Third-party Risk Management Market In-Depth Analysis & Global Forecast to 2025
Market Overview
The global third-party risk management market is garnering fabulous growing accruals. The market growth attributes to the increasing focus on mitigating risks associated with third party contracts and increasing cyber-attacks. Besides, the increasing outsourcing of operations by organizations and technological advancements drives third-party risk management market growth. Moreover, growing numbers of businesses escalate market growth.
According to Market Research Future (MRFR), the global third-party risk management market is poised to value at USD 8.18 Billion by 2025, growing at16.87% CAGR throughout the review period (2019–2025).The method of analyzing the risks associated with outsourcing business operations to any third-party vendor or service provider is a key aspect of third-party risk management solutions, which, in turn, influence market growth.
Additionally, stringent regulations and compliance by legal authorities boost the growth of the market, creating abundant opportunities for the third-part risk management solution providers. Conversely, the lack of skilled expertise is a major factor forecasted to impede the growth of the market. Also, the initial investment required to implement third-party risk management solutions acts as a hurdle to market growth. Nevertheless, the growing trend of industrialization, modernization, and cloud platforms' adoption would support market growth throughout the assessment period.
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Major Players
Players leading the third-party risk management market include Genpact (US), RSA Security LLC (US), Cisco Systems (US), KPMG (The Netherlands), Deloitte (US), BitSight (US), Prevalent Inc. (US), Alyne GmbH (Germany), OneTrust (US), Venminder (US), Aravo Solutions, Inc. (US), ProcessUnity, Inc (US), and Riskpro (India), among others.
Segments
The report is segmented into five dynamics;
By Component: Solutions (finance management, compliance management, audit management, operational risk management, others) and Services (Sub-Segmented Into Professional, Managed Services, others).
By Deployment: On-premise and On-cloud.
By Organization Size: Small-to-Medium-Sized Enterprises and Large Enterprises.
By Vertical: BFSI, IT & Telecommunication, Healthcare, Government, Retail, Manufacturing, and others.
By Region: Americas, Europe, APAC, and the Rest-of-the-World.
Competitive Analysis
Highly competitive, the global third-party risk management market appears fragmented due to the presence of many well-established players. To gain a significantly larger competitive share, major players incorporate strategic initiatives such as collaboration, mergers & acquisitions, expansion, and product/technology launch. These technology providers invest substantially in the development of novel technologies and upgrades. Industry players focus on optimized situational awareness for customers to ensure their mission success.
Regional Analysis
North America dominates the global Third-party Risk Management Market. The market growth attributes to the presence of several notable players and demand for expertise in tracking the risks associated with third-party vendors.
Besides, the increasing demand for solutions to protect critical information from cyber-attacks drives the third-party risk management software market.
The US accounts for a significant share in the regional market due to the rising government efforts to push the cloud technologies markets. The North American third-party risk management market is expected to retain its dominance throughout the forecast period.
Europe stands second in the global third-party risk management market. The market is driven by the increasing adoption of cloud-based solutions and digitalization. Additionally, technological advances and market proliferation of portable connected devices such as mobiles and tablets support the third-party risk management market growth.
Also, well-established infrastructures in the region influence the regional market growth, allowing a favorable environment for developments and early adoption of technologies. The European third-party risk management market is projected to grow at the fastest rate during the forecast period.
The Asia Pacific third-party risk management market has emerged as a rapidly growing space, globally. Factors such as increasing numbers of businesses in APAC countries such as China, Japan, South Korea, and India substantiate the growth of the regional market. Moreover, the augmenting demand for the deployment of third-party risk management technologies increases sales in the third-party risk management industry.
Simultaneously, massive demand for advanced solutions that can provide comprehensive support and real-time access to data increases the market size. The APAC third-party risk management market is projected to create a substantial revenue pocket during the review period.
Industry/ Innovation/ Related News
August 19, 2020 ----Â Interos Inc. (the US), a leading AI-powered supply chain risk management solution provider, launched upgraded features to accelerate detection and sharing of supply chain risk across multiple enterprise functions, including business continuity planning, procurement, enterprise risk management, and information security risk teams.
The COVID-19 pandemic affected trade pacts, adversarial geopolitical agendas, and new regulatory requirements governing the use of foreign technologies and infrastructure have triggered a 'reset' in enterprise strategies for third-party risk management.
In such a situation, the upgraded solution would help solve problems, focusing on operational resiliency and greater agility. Companies can adopt a framework optimized for the rapid detection, collection, and sharing of risk information within and across supplier ecosystems. Interos is the first and only multi-factor, multi-tier supply chain risk management platform.
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LIST OF TABLES
Table1 Global Third-Party Risk Management Market, By Country, 2019–2025
Table2 North America: Third-Party Risk Management Market, By Country, 2019–2025
Table3 Europe: Third-Party Risk Management Market. By Country, 2019–2025
Table4 Asia-Pacific: Third-Party Risk Management Market By Country, 2019–2025
Table5 North America: Third-Party Risk Management Market, By Country
Continued……
LIST OF FIGURES
FIGURE 1 Global Third-Party Risk Management Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of The Global Third-Party Risk Management Market
FIGURE 4 Value Chain Of Global Third-Party Risk Management Market
FIGURE 5 Share Of The Third-Party Risk Management Market In 2018, By Country (In %)
Continued…….
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