Dublin, Dec. 12, 2019 (GLOBE NEWSWIRE) -- The "Third-Party Risk Management Market by Component (Solution (Financial Control, Contract, Operational Risk, Audit, and Compliance) and Service (Professional & Managed)), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global TPRM market size is estimated to grow from USD 3,237 million in 2019 to USD 6,756 million by 2024, at a CAGR of 15.9% from 2019 to 2024.
Demand for a seamless experience and personalized services, along with the growing need of organizations to improve operational efficiency across several verticals, is driving the overall growth of the third-party risk management market.
Technological advancements, along with the rising adoption of advanced electronic devices, are projected to stimulate the growth of the TPRM market during the forecast period. The need to comply with various governance standards and adherence to different policies and regulations is anticipated to surge the use of TPRM solutions across the globe.
By component, the services segment is expected to grow at a higher CAGR than the solution segment during the forecast period
TPRM services have become a necessity for integrating and managing solutions. The services are categorized into professional and managed services. These services help enterprises by managing and ensuring the smooth functioning of TPRM solution over a time period. The growing virtualization across industries and the adoption of cloud computing is promoting the demand for TPRM solution in various countries. Moreover, TPRM installations are suitable for business entities that are dynamic and usually have more number of suppliers, partners, and vendors.
By service, the professional services segment is estimated to gain a larger market size than the managed services segment in 2019
Services offered by professionals, specialists, or experts to support businesses are known as professional services. These services include design and integration, consulting, and support and maintenance. Professional services play a vital role in the TPRM ecosystem, and service providers in the TPRM market are associated with similar functions. As the nature of these services is complex, service providers must possess high levels of technical skills and expertise for the efficient implementation of professional services.
Asia-Pacific TPRM market is expected to register the highest growth rate during the forecast period
APAC has witnessed advanced and dynamic adoption of new technologies and is expected to record the highest CAGR in the global TPRM market during the forecast period. APAC constitutes major economies, such as China, India, and Japan, which are expected to register high growth in the TPRM industry.
Verticals, such as healthcare and life sciences, IT and telecom, and retail and consumer goods, are expected to adopt TPRM solutions at the highest rate in the region. Companies operating in APAC would benefit from the flexible economic conditions, industrialization--motivated policies of the governments, as well as from the growing digitalization, which is expected to have a significant impact on the business community.
Competitive Landscape
Major TPRM market vendors include RSA (US), Genpact (US), MetricStream (US), Deloitte (US), KPMG (Netherlands), BitSight Technologies (US), Ernst & Young (UK), PwC (UK), ProcessUnity (US), Venminder (US), Resolver (Canada), NAVEX Global (US), Riskpro (India), SAI Global (US), RapidRatings (US), Optiv (US), Aravo (US), OneTrust (US and UK), Galvanize (Canada), and Prevalent (US). The TPRM market study includes an in-depth competitive analysis of these key market players, along with their profiles, recent developments, and key market strategies.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in the Third-Party Risk Management Market
4.2 Market By Solution, 20
4.3 Market By Deployment Mode, 2019-20
4.4 Market Share of Top 3 Verticals and Regions, 20
4.5 Market By Organization Size, 2019-20
4.6 Market Investment Scenario
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Need for Economic Management
5.2.1.2 Lack of In-House Competencies
5.2.1.3 Increasing Adoption of Virtual Applications
5.2.1.4 Rising Instances of Cyberattacks
5.2.2 Restraints
5.2.2.1 Dependence on Non-Formal and Manual Business Processes
5.2.2.2 Lack of Skilled Professionals
5.2.3 Opportunities
5.2.3.1 Increase in Stringent Regulations and Compliance Requirements
5.2.3.2 Increasing Demand for Hybrid Environment
5.2.3.3 Technological Advancements Including Automation, Data Analytics, and Smart Contracts
5.2.4 Challenges
5.2.4.1 Compatibility Issues With Legacy Systems
