Overview
The vendor risk management market size is anticipated to grow by US$7.58 billion by 2027 rapidly growing at a CAGR of 18% during the forecast period 2020 - 2027. The global vendor risk management market is driven by advancement of technology and increase in third-party vendors. These factors have helped shape the vendor risk management market and are expected to boost the growth. Companies in the vendor risk management market could also face challenges such as poor technological infrastructure and lack of awareness. The details covered in the vendor risk management market report cover all the aspects of the industry. vendor risk management market analysts have also shared growth projections in the report and have suggested vendor risk management market players to plan growth strategies accordingly.
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Market Segmentation
The global vendor risk management market has been segmented based on organization size, deployment, component, and end-user. On the basis of organization size, the market for vendor risk management is segmented based on SMEs and large enterprises. Additionally, the market on the basis of components, is segmented into solutions and services. The global market for vendor risk management is also covered based on the solutions segment which is further split into assessment management, quality management, contract management. On the basis of deployment, the market for vendor risk management is segmented based on on-cloud and on-premises.
Factors like evolution of innovative technology and increasing business collaborations support the vendor risk management market growth. The performance of the vendor risk management market has also been studied for the past and current years. Additionally, the vendor risk management market report provides analysis of these segments. The vendor risk management market segmental analysis provided in the report offers major details about the vendor risk management market performance and future.
Regional Overview
Companies in the vendor risk management market are spread across the world. The vendor risk management market report provides major information about regional markets of North America, Europe, Asia-Pacific (APAC), and the rest of the world. The North American vendor risk management market has many companies across the United States, Canada, and Mexico. Europe has companies in the vendor risk management market across Germany, France, Spain, Italy, and the United Kingdom. A detailed analysis of the vendor risk management market across India, China, and Japan in the Asia-Pacific region is also presented in the report. The vendor risk management market of the Middle East, Africa, and other regions has also been studied by analysts. The regional analysis of the vendor risk management market can be found in the market research report.
Competitive Landscape
The vendor risk management market is supported by high-level expertise in the cloud deployment and rapid increase in collaboration with third-party vendors. The population growth around the world and increasing demand of vendor risk management market based services and products also support the market growth. However, the vendor risk management market growth can be affected due to the high cost of centralized contract repository and lack of professional services. The report covers all such details which will help companies in the vendor risk management market to strengthen their business plan and improve their product portfolio. The vendor risk management market research report also provides company profiles of major companies. The company profile of organizations operating in the vendor risk management market discusses strategies, growth plans, size, revenue, and mergers and acquisition details of top companies in the vendor risk management market. New entrants and established players can plan their strategies based on this data provided in the vendor risk management market research report.
Industry News
Ncontracts has now acquired QuestSoft Corporation, a major supplier of regulatory tools and services for the mortgage, insurance and credit union sectors. Ncontracts has announced the purchase of QuestSoft Corporation. For consumers and for the business, merging contracts with QuestSoft would be revolutionary. The combination provides a robust end-to-end compliance and risk suite that helps financial institutions to expand and thrive in the changing regulatory climate in a specific way.
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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OverviewThe vendor risk management market is anticipated to grow by US$7.58 billion by 2027 rapidly growing at a CAGR of 18% during the forecast period 2020 - 2027.
The global vendor risk management market is driven by advancement of technology and increase in third-party vendors.
These factors have helped shape the vendor risk management market and are expected to boost the growth.
Additionally, the market on the basis of components, is segmented into solutions and services.
On the basis of deployment, the market for vendor risk management is segmented based on on-cloud and on-premises.Factors like evolution of innovative technology and increasing business collaborations support the vendor risk management market growth.
The performance of the vendor risk management market has also been studied for the past and current years.
According to a new market research report "Vendor Risk Management Market by Solution (Compliance Management, Audit Management, Financial Control, Quality Assurance Management), Service, Deployment Type, Organization Size, Industry Vertical, and Region - Global Forecast to 2022" published by MarketsandMarkets™, the Vendor Risk Management Market expected to grow from USD 3.29 Billion in 2017 to USD 6.50 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.6% during the forecast period.Increasing trend of outsourcing various business operations and risk assessment of vendors are major drivers of the Vendor Risk Management Market.
Moreover, it is increasingly important for enterprises to identify and mitigate these risks to achieve their business goals and sustain in the intense competition.
Browse in-depth TOC on "Vendor Risk Management Market” 71-Tables 29-Figures 122- PagesDownload PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=227642142Rapid adoption of vendor risk management solutions, owing to strong and well-established economies, is expected to make North America the largest regional market.In the US and Canada, organizations are rapidly adopting and willing to invest in emerging technologies, such as analytics, big data, and cloud platforms.
Vendor risk management solutions for the BFSI vertical help financial and insurance companies in the audits and financial control of the organizations.The large enterprises segment is expected to gain a larger market share during the forecast period.Organizations with more than 1,000 employees are categorized as large enterprises.
The number of solution vendors catering to large enterprises is growing, as large enterprises spend significant amount in vendor risk assessment and financial control while managing multiple vendors.Speak to Research Expert @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=227642142Major vendors in the Vendor Risk Management Market include BitSight Technologies (US), RSA (US), Genpact (US), LockPath (US), MetricStream (US), BWise (Netherlands), Resolver (Canada), SAI Global (Australia), Rsam (US), IBM (US), Optiv (US), Quantivate (US), RapidRatings (US), ProcessUnity (US), LogicManager (US), and VendorInsight (US).About MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.
Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Vendor risk management is a software-powered system that helps keep track of risk from third-party service providers by proper monitoring and managing.
The growing trends of adopting paperless technologies and systems free from manual operations are among the major factors responsible for this market's constant growth.
Also, the rapid expansion of businesses from local to global markets has increased the dependence on third-party service providers, which has increased the burdens of managing the data with ease and least space for errors.
Factors like low awareness and high dependence on older managing methods have restrained the market's evolution.
As far as the study suggests, the global vendor risk management market will show a 14 % yearly growth.Market DivisionThe vendor risk management market is an immense field and is divided as follows:The global vendor risk management market is characterized as solutions and services in view of components.In view of deployment types, the global vendor risk management market is characterized as on-premise and cloud-based.The global vendor risk management market is characterized by small & medium enterprises (SMEs) and large enterprises, in view of organization size.The global vendor risk management market is characterized by banking, financial services, and insurance (BFSI), manufacturing, healthcare, and others, in view of end-users.Regional ClassificationDemands for vendor risk management are at a high rise because of factors like rapidly expanding industries and rapidly advancing technological environments.
As per the study and market stances, the global market is impelled by the North American region and will be the fastest-growing under the influence of factors like high adoption & demands of revolutionary technologies, presence of supreme market players, high grant values for research & development programs, and others.
