Report Ocean has released a research study titled “Vendor Risk Management Market 2023 Forecast to 2031 Analysis by Market Trends.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
Vendor Risk Management Market is valued approximately USD $$million in 2021 and is anticipated to grow with a healthy growth rate of more than $$% over the forecast period 2022-2028. The Vendor Risk Management can be defined as the management and monitoring of risks resulting from third-party vendors and suppliers of information technology (IT) products and services. VRM solutions are utilized to ensure that third-party products, IT vendors and service providers do not result in business disruption or financial and reputational damage.
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The rising incidences of security breaches and growing digitization across different industries as well as recent product launches from leading market players are factors that are accelerating the global market demand. For instance, according to Statista – as of 2022, global Spending on digital transformation technologies and services is estimated at USD 1800 billion, and this amount is projected to grow to USD 2800 billion by end of 2025. Furthermore, August 2021, Trustwave launched cyber supply chain risk assessment solution for enterprises and (Small and Medium Business Solutions) SMBs named Managed Vendor Risk Assessment (MVRA) in the Asia Pacific region. This new solution offers fully scalable cybersecurity vendor assessments. Also, growing penetration Artificial intelligence and machine learning technologies and rising industrialization across different industries are anticipated to act as a catalyzing factor for the market demand during the forecast period.
Major market players included in this report are:
Aavenir
BitSight Technologies
Genpact
LockPath
MetricStream
Optive Security, Inc.
Rapid Ratings International, Inc.
Resolver, Inc.
RSA Security LLC
SAI Global
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Certainly, here are eight key trends in the Vendor Risk Management market:
- Third-Party Ecosystem Expansion: The expansion of third-party ecosystems, including suppliers, vendors, and service providers, is driving the demand for vendor risk management to assess and mitigate potential risks.
- Supply Chain Resilience: The disruption caused by events like the COVID-19 pandemic is leading to a focus on supply chain resilience, with vendor risk management helping organizations identify vulnerabilities and develop strategies for continuity.
- Regulatory Compliance: Increasing regulatory scrutiny on vendor relationships, data privacy, and cybersecurity is pushing organizations to adopt comprehensive vendor risk management practices to remain compliant.
- AI and Automation: The integration of artificial intelligence and automation in vendor risk management to streamline risk assessment, monitoring, and reporting, enhancing efficiency and accuracy.
- Cybersecurity and Data Protection: The heightened focus on cybersecurity and data protection is leading to more stringent vendor risk assessments, ensuring that third-party vendors meet security standards and safeguard sensitive data.
- Environmental and Sustainability Factors: An increasing emphasis on sustainability and environmental impact is leading organizations to assess the environmental risks associated with their vendors, including issues related to climate change and resource use.
- Continuous Monitoring: The shift from periodic assessments to continuous monitoring of vendor risks to identify and respond to risks in real-time, enhancing proactive risk management.
- Collaborative Risk Management: Collaborative approaches to vendor risk management, involving cross-functional teams and sharing risk data with vendors, are becoming more common to improve risk awareness and response.
The detailed segments and sub-segment of the market are explained below:
By Solution
Vendor Information Management
Contract Management
Financial Control
Compliance Management
Audit Management
Quality Assurance Management
By Deployment Type
Cloud
On-premises
By Enterprise Size
Large Enterprises
Small & Medium Enterprises
By End-use
BFSI
IT & Telecom
Retail & Consumer Goods
Manufacturing
Energy & Utilities
Healthcare
Government
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Table of Contents:
- Executive Summary
- Introduction
- Methodology
- Market Overview
- Market Analysis
- Market Size and Forecast
- Market Trends
- Market Dynamics
- Market Segmentation
- Competitive Landscape
- Competitive Scenario
- Key Players
- Regional Analysis
- Regional Market Overview
- Market Size and Forecast by Region
- Product/Service Analysis
- Product/Service Overview
- Market Size and Forecast by Product/Service
- End-User Analysis
- End-User Overview
- Market Size and Forecast by End-User
- Industry Structure
- Key Findings and Recommendations
- Conclusion
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