Digital Risk Management Industry Valued at US$ 8.1 Bn in 2022, Projected to Reach US$ 29.2 Bn by 2031

The Global Digital Risk Management Market is poised for substantial growth, projected to advance from USD 8.1 billion in 2022 to an impressive USD 29.2 billion by the end of 2031, with a robust CAGR of 15.3% over the forecast period. This market surge is fueled by the increasing complexity and frequency of cyberattacks and the heightened necessity for compliance with data protection regulations.

Market Dynamics and Key Drivers

As businesses across industries such as BFSI, healthcare, government, and retail continue to embrace digital technologies, the need for sophisticated digital risk management solutions has become more critical. These solutions help organizations mitigate risks associated with cybersecurity, operations, and third-party interactions, thereby safeguarding financial performance, operational integrity, and reputation.

The rise in digital transformation, leveraging technologies like AI, IoT, blockchain, and cloud computing, has introduced new vulnerabilities. According to a study by Ponemon, 82% of IT security and C-level executives reported data breaches while implementing new technologies. This underscores the urgent need for comprehensive digital risk management strategies, which are anticipated to propel market growth.

Banking Sector and Fraud Prevention

The banking sector is particularly vulnerable, with digital banking frauds on the rise. Digital risk management tools employing AI and machine learning are crucial in identifying and mitigating these risks. Banks are increasingly adopting advanced solutions for anti-money laundering (AML) processes, ensuring compliance while minimizing false positives. This trend is expected to significantly drive market expansion.

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Market Segmentation

Component

• Software
• Services
• Professional Services
• Managed Services

Deployment

• Cloud
• On-premise

Enterprise Size

• SMEs
• Large Enterprises

Industry Vertical

• BFSI
• IT and Telecom
• Healthcare
• Retail
• Manufacturing
• Others

Regional Insights

North America is expected to dominate the digital risk management market from 2023 to 2031, owing to widespread digital technology adoption and increasing cyberattacks. Meanwhile, Asia Pacific is projected to experience the fastest growth, driven by rising awareness of digital asset risks and a growing focus on data protection.

Key Market Players and Developments

• IBM Corporation
• Oracle Corporation
• SAP
• SAS Institute Inc.
• Broadcom
• NAVEX Global, Inc.
• LogicManager, Inc.
• Metricstream Inc.
• ServiceNow
• RSA Security LLC
• Qualys, Inc.
• Rapid7

Notable developments include:

• In March 2020, 3i Infotech Limited launched AMLOCK Analytics to address high false positives in banks and financial institutions.
• In April 2020, Aiperion LLC introduced RiskKey software for advanced investment risk modeling and analytics.
• In March 2023, BitGo Trust Company, Inc. partnered with Digital Asset Services Ltd. to enhance wallet recovery security for institutional clients.
• In February 2023, OTORIO Ltd. partnered with Compugen to protect customers from cyber threats in operational technology environments.

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