The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Overview: A Surge in Growth

• Rapid Growth: The vendor risk management (VRM) market has witnessed significant expansion, growing from $7.29 billion in 2023 to an anticipated $8.27 billion in 2024 at a CAGR of 13.4%.
• Historic Drivers: Key factors driving this growth include the emergence of VRM solutions, high-profile data breaches, increasing supply chain complexity, regulatory compliance requirements, and the need for faster transaction processing.

Future Prospects: Continued Expansion

• Projected Growth: The VRM market is expected to reach $13.84 billion by 2028, with a CAGR of 13.7%.
• Driving Factors: Future growth will be driven by the rising demand for efficient management of complex vendor ecosystems, increased outsourcing, a growing number of connected devices, and the adoption of compliance management tools.

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Trends Shaping the Future

• AI and Machine Learning: Adoption of AI and machine learning for risk assessment will become more prevalent, enhancing the accuracy and efficiency of VRM processes.
• Technological Advancements: Continued innovations in VRM technologies will help organizations better manage risks associated with third-party vendors.
• Partnerships and Collaborations: Companies will increasingly form strategic partnerships and launch new products to strengthen their market positions.

The Role of Vendor Risk Management in Mitigating Data Breaches

Rising Data Breaches: A Catalyst for Growth

• Impact of Data Breaches: The growing number of data breaches is a major factor propelling the VRM market. These breaches often result from sophisticated cyber threats, vulnerabilities in technology infrastructure, and the expanding attack surface due to digital transformation.
• Mitigation Strategies: VRM solutions play a crucial role in mitigating these risks by identifying vulnerabilities, implementing security measures, fostering collaboration, and ensuring compliance with regulations.

Real-World Impact

• Statistics: In 2022, 11% of businesses and 8% of charities were affected by cybercrime, with these figures rising significantly in 2023 for medium-sized and large businesses.
• Conclusion: As data breaches become more frequent, the demand for robust VRM solutions will continue to grow, driving further market expansion.

Innovations in Vendor Risk Management

Automated Risk Assessment: A Game Changer

• What It Is: Automated risk assessment uses software algorithms or AI to evaluate potential risks without manual intervention, significantly improving the efficiency and accuracy of risk management processes.
• Example: In May 2023, Vanta launched a new VRM solution that includes automated assessments and mitigation strategies, ensuring compliance with regulatory requirements and reducing evaluation time.

Industry Movements: Strengthening Cybersecurity

Strategic Acquisitions

• FluidOne’s Acquisition: In March 2024, FluidOne acquired SureCloud Cyber Services to enhance its cybersecurity portfolio, integrating expertise in governance, risk, and compliance with its existing services.
• Impact: This acquisition underscores the growing importance of comprehensive cybersecurity solutions in the VRM market.

Market Segmentation and Regional Insights

Segmentation Overview

• By Component: The VRM market is segmented into solutions and services.
• By Deployment Mode: It includes cloud and on-premises deployment options.
• By Organization Size: The market serves both small and medium-sized enterprises (SMEs) and large enterprises.
• By Verticals: Key industries include Banking, Financial Services, and Insurance (BFSI), telecom and IT, healthcare and life sciences, consumer goods and retail, energy and utilities, manufacturing, and government.

Regional Insights

• North America: In 2023, North America was the largest region in the VRM market.
• Asia-Pacific: This region is expected to be the fastest-growing in the forecast period, driven by increasing digitalization and the adoption of VRM solutions.

Conclusion: A Thriving Market with a Promising Future

• Summary: The vendor risk management market is poised for substantial growth, driven by the increasing complexity of vendor ecosystems, rising data breaches, and advancements in technology.
• Looking Forward: As organizations continue to navigate the challenges of a connected world, the demand for effective VRM solutions will only intensify, ensuring the market’s robust expansion in the years to come.

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The Vendor Risk Management Global Market Report 2024  provides an overview of the vendor risk management market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The vendor risk management market forecast analyzes vendor risk management market size, vendor risk management market share, leading competitor and their market positions.

The Table Of Content For The Vendor Risk Management Market Include:
1. Vendor Risk Management Market Executive Summary
2. Vendor Risk Management Market Segments
3. Vendor Risk Management Market Size And Vendor Risk Management Market Growth Rate
4. Key Vendor Risk Management Market Trends
5. Major Vendor Risk Management Market Drivers
……
25. Key Mergers And Acquisitions In The Vendor Risk Management Market
26. Top Vendor Risk Management Companies
27. Vendor Risk Management Market Opportunities And Strategies
28. Vendor Risk Management Market, Conclusions And Recommendations
29. Appendix

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