Generally, the primary reason behind the adoption of Vendor Risk Management (VRM) solution by the organizations is to prevent third-party vendors from hampering the business performance. VRM solutions allow organizations to deal with major growth issues such as the supply chain interferences, the threat of security loop-holes, reputational damage, and data theft by third-party vendors. Thus, VRM solutions have become a critical element for organizations to manage the third parties efficiently as these concerns can hinder the business performance. In April 2017, MetricStream Inc., one of the leading players in governance, risk, and compliance (GRC) apps and solutions, unveiled the M7 Platform and apps deployed for risk, audit, compliance, IT security, third-party management, and other GRC professionals.
Increase in a number of off-shore outsourcing and suppliers of networks which eventually increases the level of regulatory risk is considered one of the driving factors for the Vendor Risk Management Market over the forecast period. On the other hand, organization working with numerous vendors struggle to keep vendor master database clean. This leads to discrepancies or redundancy in vendor databases which creates duplicate records and coding issues that could result in fraudulent payments. Such concerns pose a threat to the overall enterprise performance which are considered as one of the impelling factors for the growth of vendor risk management market over the next few years.
According to Market Research Future analysis, vendor risk management market USD 2.50 billion in 2017 and is expected to reach approximately USD 7.58 billion by 2023 growing with 18% CAGR over the forecast period 2017-2023.
The vendor risk management market is differentiated by component, deployment, organization size, and end-user.
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By component, the vendor risk management market is sub-segmented as solutions and services. On the basis of services, the market is sub-segmented into professional services and managed services. The professional services are further segregated into consulting services, implementation services, and maintenance & support services. The solutions are segregated as policy & procedure management, monitoring & performance management, assessment management, compliance management, contract management, quality management, and others.
On the basis of organization type, the market is segregated into large enterprise and small & medium enterprise. Furthermore, on the basis of deployment, the market is sub-divided into on-cloud and on-premises.
By end-user, the market is sub-divided into IT & telecom, BFSI, manufacturing, energy & power, healthcare, transportation & logistics, government, and others (media & entertainment and education).
Market research future identifies some of the key players of vendor risk management market are IBM Corporation (U.S.), MetricStream (U.S.), Lockpath Inc. (U.S.), Logic Manager (U.S.), Rsam (U.S.), BitSight Technologies (U.S.), RSA (U.S.), Genpact (U.S.), Resolver (Canada), SAI Global (Australia), Optiv (U.S.), Quantivate (U.S.), BWise Internal Control (The Netherlands), RapidRatings (U.S.), ProcessUnity (U.S.), and VendorInsight (U.S.).
Geographically, the vendor risk management market is categorized into four different regions namely North America, Asia Pacific, Europe, and the Rest of the World.
North America is expected to have a significant growth the vendor risk management market over the forecast period. The U.S and Canada are leading countries in the region owing to the presence of robust cloud infrastructure. Asia Pacific region is expected to be the fastest growing region in vendor risk management market. China, India, Japan, and South Korea are the leading countries in the region. This is due to increase in a number of third-party vendors in for manufacturing sector.
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- Vendor Risk Management tool providers
- Vendor Risk Management service providers
- Application developers
- System integrators
- Managed service providers
- Cybersecurity consulting firms
- Government agencies
Table of Contents
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
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