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.
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.
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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.
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.).
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.
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, the market 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:
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.
Table of Content:
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
Continued. . .
List of Table:
Table1 Global Vendor Risk Management Market: By Region, 2017-2023
Table2 North America Vendor Risk Management Market: By Country, 2017-2023
Table3 Europe Vendor Risk Management Market: By Country, 2017-2023
Table4 Asia Pacific Vendor Risk Management Market: By Country, 2017-2023
Table5 The Middle East & Africa Vendor Risk Management Market: By Country, 2017-2023
Continued. . .
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