The Global Third-Party Risk Management Market was valued at USD 2.85 billion in 2018 and is estimated to reach USD 8.18 billion by 2025 growing at a CAGR of 16.87% during the forecast period 2019–2025. Market Research Future (MRFR) has segmented the third-party risk management market on the basis of component, deployment, organization size, vertical, and region.
By component the third-party risk management market has been segmented into solution and service. By solution, the market has been sub-segmented into finance management, contract management, compliance management, operational risk management, and audit management. By service, the market has been sub-segmented into professional and managed services. Among solutions, finance management is dominating the solutions market due to the increasing adoption of advanced solutions by organizations in order to optimize their operational efficiency. Whereas, compliance management market is projected to witness the highest growth rate during the forecast period.
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Competitive Outlook:
The Global Third-Party Risk Management Market is expected to grow in the coming years owing to the presence of numerous large players active in the regional market. RSA Security LLC (US), Genpact (US), Cisco Systems (US), Deloitte (US), KPMG (The Netherlands), BitSight (US), Alyne GmbH (Germany), Prevalent Inc. (US), OneTrust (US), Aravo Solutions, Inc. (US), Venminder (US), Riskpro (India), and ProcessUnity, Inc (US) are the companies leading the third-party risk management market.
Segmentation:
The Global Third-Party Risk Management Market has been segmented on the basis of Component, Deployment, Organization Size, Vertical, and Region.
By Component, the market has been segmented into solution and service. By solution, the market has been sub-segmented into finance management, contract management, compliance management, operational risk management, and audit management. By service, the market has been sub-segmented into professional and managed services.
By Deployment, the market has been segmented into on-premise and on-cloud.
By Organization Size, the market has been segmented into small- and medium-sized enterprises and large enterprises.
By Vertical, the market has been categorized into BFSI, IT and telecommunication, healthcare, government, retail, and manufacturing among others.
By Region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
Regional Analysis:
Market Research Future (MRFR) study has covered the following countries in the regional analysis of the third-party risk management market: the US, Canada, and Mexico in North America. Germany, the UK, France, Spain, Norway, Benelux, and Italy in Europe. China, Japan, India, South Korea, Australia, Malaysia, Indonesia, and the Philippines in Asia-Pacific. Saudi Arabia, Israel, Turkey, and South Africa in the Middle East & Africa. Brazil, Peru, Chile, and Argentina in South America.
The global third-party risk management market is currently dominated by North America due to the presence of key players such as RSA, Cisco, and OneTrust, and the requirement of key expertise in the organization to track the risks associated with third-party vendors. The US, among all the countries, accounts for the largest market share owing to factors such as increasing demand for solutions to protect critical information from cyber-attacks.
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Table of Contents:
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
Continued….
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