Global Third-Party Risk Management Market Component (Solution (Financial Control, Contract, Operational Risk, Audit, and Compliance) and Service (Professional & Managed)), Deployment Mode (Cloud and On-Premises), Organization Size (Small and Medium-Sized Enterprises and Large Enterprises), Vertical (BFSI, IT and Telecom, Healthcare and Life Sciences, Government, Aerospace, and Defence, Retail and Consumer Goods, Energy and Utilities, and Others), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2018 to 2027
The Global Third-Party Risk Management Market is expected to grow from USD 3.1 billion in 2018 to USD 6.9 billion by 2026 at a CAGR of 15.67% during the forecast period from 2018-2026.
The Global Third-Party Risk Management Market was valued at USD 3.1 billion in 2018, is projected to reach USD 6.9 billion by the end of 2026, exhibiting a CAGR of 15.67%. Stringent compliance mandates to tackle third-party risks, lack of in-house competencies in the organization across several verticals, and rising instances of cyber attacks, are expected to accelerate the demand for third-party risk management market during the forecast period. Low installation and maintenance cost boost the adoption of cloud-based third-party risk management solutions.
Third-Party Risk Management is important for protecting from variety of threats, but developing and overseeing a third-party risk management (TPRM) program can be extraordinarily resource-intensive. Additionally, necessity for economic management and increasing adoption of virtual applications also propels the third-party risk management market during the projected period. increasing demand for hybrid environment and technological advancements which includes automation, smart contracts, and data analytics holds significant growth opportunity during the forecast period.
The major key Vendors includes in the third-party risk management market are Bitsight Technologies, Genpact, NAVEX Global, MetricStream, SAI Global, Resolver, Galvanize, IBM, Optiv Security, RapidRatings, RSA Security (Dell), Venminder, LogicManager
- The base year for the study has been considered 2018, historic year 2015, 2016, and 2017, the forecast period considered is from 2019 to 2026
- The study delivers a comprehensive analysis of Third-Party Risk Management market by component, deployment mode, organization size, vertical, and region
- The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The report emphasizes on all the key trends that play a vital role in the enlargement of the market from 2019 to 2026
- Porter’s Five Forces model is used in order to recognize the competitive scenario in the third-party risk management market. This report incorporates the industry analysis which is focused on providing an extensive view of the third-party risk management market
- The study also includes attractiveness analysis of vertical segment and region which are benchmarked based on their market size, growth rate and attractiveness in terms of present and future opportunity for understanding the future growth of the market
- The report provides company profile of the key players operating in the third-party risk management market and a comparative analysis based on their business overviews, product offering, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint venture, collaborations, partnerships, SWOT analysis, and key financial information.
- The market estimates have been evaluated by considering the effect of different political, economic, social, technological and legal factors which are based on our extensive secondary research, primary research, and in-house databases.