Market Research Future (MRFR) in its latest “Vendor Risk Management Market” report, reveals that the global market of vendor risk management is likely to surge at a 18% CAGR across the forecast years of 2017-2023. The vendor risk management market in the year 2017, valued at USD 2.50 billion and is expected to worth valuation of USD 7.58 billion by 2023.
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Developers of vendor risk management services are experiencing high competition as they all strive to provide best services to the customers. This is expected to push the growth of the global market of vendor risk management. The advancement of technology are likely to contribute to the enhancement of profitability by aiding in increasing customer base of organizations. In addition, the improved quality of service is expected to maximize their profit margin, as business entities lower their operational price by partnering with third-party vendors for managing critical business operations. The rise in the number of third-party vendors is identified as a potential cause for the global vendor risk management market to grow. The ability of vendor risk management to curb down potential cyber-attacks and detect threats are likely to induce market growth.
Market Key Players:
MRFR profiled a few key players of the vendor risk management market. They are; MetricStream (U.S.), ProcessUnity (U.S.), IBM Corporation (U.S.), Logic Manager (U.S.), Lockpath Inc. (U.S.), BitSight Technologies (U.S.), Rsam (U.S.), Genpact (U.S.), RSA (U.S.), SAI Global (Australia), Resolver (Canada), Quantivate (U.S.), Optiv (U.S.), RapidRatings (U.S.), BWise Internal Control (The Netherlands), and VendorInsight (U.S.).
MRFR insights on the global market of vendor risk management are precise as analysts have studied the market in segments. Component, organization size, deployment, and end-user are categories based on which the market’s segmental study is based on.
By component, the market of vendor risk management is split into services and solutions. The service segment is expected to gain high revenue for the global market.
By services, Vendor Risk Management Market Size is segmented into managed services and professional services. The professional services segment is further sub-segmented into implementation services, consulting services, and maintenance & support services. The solutions segment is sub-segmented into monitoring & performance management, policy & procedure management, compliance management, assessment management, quality management, contract management, and others.
By organization type, the market is sectioned into small & medium enterprises and large enterprises.
By deployment, the vendor risk management market is divided into on-premises and on-cloud.
By end-user, the market is segmented into BFSI, IT & telecom, energy & power, manufacturing, transportation & logistics, government, healthcare, and others. The other segment comprises education and media & entertainment.
Detailed Regional Analysis:
The geographic analysis of the vendor risk management market is done for regions; North America, Asia Pacific, Europe, and the Rest of the World (RoW).
The vendor risk management market in North America is expected to exhibit a significant growth across the year of evaluation. The market in the United States and Canada are likely to contribute largely to the expansion of the North America market. The growth of the regional market can be attributed to the high-level expertise of vendor risk management in cloud deployment. The vendor risk management market in Asia Pacific is anticipated to surge rapidly, especially in economies, such as India, South Korea, Japan, and China. These regions are also observed for their rapid collaboration with third-party vendors for managing security services across the telecom and BFSI sector. Furthermore, the vendor risk management in Europe is expected to grow substantially across the evaluation period owing to region boasting of its robust technological infrastructure.
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