable to modifications and attacks. Due to unavailability of beds, attackers would switchover names in the patient database by attacking the vulnerable servers. The increasing need for protection against malware increased the usage of digital risk protection [DRP] platform.

LATEST TREND

"Technological Advancement to Strengthen Market Outlook"

Safeguard Cyber has stated that digital risk protection [DRP] platform is now being applied to everything an enterprise uses. The new tools harness machine learning to proactively monitor cloud channels for potential digital risks at a higher scale. This level cannot be obtained through human security measures. The latest security tools entail CRM, collaboration tools, monitors channels interacted with consumers and so on.

Cio & Leader has identified top trends in digital risk protection [DRP] which is focused on expanding areas of protection. Organizations now have exposed surfaces outside of a set of controllable assets due to risks connected with the use of IoT, open-source code, cloud applications, complicated digital supply chains, social media, and more. Technologies for managing external attack surfaces (EASM) and cyber asset attack surfaces (CAASM) will assist CISOs in visualizing internal and external business systems. These technological advancements are expected to boost the global digital risk protection [DRP] platform market size.

DIGITAL RISK PROTECTION [DRP] PLATFORM MARKET SEGMENTATION

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• By Type

Based on type, the market is divided into Cloud Based, and On-premise.

Cloud Based Type holds a major share of the global market.

• By Application

Based on application, the market is bifurcated into Large Enterprises and SMEs.

Large Enterprises as application holds a major share of the global market.  

DRIVING FACTOR

"Growing Cyberattacks to Boost Market Share"

Forbes has stated that as of 2021, the average number of cyber attacks and data breaches have increased by 15.1% from 2019. ThoughtLab has estimated that there will be a rise in these cyber attacks from social engineering and ransomware as nation-states and cyber criminals grow more sophisticated. Cyberpolicy further stated that the most common targets are small and medium businesses for cyberattacks. This is because large corporation have the resources to build cyber security and upgrade their network. Hence this would increase the global digital risk protection [DRP] platform market share.

"Global Digitization to Boost Market Size"

The pandemic had a significant impact on the way the global population lived and worked. Several organizations have adapted to online mode of work or a rather hybrid mode of work. According to Statista in 2022, the spending on digital transformation is projected to reach 1.8 trillion U.S. dollars; By 2028 it is expected to reach 2.8 trillion dollars. This is due to the increased digital tempo in organizations across the globe. These factors are estimated to boost the global digital risk protection [DRP] platform market size.

RESTRAINING FACTOR

"Deployment Costs to Pose as Market Constraint "

The cost of deploying digital risk protection [DRP] platform is expected to pose as a market constraint for the global digital risk protection [DRP] platform market share. The costs limit the access for small and medium businesses to protect themselves from the prevalent cyberattacks. Even if they are at a low cost, not all essential services are not provided. This leaves the business open to cyberattacks and data breaches. Considering the rise in small and medium businesses across the world, hackers keep developing new methods to breach software’s.

DIGITAL RISK PROTECTION [DRP] PLATFORM MARKET REGIONAL INSIGHTS

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"Asia Pacific Dominates the Market as Major Consumer"

APAC countries are the largest market shareholder for digital risk protection [DRP] platform. This is built upon factors such as huge investments from companies in this region. Their growing need for protection of data is major reason for the rise in the need for digital risk protection [DRP] platform. As this region is a hub for up-and-coming entrepreneurs, there would be a rise in the need for digital risk protection [DRP] platform. The governments have encouraged the usage of digital risk protection [DRP] platform due to safety reasons. North America is the second major shareholder of the global digital risk protection [DRP] platform market.

KEY INDUSTRY PLAYERS

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.    

List of Market Players Profiled

• ProofPoint [U.S.]
• Digital Shadows [U.K.]
• Recorded Future [U.S.]
• ZeroFOX [U.S.]
• RiskIQ [U.S.]
• LookingGlass Cyber Solutions [U.S.]
• IntSights [U.S.]
• Axur [Brazil]
• CyberInt [Israel]
• Skurio [U.K.]
• SafeGuard Cyber [U.S.]
• Blueliv [Barcelona]
• AppGate [U.S.]
• Sweepatic [Belgium]
• CTM360 [Bahrain]
• Cybersprint [Netherlands]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.