Vendor risk management market is gaining prospect due to their ability in lowering the service cost. Across the globe, various organizations are now opting for these third-party vendors for their cost efficiency and better network facility. The global vendor risk management market can cash on this credibility and expect growth by CAGR 18% during the forecast period and reach a total valuation of USD 7.58 billion by 2023. Market Research Future (MRFR) in their report enlists various factors such as cyber attacks, unforeseen disruptions in operations and increasing level of regulatory risks. These factors have increased the demand for a vendor risk management system that could evaluate, monitor, and manage the functional capacity of third-party suppliers. Vendor risk management market is expected to thrive on this integration of the system across verticals.
However, demand for centralization process rises with contracts depositing varying versions of documents which destabilizes the functional procedure of organizations. This can lead to noncompliance and increase annual budget. Such a case can deter companies from employing risk management system and halt the expected growth rate of the global vendor risk management market.
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The global vendor risk management market can be segmented by component, deployment, organization size, and end-user.
By component, the vendor risk management market is sub-segmented as solutions and services. Services can further be segmented into professional services and managed services. The professional services are sub-segmented into consulting services, implementation services, and maintenance & support services. The solutions are segregated as policy & procedure management, monitoring & performance management, assessment management, compliance management, contract management, quality management, and others.
Based on the organization type, the vendor risk management market includes large enterprise and small & medium enterprise (SME).
On the basis of deployment, the vendor risk management market includes on-cloud and on-premises.
By end-user, the vendor risk management market comprises IT & telecom, BFSI, manufacturing, energy & power, healthcare, transportation & logistics, government, and others (media & entertainment and education).
Geographically, the vendor risk management market spans across four different regions namely North America, Asia Pacific (APAC), Europe, and the Rest-of-the-World (RoW).
North America is expected to have significant growth in the vendor risk management market. Its growth is depending on the implementation of growing expertise and infrastructural change. The region has a fairly superior infrastructure which helps organizations to select third-party vendors for service. The United States and Canada are leading the market in the region. The growth can also be attributed to high-level of expertise and prolific integration of the cloud deployment of vendor risk management.
Asia Pacific is also anticipated to be the fastest growing region in the vendor risk management market during the forecast period. India, Japan, South Korea, and China are the leading countries owing to a substantial transformation in the industrial sector and increasing collaboration with third-party vendors for managing security services in banking, financial services and insurance (BFSI) and telecom sector. Furthermore, Europe is expected to have substantial growth in the market. Its robust technological infrastructure can be considered as a driving factor.
The global vendor risk management market is currently witnessing several tactical moves which are taking the market forward. For instance, Lockpath and RiskRecon are collaborating to increase third-party engagement in businesses. Rsam and RapidRatings have also announced their partnership to guide organizations towards better service providing.
Some of the key players of vendor risk management market include IBM Corporation (U.S.), MetricStream (U.S.), Lockpath Inc. (U.S.), Logic Manager (U.S.), Rsam (U.S.), BitSight Technologies (U.S.), RSA (U.S.), Genpact (U.S.), Resolver (Canada), SAI Global (Australia), Optiv (U.S.), Quantivate (U.S.), BWise Internal Control (The Netherlands), RapidRatings (U.S.), ProcessUnity (U.S.), VendorInsight (U.S.), and others.
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