Report Ocean has released a research study titled “Vendor Risk Management Market 2023 Forecast to 2032 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. However, cost associated with deployment of on premises solutions impede the growth of the market over the forecast period of 2022-2028.
Major market players included in this report are:
Optive Security, Inc.
Rapid Ratings International, Inc.
RSA Security LLC
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The Vendor Risk Management (VRM) Market involves strategies, processes, and technologies to assess and manage risks associated with third-party vendors. Here’s a deep analysis of this market in 10 key points:
- Market Definition: The Vendor Risk Management Market focuses on tools and solutions designed to identify, assess, monitor, and mitigate risks associated with third-party vendors and suppliers.
- Importance of VRM: In an interconnected business environment, organizations increasingly rely on external vendors. VRM is crucial for ensuring that these third parties meet security, compliance, and operational standards.
- Risk Identification and Assessment: VRM involves the identification and assessment of risks associated with vendors, including cybersecurity risks, data privacy concerns, regulatory compliance, and operational vulnerabilities.
- Compliance Management: The market emphasizes compliance management, ensuring that vendors adhere to industry regulations and standards, reducing the risk of legal and regulatory issues for the organization.
- Continuous Monitoring: VRM solutions enable continuous monitoring of vendor activities to promptly identify and respond to changes in risk factors, ensuring ongoing compliance and security.
- Data Security: As vendors often have access to sensitive data, VRM focuses on ensuring the security and confidentiality of data shared with third parties, preventing data breaches and unauthorized access.
- Industry Applications: VRM finds applications across various industries, including finance, healthcare, and manufacturing, where third-party relationships are integral but pose unique risks.
- Integration with GRC: VRM often integrates with Governance, Risk, and Compliance (GRC) systems to provide a comprehensive risk management framework within the organization.
- Market Players: Major players in the VRM Market include RSA Archer, BitSight, OneTrust, and RiskRecon, offering solutions for automating and enhancing vendor risk management processes.
- Challenges and Opportunities: Challenges in the VRM market include the complexity of managing a diverse vendor ecosystem, while opportunities lie in the development of innovative technologies to streamline risk assessments and enhance cybersecurity resilience.
The detailed segments and sub-segment of the market are explained below:
Vendor Information Management
Quality Assurance Management
By Deployment Type
By Enterprise Size
Small & Medium Enterprises
IT & Telecom
Retail & Consumer Goods
Energy & Utilities
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Table of Contents:
- Executive Summary
- 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
Market Research Objective:
To assess market size and growth potential:
- The objective is to determine the current market size, estimate its growth rate, and identify potential opportunities for market expansion.
To understand customer preferences and behavior:
- The objective is to gain insights into customer needs, preferences, buying behaviors, and decision-making processes to develop effective marketing strategies and product offerings.
To evaluate market competition:
- The objective is to assess the competitive landscape, identify key competitors, analyze their market share, strengths, weaknesses, and strategies to formulate a competitive positioning.
To explore new market segments:
- The objective is to identify and understand untapped or emerging market segments, assess their potential demand, and evaluate the feasibility of targeting these segments.
To assess brand perception and awareness:
- The objective is to measure brand awareness, perception, and loyalty among customers and target audiences to gauge the effectiveness of branding and marketing efforts.
To evaluate product or service satisfaction:
- The objective is to gather feedback from customers regarding their satisfaction levels with a specific product or service, identify areas for improvement, and enhance customer experience.
To analyze market trends and industry dynamics:
- The objective is to identify and analyze market trends, technological advancements, regulatory changes, and other factors influencing the industry’s dynamics to inform strategic decision-making.
To explore market entry opportunities:
- The objective is to identify potential markets for expansion, assess their attractiveness, understand entry barriers, and evaluate the feasibility of entering new markets.
To conduct market segmentation and targeting:
- The objective is to segment the market based on demographics, psychographics, or other relevant factors and develop targeted marketing strategies for each segment.
To assess pricing strategies:
- The objective is to evaluate pricing strategies in the market, analyze price sensitivity among customers, and identify optimal pricing levels for products or services.
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