DUBLIN, Aug. 4, 2023 /PRNewswire/ — The “Third-party Risk Management Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
The global third-party risk management market is expected to grow from $4.42 billion in 2022 to $5.22 billion in 2023 at a compound annual growth rate (CAGR) of 18%. The third-party risk management market is expected to reach $9.66 billion in 2027 at a CAGR of 16.6%.
The importance of third-party risk management in modern business cannot be overstated. With a focus on handling challenging situations and resolving complex problems, third-party risk management plays a pivotal role in financial control management, contract management, operational risk management, audit management, and compliance management.
The market for third-party risk management offers diverse deployment options, including cloud-based and on-premises solutions, catering to the specific needs of small, medium-sized, and large enterprises. This comprehensive approach is utilized across industries such as banking, financial services, and insurance, IT and telecom, healthcare and life sciences, government, aerospace and defense, retail and consumer goods, manufacturing, energy and power, among others.
According to the latest market report, North America leads the global third-party risk management market in 2022. The report covers key regions, including Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and the USA, offering a comprehensive outlook on the evolving landscape of third-party risk management.
As organizations navigate an increasingly complex business environment, the demand for effective third-party risk management solutions and services has grown exponentially. Emphasizing the importance of mitigating risks arising from external business relationships, enterprises are proactively adopting innovative and tailored approaches to ensure business continuity and protect their assets and reputation.
The adoption of robust third-party risk management strategies equips enterprises to address challenges and capitalize on opportunities presented by third-party engagements. By safeguarding their interests, organizations can stay ahead and thrive in the dynamic and competitive market.
Technological advancements are a key trend gaining popularity in the third-party risk management market. Major companies in the third-party risk management sector are focused on developing new technologies to meet consumer demand and strengthen their market position. For instance, in August 2022, AuditBoard, a US-based cloud-based platform company, launched a advanced third-party risk management solution.
The new AuditBoard’s integrated risk platform enables companies to address IT vendor risk by streamlining third-party risk assessment, monitoring, and remediation for information security, compliance, and risk teams. This solution allows teams to save time and expand using automated and collaborative procedures for effective third-party risk management.
In September 2022, BitSight Technologies, a US-based cybersecurity ratings company, acquired ThirdPartyTrust for an undisclosed amount. With this acquisition, BitSight expands its third-party risk management (TPRM) tool offering to deliver an end-to-end third-party risk management solution for global vendor risk management teams. ThirdPartyTrust is a US-based third-party risk management platform for enterprises and third-party vendors.
The rising cyber-attacks and frauds are expected to propel the growth of the third-party risk management market going forward. A cyber attack is an attempt to access a computer system or network to cause damage illegally. The continuous rise of internet interconnections has increased cyber-attack incidences. Therefore, increasing cyber-attacks and frauds drive the growth of the third-party risk management market.
The third-party risk management market includes revenues earned by entities by providing cyber risk assistance, privacy services, information security, financial crime and reputational, operational risk services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
No. of Pages
2023 – 2027
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2027
Compound Annual Growth Rate
Major players in the third-party risk management market are
- KPMG International Limited
- Genpact Ltd
- MetricStream Inc
- Deloitte LLP
- Prevalent Inc
- BitSight Technologies
- Ernst & Young LLP
- NAVEX Global Inc
- Venminder Inc
- Resolver Inc
- Riskpro India Ventures Pvt Limited
- SAI Global Pty Limited
- Rapid Ratings International Inc
- Optiv Security Inc
- Aravo Solutions Inc
- One Trust LLC
- RiskRecon Inc
Key Topics Covered:
1. Executive Summary
2. Third-party Risk Management Market Characteristics
3. Third-party Risk Management Market Trends And Strategies
4. Third-party Risk Management Market – Macro Economic Scenario
4.1. COVID-19 Impact On Third-party Risk Management Market
4.2. Ukraine-Russia War Impact On Third-party Risk Management Market
4.3. Impact Of High Inflation On Third-party Risk Management Market
5. Third-party Risk Management Market Size And Growth
5.1. Global Third-party Risk Management Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Third-party Risk Management Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Third-party Risk Management Market Segmentation
6.1. Global Third-party Risk Management Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
6.2. Global Third-party Risk Management Market, Segmentation By Deployment Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Cloud Based
6.3. Global Third-party Risk Management Market, Segmentation By Organisation Size, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Small and Medium Size Enterprises
- Large Enterprises
6.4. Global Third-party Risk Management Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Banking, Financial Services, and Insurance
- IT and Telecom
- Healthcare and Life Sciences
- Aerospace and Defence
- Retail and Consumer Goods
- Energy and Power
- Other End User
7. Third-party Risk Management Market Regional And Country Analysis
7.1. Global Third-party Risk Management Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Third-party Risk Management Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/i4rssl
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