Third-party risk management (TPRM) is an assessment, identification, and control of risks in light of increasing outsourcing of solutions and services to third parties. Mitigation of unknown and cyber risks is the main priority of TPRM and helps large organizations to prevent financial insolvency. The global third-party risk management market report looks at the evolution of risks and other variables undertaken by organizations to predict market growth during the forecast period (2020-2027). The COVID-19 pandemic and its effects on the industry are explored in high detail.
The Third-Party Risk Management Market size can touch USD 8.18 billion by 2027. It can register 16.87% CAGR over the forecast period. The focus of TPRM players for alleviating risks of large organizations in light of changing economic policies and increasing cyber attacks can bode well for the market.
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The COVID-19 pandemic has been hard on TPRM vendors as they became unavailable to their clients. But third-party risk management developers are upgrading their platforms for pinpointing risks in production, delivery, and back-up plans. Mitigation of risks and meeting demands of clients can drive the market demand significantly. Maintenance of customer feedback and assessment of lapses in production in times of change can enlighten market leaders for future events.
But lack of skilled personnel can hamper market growth.
Components of the market are divided into solution and service. By solution, the market has been sub-segmented into audit management, finance management, operational risk management, contract management, and compliance management. While by service, the market has been sub-segmented into professional and managed services. Among two components, solutions can capture a large market share over the forecast period owing to organizations identifying risks and management of partner ecosystems by minimizing risks. Compliance management solution can garner the highest market share by 2027.
Deployments of services are on the basis of two major segments in the market, on-premise and on-cloud.
On the basis of organization size, the market has been segmented into small- and medium-sized enterprises and large enterprises. Large enterprises are likely to avail of TPRM services owing to possessing a large budget as well as investments in reputation management for staving off bad press. Companies are collaborating on common standards to understand and treat third-party risks.
Verticals that make the majority of the client base of the TPRM market are retail, manufacturing, BFSI, IT and telecommunication, healthcare, government, and others. The BFSI vertical is likely to generate huge returns for the third-party risk management market owing to nationalized and non-government banks affiliating with third-party partners for getting loans approved and attaining large clients. Leveraging of new-age technologies for improving quality and lowering costs can attract many companies in the sector.
North America, Asia Pacific (APAC), South America, Europe, and the Middle East & Africa (MEA) are major regions discussed with respect to the global third-party risk management market prospects.
North America is pegged to lead the global market till 2027 owing to presence of key vendors and the U.S. and Canada being frequent targets of cyber attacks. Adoption of digitalization and cloud-based solutions can boost market demand. Design of third-party framework for controlling risks and segmentation of risks according to capacity can bode well for organizations in the region.
APAC is estimated to be the fastest growing region owing to majority of organizations outsourcing their support and ancillary services to countries in the region. Penetration of smartphones and ubiquitousness of the internet can drive the regional market demand significantly. Assessment of data security in data centers as well as risks of third-party products and services can attract many organizations towards the market.
Riskpro, ProcessUnity, Inc, KPMG, Cisco Systems, Venminder, Aravo Solutions, Inc., Deloitte, OneTrust, Prevalent Inc., Genpact, RSA Security LLC, Alyne GmbH, and BitSight are notable players of the global third-party risk management market. Development of freemium tools and launch of new platforms for tracking and monitoring risks are strategies being pursued by players.
Mirato, an Israeli-based TPRM platform provider, can showcase a dashboard with real-time visibility of concentration risks for financial institutions. It can automate major processes and separate risks across functions and geographies.
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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
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