The Third-party Risk Management Software Market 2020 was worth USD 2.85 Billion in 2018 and by 2025; its value can reach USD 8.18 Billion, reveals Market Research Future (MRFR). The TPRM market expansion rate is estimated to be 16.87% between 2019 and 2025 (review timeframe).
The leaders in the market for third-party risk management that are studied in the report are Genpact (US), Aravo Solutions, Inc. (US), ProcessUnity, Inc (US), KPMG (The Netherlands), BitSight (US), Alyne GmbH (Germany), RSA Security LLC (US), Deloitte (US), Venminder (US), Riskpro (India), Prevalent Inc. (US), OneTrust (US), Cisco Systems (US), among others.
Market Drivers and Key Challenges
The mounting demand for personalized services as well as seamless experience, combined with the rising need among organizations for better operational efficiency across different verticals, can mean excellent business growth for third-party risk management in the following years.
Increasing adoption of advanced electronic devices and rapid technological advancements are some other important growth boosters in the TPRM market. Besides, the rising need to comply with stri9ct governance standards and adhere to various regulations and policies can boost the demand for TPRM solutions in the near future.
Over the years, TPRM services have become highly essential when it comes to managing and integrating solutions. These services can be categorized into managed and professional services. These services ensure the smooth and seamless functioning of the TPRM solution over a timeline. Increasing virtualization across sectors combined with the surging adoption of cloud computing drives the need for TPRM solutions.
The extensive coverage of the worldwide Third-party Risk Management Software Market includes segments like component, deployment, organization size and vertical.
The types of components in the market are solutions as well as services. The solution-based segments analyzed in the report are contract management, finance management, operational risk management, audit management and compliance management. The types of services in the market are managed and professional services.
Deployment-wise segments are on-premise and on-cloud.
Organization size-based market segmentation comprises small- and medium-sized enterprises as well as large enterprises.
The vertical that make use of TPRM are government, IT and telecommunication, BFSI, retail, and manufacturing, healthcare, and more.
Market Research Future (MRFR) study covers North America, Europe, Middle East and Africa, Asia Pacific (APAC), and South America in the regional market segmentation for Third-party Risk Management Software Market.
Currently, the global Third-party Risk Management Software Market is led by North America, on account of the huge number of established players like Cisco, OneTrust and RSA, among others. Other factors promoting the market growth include the rising need for expertise among organizations to understand the risks that are associated with third-party companies. The US is in the lead, backed by factors like the escalating demand for solutions that can protect essential data from cyber-attacks. Also, massive strategic partnerships, significant research and development (R&D) activities and investments also lead to robust deployments of affective solutions like third-party risk management in the region.
Europe comes a close second in the global market for third-party risk management, thanks to the rising adoption of cloud-based solutions paired with the surging digitalization. The strict compliance mandates aimed at handling third-party risks, the low degree of in-house competencies in organizations across verticals, and the surge in cyber-attacks benefit the regional market to a large extent.
The fastest growth rate can be achieved by APAC in the near future, with the increasing support from the government in the form of initiatives that promote the use of cloud platforms. The surge in industrialization as well as modernization is deemed to be a major growth inducer in the regional market for third-party risk management solution during the evaluation timeframe.
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LIST OF TABLES
Table1 Global Third-party Risk Management Software Market, By Country, 2019–2025
Table2 North America: Third-party Risk Management Software Market, By Country, 2019–2025
Table3 Europe: Third-party Risk Management Software Market. By Country, 2019–2025
Table4 Asia-Pacific: Third-party Risk Management Software Market By Country, 2019–2025
Table5 North America: Third-party Risk Management Software Market, By Country
LIST OF FIGURES
FIGURE 1 Global Third-party Risk Management Software Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of The Global Third-party Risk Management Software Market
FIGURE 4 Value Chain Of Global Third-party Risk Management Software Market
FIGURE 5 Share Of The Third-party Risk Management Software Market In 2018, By Country (In %)
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