Insider Risk Management Market : Global Analysis, Size, Share, Growth, Trends And Forecast 2022-2032
According to the insider risk management industry analysis carried out by Future Market Insights (FMI), the demand registered in the insider risk management market will grow at a noteworthy CAGR of around 12.5% from 2022-2032.
The report states that the market is expected
to reach the valuation of ~US$ 2,223.5
Mn by the end of 2022. As per Future Market Insights, the pandemic has served
as a catalyst for digital transformation. It's not simply the major change
towards remote work; there has also been a significant shift in favor of
efficiency and adaptability. Data security threats significantly rise with
speedier, more flexible ways of working. A year ago, before the COVID issue,
employees were 85% less likely to leak private information. IT security leaders
identified malicious or careless insiders as the primary cause of data
breaches, surpassing outsider attacks.
While malicious assaults could still happen,
a rise in actions by remote workers who might not even be aware they are
putting the company at danger of security threats and compliance violations is
more concerning. Organizations are using integrated, end-to-end tools to gain a
handle on risk management as it seems to get ever more complex. Insider Risk
Management (IRM) develops a framework around the new concept of "risk
tolerance," with a goal of providing security. IRM further teams with
visibility and context around data activities in order to secure that data
without imposing onerous restrictions on users.
Due to a growing shift towards hybrid or
remote workforce, there has been a rise in publicly-disclosed system breaches
and data leaks. This has propelled the growth of the insider risk management
market.
Key Takeaways: Insider Risk Management Market
·
By solution,
the on-premises insider risk management software segment accounts for the highest market share of around
68.0% for insider risk management market
in the year 2021. However, the cloud based insider risk management software segment
is estimated to grow at a robust CAGR of 23.3%
through 2032.
·
By enterprise size, the large enterprises segment had the
highest market share of around 62.7% in the insider risk management market in
2021.
·
By industry, the government segment is predicted to grow at
a CAGR of around 23.4% between 2022
& 2032.
·
By region,
North America had the largest market share of around 32.9% in insider risk management market in 2021, whereas the South
Asia & Pacific region is showing the highest growth of around 22.5%
CAGR during the forecast period.
“Insider risk management has become a
priority for security and risk management due to the growth of hybrid or remote
workforce, as well as increased vendor integration. Organizations may quickly
recognize, monitor, and reduce insider risks in real-time by implementing
insider risk management solutions. Organizations can also spot and reveal other
forms of malicious behavior that could be detrimental to the firm by using insider
risk management systems” says FMI analyst”.
Increased vendor integration and shift
towards hybrid or remote workforce to ensure secure work practices and data
protection
The business ecosystem's digitization has
created new possibilities for organizational growth and transformation across
industries. Due to the evolution and proliferation of cybersecurity threats,
this digital revolution has also increased the risks associated with conducting
business. Employees have greater and more access to data creation, management,
and sharing capabilities across a variety of platforms and services. Due to
careless sharing of data or malevolent intent, there has been rise in instances
of data theft by departing employees and information leaks outside the firm.
Insider risk management is a powerful threat
protection tool created to quickly identify, analyze, mitigate, and respond to
insider risks. It offers control and visibility over internal data access and
data leaks by end users, including workers, distant suppliers, and contractors,
to safeguard against insider risks like theft, fraud, and damage.
Users can design policies for locating risk
indicators using insider risk management. These guidelines support the
detection and control of risky behavior, the detection and management of
company policy violations, the monitoring and management of data access
governance issues, and the improvement of insider threat security. Insider risk
management solutions use cutting-edge techniques to safeguard confidential firm
information and intellectual property from loss, theft, and leakage while
fostering remote workers' collaborative work.
More Valuable Insights on Insider Risk
Management Market
Future Market Insight’s report on insider
risk management market industry research is segmented into four major sections – solution (cloud based
insider risk management software, and on-premises insider risk management
software), enterprise size (small & mid-sized enterprises (SMEs), and large
enterprises), industry (finance, healthcare, government, education, manufacturing
and others), and region (North America, Latin America, Europe, East Asia, South
Asia & Pacific, and Middle East & Africa), to help readers understand
and evaluate lucrative opportunities in the insider risk management demand
outlook.
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