The global third-party risk management market size will touch USD 8.18 billion at a 16.87% CAGR between the forecast period 2020- 2027, according to the new Market Research Future (MRFR) analysis. Third-party risk management (TPRM), simply put, is the process to identify, assess, and control these as well as other risks that are presented throughout the lifecycle of one’s relationships with third-parties.
Various factors are propelling the global third-party risk management market share. According to the recent MRFR market estimates, such factors include increasing focus to mitigate risks related to third parties by organizations, rising cyber-attacks and cyber risks, growing outsourcing of operations by organizations, technological advances, need for a seamless experience, personalised service trends, and increasing needs of organizations to augment operational efficiency across different verticals. Additional factors adding market growth include growing stringent compliance mandates to handle third-party risks, rising adoption of advanced electronic devices, and lack of in-house competencies in the organization across different verticals.
On the contrary, lack of skilled expertise and the ongoing COVID-19 impact are factors that may limit the global third-party risk management industry growth over the forecast period.
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The MRFR report highlights an inclusive segmental analysis of the global third-party risk management based on vertical, organization size, deployment, and component.
By component, the global third-party risk management market is segmented into service and solution. The solution segment is again segmented into audit management, operational risk management, compliance management, contract management, and finance management. The service segment is again segmented into managed services and professional services. Of these, the finance management segment will lead the market over the forecast period.
By deployment, the global third-party risk management market is segmented into on-cloud and on-premise. Of these, the on-cloud segment will dominate the market over the forecast period.
By organization size, the global third-party risk management market is segmented to large enterprise and small and medium-sized enterprises. Of these, the large enterprise segment will spearhead the market over the forecast period.
By vertical, the global third-party risk management market is segmented into manufacturing, retail, government, healthcare, IT and telecommunication, BFSI, and others. Of these, the BFSI segment will have the lion’s share in the market over the forecast period.
By region, the third-party risk management market report covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), South America, and the Middle East and Africa (MEA). Of these, North America will spearhead the market over the forecast period. The presence of many eminent players in this region, coupled with the growing need for solutions to safeguard critical information from cyber-attacks are adding to the global third-party risk management market growth in the region. The United States has the utmost share in the market. Besides, significant research and development activities, partnerships, strategic investments, and the presence of leading vendors are also adding market growth.
In Europe, the third-party risk management market is predicted to have the second-largest share over the forecast period. Increasing digitalization coupled with growing adoption of cloud-based solutions is adding to the global third-party risk management market growth over the forecast period.
In the APAC region, the third-party management market is predicted to have healthy growth over the forecast period. Initiatives by the government to support the adoption of cloud platforms, the growing trend of industrialization & modernization, adoption in different verticals such as retail and consumer goods, IT and telecom, healthcare and life sciences, flexible economic conditions, and growing digitalization are adding to the global third-party management market growth in the region.
In South America, and the MEA is predicted to have sound growth over the forecast period.
Key players profiled in the global third-party risk management report include ProcessUnity, Inc (US), Riskpro (India), Venminder (US), Aravo Solutions, Inc. (US), OneTrust (US), Prevalent Inc. (US), Alyne GmbH (Germany), BitSight (US), KPMG (The Netherlands), Deloitte (US), Cisco Systems (US), Genpact (US), and RSA Security LLC (US).
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