Global Third-Party Risk Management Market Size, Drivers, Trends, Opportunities And Strategies – Includes Third-Party Risk Management Market Trends
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The rising cyber-attacks and frauds are expected to drive innovation in third-party risk management manufacturing, thus driving the market during the forecast period.
The global third-party risk management market is expected to grow from $4.42 billion in 2022 to $5.22 billion in 2023 at a compound annual growth rate (CAGR) of 18%. The third-party risk management market size is expected to reach $9.66 billion in 2027 at a CAGR of 16.6%.
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Global Third-Party Risk Management Market Segments Include:
- By Component: Solution, Services
- By Deployment Type: Cloud Based, On-Premises
- By Organisation Size: Small and Medium Size Enterprises, Large Enterprises
- By End User: Banking, Financial Services, and Insurance, IT and Telecom, Healthcare and Life Sciences, Government, Aerospace and Defence, Retail and Consumer Goods, Manufacturing, Energy and Power, Other End Users
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global third-party risk management market in 2021.
Major Market Players in the third-party risk management market include KPMG International Limited, Genpact Ltd., MetricStream Inc., Deloitte LLP, Prevalent Inc., BitSight Technologies, Ernst & Young LLP.
Technological advancements are a key trend gaining popularity in the third-party risk management market. Major companies in the third-party risk management sector are focused on developing new technologies to meet consumer demand and strengthen their market position. For instance, in August 2022, AuditBoard, a US-based cloud-based platform company, launched a advanced third-party risk management solution. The new AuditBoard’s integrated risk platform enables companies to address IT vendor risk by streamlining third-party risk assessment, monitoring, and remediation for information security, compliance, and risk teams. This solution allows teams to save time and expand using automated and collaborative procedures for effective third-party risk management.
The Third-Party Risk Management Global Market Report 2023 provides a third-party risk management market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The third-party risk management market forecast analyzes third-party risk management market size, third-party risk management market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Third-party risk management (TPRM) is a form of risk management that entails recognizing, assessing, and controlling all of the potential risks that may arise throughout the lifecycle of business relationships with third parties. The main goal is to assist organizations in reducing risk, increasing agility and resiliency, and driving performance.
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