Digital Risk Protection Services (DRPS) Market

Market Definition

The Digital Risk Protection Services (DRPS) Market size was valued at USD 2.8 billion in 2023 and is predicted to reach USD 4.6 billion by 2030 with a CAGR of 7.5% from 2024-2030. 

Digital Risk Protection Services (DRPS) refer to a suite of cybersecurity services designed to help organizations identify and mitigate digital risks to their operations, reputation, and assets. DRPS typically involves the use of advanced threat intelligence and monitoring tools to detect and respond to cyber threats and other digital risks in real time. DRPS services help organizations proactively identify and mitigate digital risks, protecting their operations, reputation, and assets from potential cyber threats and other digital risks. 

Market Dynamics and Trends

The demand for the digital risk protection services market is growing due to the rising cyber-attacks such as phishing, malware, ransomware, and social engineering is driving the growth of the market. According to the World Economic Forum as of 2022, there has been a rise in cyber-attacks on organizations through third-party vendors increasing from 44% to 61%.31 in recent years.

Moreover, the increasing adoption of cloud computing in various industries such as finance, healthcare, and retail has made it easier for cybercriminals to launch attacks on organizations. As a result, organizations are turning to digital risk protection services to secure their cloud infrastructure, thus it is boosting the growth of the market. In addition, the rising digitization of businesses has led to the proliferation of digital assets, such as websites, social media accounts, and mobile apps.

This has increased the need for digital risk protection services to secure these assets against cyber threats, which in turn fuels the growth of the market. However, DRPS services require organizations to share sensitive data with third-party providers, which can raise data privacy concerns and may restrain the growth of the market.

On the other hand, the integration of quantum computing in digital risk protection services is expected to create ample growth opportunities for the market in the future. Quantum computing has the potential to revolutionize the field of cybersecurity by providing faster and more powerful computing capabilities. 

Market Segmentation and Scope of Study

The global digital risk protection services (DRPS) market is segmented on the basis of service type, deployment mode, organization size, industry vertical, and region. Based on service type, the market is classified into brand protection, data leakage prevention, cyber threat intelligence, dark web monitoring, and incident response. Based on the deployment mode, the market is segmented into on-premise, cloud and hybrid. Based on the organization size the market is categorized into SMEs and large enterprises. Based on industry vertical the market is segmented into, healthcare, finance, retail, government, energy and utilities, manufacturing, and others. Geographical breakdown and analysis of each of the aforesaid classifications include regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America dominates the global digital risk protection services market trend and is potently expected to remain dominant in the market throughout the forecast period. This is due to a large number of data centers and cloud computing infrastructure in the North American region, which require constant protection from potential cyber threats. 

According to the United States International Trade Commission as of 2021, out of 8000 global data centers the United States has 2701 data centers. Moreover, the adoption of digital technologies such as cloud computing, mobile devices, and the Internet of Things (IoT) is significantly boosting the growth of the digital risk protection services market in North America.

These technologies create new vulnerabilities and attack surfaces, and organizations need to implement comprehensive security measures to protect themselves from potential threats. A report published by Federal Trade Commission in February 2022, shows consumers reported losing more than USD 5.8 billion to online frauds in 2021.

On the other hand, Asia Pacific shows substantial growth in the global digital risk protection services market. This is due to the growing popularity of e-commerce platforms in the region resulting in a significant increase in the transmission of personal and financial data online, which in turn significantly fuels the growth of the market in the region.

According to the International Trade Administration, China is the largest e-commerce market globally as it reached USD 2.29 trillion in 2020 and is expected to reach USD 3.56 trillion by 2024. Moreover, the increasing adoption of cloud networking by the BFSI (banking, financial services, and insurance) sector to manage the vast amount of sensitive data requires secure and reliable risk protection service; thus, it is significantly boosting the growth of the market. According to the China Banking and Insurance Regulatory Commission, China's BFSI is one of the largest industries in the world with total assets of this sector valued at USD 51.19 trillion in 2022.

Competitive Landscape

Various market players operating in the digital risk protection services market include Microsoft Corporation, Cisco Systems, Inc., Broadcom Inc., Palo Alto Networks, Inc., Kaspersky Lab, Rapid7, Inc., Proofpoint, Inc., Trend Micro Incorporated, Fortinet, Inc., RSA Security LL among others. These market players are adopting various strategies such as product launches to maintain their dominance in the global digital risk protection services market.

For instance, in October 2022, Proofpoint launched Revamped partner program enabling organizations to combat present most advanced and prevalent threats such as Business Email Compromise (BEC) and supply chain attacks. This launch provides organizations exceptional visibility and detection of email fraud, defense against third-party and supplier compromise, and machine learning (ML) and behavioral analytics, all available via a new, easy-to-deploy inline API model.

Also, in August 2021, Digital Shadows launched digital shadows advisory and custom intelligence services. These two professional services are built significantly on standard support service, enabling it to become an extension to an organization’s in-house security and IT team.

Key Benefits

• The report provides quantitative analysis and estimations of the digital risk protection services (DRPS) market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of the digital risk protection services (DRPS) market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the digital risk protection services (DRPS) market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porter’s Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of the roles of stakeholders.

Key Market Segments

By Service Type     

• Brand Protection

• Data Leakage Prevention

• Cyber Threat Intelligence

• Dark Web Monitoring

• Incident Response

By Deployment Mode     

• On-Premise

• Cloud 

• Hybrid

By Organization Size  

• SMEs 

• Large Enterprises

By Industry Vertical  

• Healthcare

• Finance

• Retail

• Government

• Energy and Utilities

• Manufacturing

• Others

By Region

• North America

  • The U.S

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France    

  • Italy

  • Spain

  • Denmark

  • Netherlands

  • Finland

  • Sweden

  • Norway

  • Russia

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• Rest of the World (RoW)

  • Latin America

  • Middl East

  • Africa

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 2.8 Billion
Revenue Forecast in 2030	USD 4.6 Billion
Revenue Growth Rate	CAGR of 7.5% from 2024 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Growth Factors	Rising cyber-attacks such as phishing, malware, ransomware drives the market. Increasing adoption of cloud computing in various industries fuels the market growth. Growing digitization of businesses boosts the market.
Countries Covered	28
Companies Profiled	10
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

• Microsoft Corporation

• Cisco Systems Inc.

• Broadcom Inc.

• Palo Alto Networks Inc.

• Kaspersky Lab 

• Rapid7 Inc.

• Proofpoint Inc.

• Trend Micro Incorporated

• Fortinet Inc.

• RSA Security LL