Vendor Risk Management Market - Global Forecast to 2022

DUBLIN, Feb. 28, 2018 /PRNewswire/ —

The “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” report has been added to ResearchAndMarkets.com’s offering.

The vendor risk management market is expected to grow from USD 3.29 Billion in 2017 to USD 6.50 Billion by 2022, at a CAGR of 14.6% during the forecast period, owing to the increasing need for efficiently managing complex third-party ecosystem.

The fast changing regulations across countries are also expected to contribute to the growth of market. Moreover, enterprises consider vendor risk management as an integral part of their risk management processes to mitigate the critical operational and reputational risks.

Fast changing government regulations have encouraged enterprises to adopt vendor risk management solutions to verify whether their critical vendors comply with the government regulations. The BFSI companies deal critical data and thus need to comply with stringent regulations to maintain the confidentiality and authenticity of the data. To comply with these stringent government regulations, BFSI companies need to critically analyze the risks associated from third-party vendors. This is one of the key aspects that have contributed to the large adoption vendor risk management solutions and services by the BFSI vertical. The BFSI vertical has been a major contributor in terms of the revenue generated in the vendor risk management market.

The compliance management solution is estimated to dominate the vendor risk management solution segment in 2017. Governments have been continuously upgrading regulations to protect critical data. The fast-changing compliances have encouraged enterprises to adopt compliance management solutions to assess their vendors and mitigate the risks of breaching regulations.

North America is expected to hold the largest market size and dominate the vendor risk management market from 2017 to 2022. The region has a high concentration of BFSI, telecom and IT, and healthcare and life sciences companies that largely contribute to the adoption of vendor risk management solutions and services. However, the APAC region is expected to provide high growth opportunities for the providers of vendor risk management solutions. This can be majorly attributed to the increasing commercial investments by companies in developing countries.

Major solution and service providers 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). These players have adopted various growth strategies, such as new product launches, product upgradations, and partnerships with technology companies to maintain their position in the global market.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Vendor Risk Management Market, By Component

7 Vendor Risk Management Market, By Deployment Type