Digital Risk Management Market Size to Surpass USD 34.68 Billion by 2032 | SNS Insider

The Digital Risk Management Market is expanding as businesses adopt AI and analytics to detect, assess, and mitigate cyber and operational risks.

AUSTIN, TX, UNITED STATES, February 10, 2025 /EINPresswire.com/ -- The Digital Risk Management (DRM) Market size was USD 9.82 Billion in 2023 and is expected to reach USD 34.68 Billion by 2032, growing at a CAGR of 15.12% over the forecast period of 2024-2032. Rapid adoption of digital technologies, such as cloud computing, AI, and IoT, has introduced significant opportunities and risks. In this regard, organizations continue to adopt these technologies, which raise the demand for tools that safeguard data, provide regulatory compliance, and manage cybersecurity risks.

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Keyplayrs:
IBM Corporation (IBM OpenPages, IBM Security QRadar)
Oracle Corporation (Oracle Risk Management Cloud, Oracle Governance, Risk, and Compliance)
SAP (SAP Business Integrity Screening, SAP Risk Management)
SAS Institute Inc. (SAS Risk Management for Banking, SAS Fraud Management)
Broadcom (Symantec Endpoint Protection, Symantec Data Loss Prevention)
NAVEX Global Inc (NAVEX EthicsPoint, NAVEX Risk & Compliance Management)
LogicManager Inc. (LogicManager Risk Management, LogicManager Incident Management)
Metric Stream (MetricStream GRC Platform, MetricStream Third-Party Risk Management)
Rapid7 (InsightVM, InsightIDR)
Microsoft Corporation (Microsoft Compliance Manager, Microsoft Defender for Identity)
ServiceNow Inc. (ServiceNow GRC, ServiceNow Security Incident Response)
Rsam (Rsam GRC Platform, Rsam Third-Party Risk Management)
Proofpoint Inc. (Proofpoint Email Protection, Proofpoint Cloud App Security Broker)
RSA Security LLC (RSA Archer GRC, RSA SecurID)
Optiv Security Inc. (Optiv Cybersecurity, Optiv Managed Security Services)
Qualys Inc. (Qualys Vulnerability Management, Qualys Policy Compliance)
OneTrust (OneTrust GRC, OneTrust Privacy Management)
Riskonnect Inc. (Riskonnect Risk Management, Riskonnect Incident Management)
ZeroFox Holdings Inc. (ZeroFox Social Media Risk Protection, ZeroFox External Threat Intelligence)
SecurityScorecard (SecurityScorecard Enterprise, SecurityScorecard Risk Assessment)
Archer Technologies LLC (Archer GRC Platform, Archer IT Risk Management)
Galvanize (Galvanize HighBond, Galvanize Governance, Risk, and Compliance)
LogicGate Inc. (LogicGate GRC Platform, LogicGate Third-Party Risk Management)
Resolver Inc. (Resolver Risk Management, Resolver Incident Management)
BitSight (BitSight Security Ratings, BitSight for Third-Party Risk)
Hyperproof Inc. (Hyperproof Compliance Management, Hyperproof Risk Management)

By Component, Software Dominate the Digital Risk Management Market, While Services Segment Sees Rapid Growth
The Software segment held the dominant position in the Digital Risk Management market in 2023, contributing to about 60% of the total market share. This is essentially because of the acute need of the hour-organizational organizations are in desperate need of robust software solutions to combat cybersecurity problems and meet demanding regulatory requirements.

The Services segment is expected to experience the Fastest growth rate, with an anticipated CAGR of 16.45% from 2024 to 2032. The demand for personalized services such as consultation, continuous monitoring, and incident response is increasing as companies look for expert-driven support to navigate complex risk landscapes.

By Organization Size, Large Enterprises Dominate DRM Market, While SMEs Experience Rapid Growth
Large enterprises dominated the DRM market in 2023, securing approximately 68% of the market share. These organizations invest heavily in managing digital risks because of their complex operations, regulatory obligations, and large-scale digital infrastructures. These enterprises often require scalable and advanced DRM solutions as they deal with vast amounts of sensitive data and face evolving threats.

The Small and Medium-Sized Enterprise (SME) sector is expected to grow at a rapid pace, with a CAGR of 16.94%. This growth can be attributed to the growing recognition of the need among SMEs to protect their digital assets.

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By Industry Vertical, BFSI Dominate DRM Market, While Healthcare Sector Sees Fastest Growth
The BFSI segment led the DRM market in 2023, holding the highest share of about 32%. The risks involved with this sector include financial fraud and data breaches; there is a strict need for the company to follow data protection regulations such as GDPR and PCI-DSS.

The Healthcare sector is poised for the fastest growth, expected to grow at a CAGR of 18.93% from 2024 to 2032. The sector’s digital transformation, including the adoption of telemedicine and electronic health records, has led to an increased focus on protecting patient data and meeting healthcare-specific regulations like HIPAA.

By Deployment, Cloud Dominates DRM Market, While On-Premise Segment Sees Fastest Growth
The Cloud deployment segment is the dominant the market, as organizations increasingly opt for cloud-based solutions due to their flexibility, scalability, and cost-effectiveness. Cloud deployment allows businesses to manage and mitigate digital risks efficiently without the need for extensive on-premise infrastructure, making it an attractive choice for companies with dynamic or rapidly growing digital ecosystems.

The On-Premise segment is expected to grow at the fastest growing CAGR in the forecasted period, rate due to industries like banking, finance, and healthcare, where organizations prefer to keep sensitive data and risk management processes.

By Region, North America Dominate DRM Market, While Asia Pacific Shows Fastest Growth
The North American region led the Digital Risk Management market in 2023, holding the largest revenue share of around 39%. The region is dominated by the advanced digital infrastructure throughout North America, deep penetration of innovative technologies, and strict regulatory standards. Escalated cyberattacks in the region along with emphasis on privacy law such as CCPA add necessary strength to execute complete DRM strategies.
The Asia Pacific region is expected to experience the fastest growth, with an estimated CAGR of 16.96% from 2024 to 2032. The rapid digital transformation in countries like China, India, and Japan, coupled with an increasing awareness of cybersecurity risks, is driving the demand for DRM solutions.

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