The research report by Market Research Future (MRFR) asserts that the global vendor risk management market 2020 is slated to obtain a considerable market valuation from USD 2.50 billion in 2017 to reach roughly USD 7.58 billion by 2023, at a moderate CAGR over the review period.
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Drivers and Restraints
the global vendor risk management market is anticipated to have significant growth over the review period. This is due to improvement in technology, which consequently increases sharing and storage in the cloud, and economic demographics are driving the outsourced operations of the core, and non-core activities are anticipated to be some of the influential factors for the growth of the vendor risk management market. Additionally, an increase in the development and acceptance of new and advanced solutions amongst enterprises in order to decrease the risk connected with managing several vendors and enhance production is supporting the demand for vendor risk management systems across the world. Furthermore, demand for vendor risk management systems is rising in the highly structured end-use industries, including life sciences and health care, and banking, financial services, and insurance (BFSI).
On the other hand, reluctance among organizations to invest in new and cutting-edge technologies is one of the significant aspects obstructing the growth of the global vendor risk management market size. This is majorly because organizations are still dependent on the manual and non-formal process to assess their vendor risks.
An increase in demand for cloud-based vendor risk management solutions in small and medium enterprises is projected to augment the market in the next few years. This is owing to the aspect that small and medium enterprises generally prefer cloud-based solutions to on-premise solutions due to budget constraints. This trend is anticipated to expand during the forecast period.
The vendor risk management market is segmented by component, organization size, deployment, and end-user.
Based on the component, the vendor risk management market is bifurcated as solutions and services. Based on the services, the market is divided into professional services and managed services. The professional services are further segmented into implementation services, consulting services, and maintenance & support services. The solutions are divided as contract management, policy and procedure management, assessment management, monitoring & performance management, compliance management, quality management, among others.
Based on the organization size, Vendor Risk Management Market is bifurcated into large enterprise and small & medium enterprises. Moreover, on the basis of deployment, the market is sub-divided into on-cloud and on-premises.
By the end-user, the market is segmented into BFSI, IT & telecom, manufacturing, energy & power, transportation & logistics, healthcare, government, and others (including media and entertainment and education).
The geographical overview of the global vendor risk management market has been conducted in four major regions, namely the Asia Pacific, North America, Europe, and the rest of the world (comprising Latin America and the Middle East and Africa).
North America is expected to have a momentous growth in the vendor risk management market over the review period. The developed economies such as the U.S and Canada are major countries in the region owing to the expansion of cloud infrastructure. Asia Pacific region is anticipated to be the fastest-growing region in the vendor risk management market. China, Japan, India, and South Korea are the major countries in the region. This is due to the increase in the number of third-party vendors in the manufacturing sector.
The chief market players identified by MRFR in the global vendor risk management market are MetricStream (U.S.), IBM Corporation (U.S.), Lockpath Inc. (U.S.), BitSight Technologies (U.S.), Logic Manager (U.S.), Rsam (U.S.), RSA (U.S.), ProcessUnity (U.S.), Genpact (U.S.), Resolver (Canada), Optiv (U.S.), SAI Global (Australia), Quantivate (U.S.), BWise Internal Control (The Netherlands), RapidRatings (U.S.), and VendorInsight (U.S.).
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