Vendor Risk Management Market - Trends, Growth Rate, Share, Forecast to 2023


Market Insights

Market Research Future’s assessment of the global vendor risk management market has resulted in uncovering several important figures and facts regarding the market and its direction between the assessment period of 2017 and 2023. The market is calculated to grow at a CAGR of 18% during the review period and reach an approximate market value of USD 7.58 Bn by the end of 2023. Vendor risk management (VRM) is a vital process which ensures that service providers or IT supplies do not create situations where business is disrupted or create a negative impact on business performance. VRM serves to protect business interests and manage risk exposure.

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High competition among organizations of every size and capability due to the advent of highly advanced technology has helped improve profitability. Organizations are increasingly investing in third-party vendors so as to increase focus on core business activities and lower operational costs as a whole. As such, the risk of business interruptions has grown considerably, as well as, the threat of cyber-attacks. This has made adoption of vendor risk management highly important. VRM solutions allow enterprises to prevent third-party vendors from having a negative impact on important business processes. Vendor risk management allows organizations to manage risk exposure, evaluate risk as well as monitor third part vendor activities in various capacities.

Notably, businesses without a centralized contract repository witness may have inconsistent variations of contracts which lead to ambiguity. In turn, ambiguity created further inconsistencies which can lead to non-compliance and result in increased spending. This poses a risk to the growth of the VRM market over the forecast period. However, growing awareness with regards to vendor risk management due to the ongoing advancement of technology at a breakneck pace is likely to have a positive impact on the global vendor risk management market and lead the market toward new opportunities.

Market Segmentation

MRFR’s segmentation of the global vendor risk management market has been determined on the basis of component, deployment, organization size, end-user, and region. Components in vendor risk management are broadly divided into solutions and services. Services are further segmented to include professional services and managed services. Solutions are further sub-segmented into policy & procedure management, assessment management, monitoring & performance management, quality management, compliance management, contract management, and others. Further sub-segmentations have been included in MRFR’s report.

Organization types where vendor risk management solutions can be employed include large enterprises and small & medium enterprises.

Deployment of vendor risk management is largely performed on-premise and on-cloud.

End-users in Vendor Risk Management Market have been segmented to include energy & power, transportation & logistics, BFSI, manufacturing, government, IT & telecom, and others. Others include education and media & entertainment.

Regional Analysis

North America has been observed to have acquired a leadership position in the global vendor risk management market. The region has several leading market players who have a high level of expertise in cloud deployment of VRM solutions. MRFR’s assessment of the global market also suggests a high growth rate of the regional vendor risk management market in the Asia Pacific. The region has several emerging economies where enterprises are increasingly using third-party vendors. Europe is another market with substantial growth projected over the assessment period.

Key Players

Noted market players have been included in MRFR’s report on the global vendor risk management market to provide a panoramic view of the competition present in the market. Players included in the report are Optiv, RSA, Logic Manager, Quantivate, Rsam, RapidRatings, VendorInsight, SAI Global, BitSight Technologies, Resolver, Genpact, MetricStream, ProcessUnity, Lockpath Inc., IBM Corporation, and BWise Internal Control.

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