Third-party Risk Management Market Growing Geriatric Population to Boost Growth 2030

Third-Party Risk Management Market Synopsis

The Global Third-Party Risk Management Market was valued at USD 8.68 Billion in 2022 and is expected to reach USD 24.25 Billion by 2030 growing at a CAGR of 15.8% during the forecast period 2022–2030. Increasing focus on mitigating risks associated with third parties by organizations, increasing cyber-attacks, increasing outsourcing of operations by organizations, and technological advancements are some of the prime factors driving the market growth of third-party risk management. Whereas, lack of skilled expertise is one of the major factors which is expected to restrain the market growth. However, stringent regulations and compliance by legal authorities are expected to create fruitful opportunities for third-party risk management solution providers in the coming years.

Third-Party Risk Management Market Key Players

The Prominent Players active in the Global Market of Third-Party Risk Management are RSA Security LLC (US), Genpact (US), Cisco Systems (US), Deloitte (US), KPMG (The Netherlands), BitSight (US), Alyne GmbH (Germany), Prevalent Inc. (US), OneTrust (US), Aravo Solutions, Inc. (US), Venminder (US), Riskpro (India), and ProcessUnity, Inc (US).

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Recent Developments

May 2019: RMS introduced an open platform named “risk intelligence (RI)” targeting the reinsurance industry. This platform combines customer, industry, and third-party data into a single unified model. The platform offers several benefits such as advanced risk model execution services, risk data lake repository, and analytics tools to the user.

December 2018: OneTrust, in collaboration with Cloud Security Alliance (CSA), introduced a free vendor risk management tool compliant with the GDPR, CCPA, and other security regulations. This tool automates the lifecycle of vendor management of the CSA group which includes onboarding & offboarding vendors.

Third-Party Risk Management Market Market Introduction

Third-party risk management is the process of analyzing the risks associated with outsourcing business operations to any third-party vendor or service provider. These risks could be associated with resilience, solvency, security, regulatory compliance, intellectual property, and integrity aspects of businesses.

Some of the use cases of third-party risk management include vendor risk management automation, compliance monitoring, threat intelligence, and cyber-security.

Third-Party Risk Management Market Segmentation

The Global Third-Party Risk Management Market has been segmented on the basis of Component, Deployment, Organization Size, Vertical, and Region.

By Component, the market has been segmented into solution and service. By solution, the market has been sub-segmented into finance management, contract management, compliance management, operational risk management, and audit management. By service, the market has been sub-segmented into professional and managed services.

By Deployment, the market has been segmented into on-premise and on-cloud.

By Organization Size, the market has been segmented into small- and medium-sized enterprises and large enterprises.

By Vertical, the market has been categorized into BFSI, IT and telecommunication, healthcare, government, retail, and manufacturing among others.

By Region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.

Third-Party Risk Management Market Regional Analysis

Market Research Future (MRFR) study has covered the following countries in the regional analysis of the third-party risk management market: the US, Canada, and Mexico in North America. Germany, the UK, France, Spain, Norway, Benelux, and Italy in Europe. China, Japan, India, South Korea, Australia, Malaysia, Indonesia, and the Philippines in Asia-Pacific. Saudi Arabia, Israel, Turkey, and South Africa in the Middle East & Africa. Brazil, Peru, Chile, and Argentina in South America.

The global third-party risk management market is currently dominated by North America due to the presence of key players such as RSA, Cisco, and OneTrust, and the requirement of key expertise in the organization to track the risks associated with third-party vendors. The US, among all the countries, accounts for the largest market share owing to factors such as increasing demand for solutions to protect critical information from cyber-attacks.

Europe is following North America in terms of market share in the global third-party risk management market. Increasing adoption of cloud-based solutions and increasing digitalization are some of the factors driving the market growth.

Asia-Pacific is projected to be the fastest-growing region during the forecast period. Government initiatives supporting the adoption of cloud platforms and the growing trend of industrialization and modernization is expected to elevate the demand for third-party risk management solutions in the region.

• Intended Audience
• Investors and consultants
• Research/Consultancy firms
• Technology solution providers
• Government agencies
• Independent Software Vendors (ISVs)
• IT Agencies
• Cloud service providers
• Managed Security Service Providers

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