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What key factors are powering the surge in the vendor risk management market right now?

In recent times, the vendor risk management market has seen a surge in its market size. It is projected to expand from $8.27 billion in 2024 to $9.43 billion in 2025, yielding a compound annual growth rate (CAGR) of 14.0%. Factors contributing to this growth historic period include the introduction of VRM solutions, high-profile data breaches, complexity in the supply chain, regulatory compliance necessities, and the demand for expedited transactions.

How fast Is the vendor risk management market expected to grow, and what’s its future value?

The market size of vendor risk management is anticipated to experience a significant surge in the coming years, reaching a value of $15.71 billion in 2029, with a compound annual growth rate (CAGR) of 13.6%. Several factors contributing to growth in the forecast timeline include the escalating demand for proficient management of intricate vendor networks, a resurgence in outsourcing practices, increased usage of connected devices, a larger number of third-party vendors, and a rise in acceptance of compliance management instruments. Key industry trends include the utilization of artificial intelligence and machine learning for risk assessment, technological advancements, strategic alliances, partnerships, collaborations, and the introduction of new products.

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What are the leading drivers of growth in the vendor risk management market?

The anticipated increase in vendor risk management market growth is linked to a surge in data breach events. Unauthorized access, disclosure, or destruction of confidential data, commonly known as data breaches, presents a threat to personal privacy, organizational security, and regulatory compliance. Data breaches can be attributed to advanced cyber threats, technological vulnerabilities, inadequate security protocol, and the widened attack surface due to digitalization and interconnected systems. Vendor risk management can significantly mitigate the risk of such invasive occurrences by pinpointing vulnerabilities, initiating security measures, promoting cooperation, and upholding compliance with appropriate regulations. For example, in April 2023, the Department for Science, Innovation, and Technology, reported cybercrime impacting 11% of businesses and 8% of charities in 2022. These figures further escalated to 26% for medium enterprises, 37% for large-scale businesses, and 25% for affluent charities in 2023. Hence, the surge in data breaches and related incidents is fuelling the expansion of the vendor risk management market.

What are the key segments defining the vendor risk management market?

The vendor risk management market covered in this report is segmented –

1) By Component: Solution, Services

2) By Deployment Mode: Cloud, On-Premises

3) By Organization Size: Small And Medium-Sized Enterprises, Large Enterprises

4) By Verticals: Banking, Financial Services, And Insurance (BFSI), Telecom and Information technology (IT), Healthcare and Life Sciences, Consumer Goods and Retail, Energy and Utilities, Manufacturing, Government, Other Verticals

Subsegments:

1) By Solution: Risk Assessment Tools, Risk Monitoring Tools, Compliance Management Solutions, Vendor Performance Management Solutions

2) By Services: Consulting Services, Implementation Services, Training And Support Services

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Which leading companies are shaping the growth of the vendor risk management market?

Major companies operating in the vendor risk management market are International Business Machines Corporation, Cisco Systems Inc., Ernst & Young Global Limited, KPMG International Limited, Deloitte, PricewaterhouseCoopers International Limited, ServiceNow Inc., Palo Alto Networks Inc., Fortinet Inc., Symantec Endpoint Security, Check Point Software Technologies Ltd., McAfee Corp., CrowdStrike Holdings Inc., RSA Security, Tenable Inc., Rapid7 Inc., Tanium, OneTrust LLC, Qualys Inc., SentinelOne Inc., MetricStream Inc., Trustwave Holdings Inc., BitSight Technologies Inc., RiskIQ Inc., Cyber Global Risk Exchange Inc.

What key trends are currently impacting the vendor risk management market’s development?

Leading corporations in the vendor risk management market are advancing innovative technologies such as automated risk evaluation techniques to establish a stronger foothold in the market. Automated risk evaluation involves the use of advanced systems like machine algorithms or artificial intelligence to identify and assess potential risks within an organization or system, eliminating the need for manual intervention. For example, in May 2023, Vanta, a company based in the US that oversees its compliance and safety protocols, introduced a new solution for vendor risk management. This platform presents a holistic approach to risk management geared towards identification and mitigation of vendor-related risks. It incorporates automated vendor appraisals, risk analyses, and counteractive methods to maintain regulatory compliance. Furthermore, the platform includes a risk exchange feature, promoting the exchange of vendor risk assessments and other necessary paperwork, thereby minimizing the time and effort needed for evaluation processes.

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What regions are contributing significantly to the growth of the vendor risk management market?

North America was the largest region in the vendor risk management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vendor risk management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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