5.2.4.2 Lack of Awareness Regarding TPRM Solutions and Services
5.3 Use Cases
5.4 Best Practices in Third-Party Risk Management
6 Third-Party Risk Management Market By Component
6.1 Introduction
6.2 Solutions
6.2.1 Increasing Cyberattacks to Drive the Adoption of Third-Party Risk Management Solutions
6.3 Services
6.3.1 Demand for Seamless Experience and Personalised Services to Contribute to the Growth of Third-Party Risk Management Services
7 Third-Party Risk Management Market By Solution
7.1 Introduction
7.2 Financial Control Management
7.2.1 Growing Need to Reduce Organization's Operational Efficiency and Need to Meet Financial Expectations Driving the Demand for Financial Control Management Solutions
7.3 Contract Management
7.3.1 Increasing Diversity of Viruses to Boost the Adoption of Contract Management Solutions
7.4 Operational Risk Management
7.4.1 Advanced Capabilities of Operational Risk Management Solutions to Boost Its Growth
7.5 Audit Management
7.5.1 Increasing Complexity of Business Operations to Fuel the Adoption of Audit Management Solutions
7.6 Compliance Management
7.6.1 Increasing Focus Toward Achieving Organizational Transparency to Drive the Adoption of Compliance Management Solutions
7.7 Others
8 Third-Party Risk Management Market By Service
8.1 Introduction
8.2 Professional Services
8.2.1 Consulting
8.2.1.1 Consulting Services to Play a Crucial Role in Helping Organizations Improve Their TPRM Program
8.2.2 Integration and Design
8.2.2.1 Integration and Design Services to Gain Traction for the Successful Implementation of TPRM Solutions
8.2.3 Support and Maintenance
8.2.3.1 Increasing Adoption of TPRM Solutions to Boost the Demand for Support and Maintenance Services
8.3 Managed Services
8.3.1 Managed Services Gaining Popularity as They Help Organizations Meet Compliance Needs
9 Third-Party Risk Management Market By Deployment Mode
9.1 Introduction
9.2 Cloud
9.2.1 Low Cost of Installation, Upgrade, and Maintenance to Boost the Adoption of Cloud-Based Third-Party Risk Management Solutions
9.3 On-Premises
9.3.1 Need to Secure In-House Applications, Platforms, and Systems Against Evolving Network-Based Attacks Driving the Adoption of On-Premises Third-Party Risk Management Solutions
10 Third-Party Risk Management Market By Organization Size
10.1 Introduction
10.2 Small and Medium-Sized Enterprises
10.3 Large Enterprises
10.3.1 Growing Need for Securing Data From Vulnerabilities to Fuel the Adoption of Third-Party Risk Management Solutions in Large Enterprises
11 Third-Party Risk Management Market By Vertical
11.1 Introduction
11.2 Banking, Financial Services, and Insurance
11.2.1 Need to Keep Up With Changing Regulatory Environment Driving the Adoption of Third-Party Risk Management Solutions in the BFSI Vertical
11.3 IT and Telecom
11.3.1 Need to Effectively Manage Compliance and Risk Programs Driving the Adoption of Third-Party Risk Management Solutions in the IT and Telecom Vertical
11.4 Healthcare and Life Sciences
11.4.1 Need to Enhance Performance of Services Delivered Driving the Adoption of Third-Party Risk Management Solutions in the Healthcare and Life Sciences Vertical
11.5 Government, Aerospace, and Defense
11.5.1 Need to Comply With Federal Directives and Operational Mandates Driving the Adoption of Third-Party Risk Management Solutions in the Government, Aerospace, and Defense Sector
11.6 Retail and Consumer Goods
11.6.1 Need to Reduce Operational Cost and Enhance Profit Margins Driving the Adoption of Third-Party Risk Management Solutions in the Retail and Consumer Goods
11.7 Manufacturing
11.7.1 Need for Effective Risk Management to Drive the Adoption of Third-Party Risk Management Solutions in the Manufacturing Vertical
11.8 Energy and Utilities
11.8.1 Need to Set Up Different Policies Driving the Adoption of Third-Party Risk Management Solutions in the Energy and Utilities Vertical
11.9 Others
12 Third-Party Risk Management Market, By Region
12.1 Introduction
12.2 North America
12.2.1 United States
12.2.1.1 Increasing Need for Secure and Comprehensive Partner Network to Boost the Adoption of TPRM Solutions in the US
12.2.2 Canada
12.2.2.1 Growing Data Security Concerns and Regulations to Fuel the Adoption of TPRM Solutions in Canada
12.3 Europe
12.3.1 United Kingdom
12.3.1.1 Growing Complexity of Regulations to Fuel the Adoption of TPRM Solutions in the UK
12.3.2 Germany
12.3.2.1 Advancement Toward Digitalization Approach to Boost the Growth of TPRM Market in Germany
12.3.3 Rest of Europe
12.4 Asia Pacific
12.4.1 China
12.4.1.1 Emergence of Mobile Technologies, Cloud Computing, and Increased Automation to Bolster the Growth of TPRM Market in China
12.4.2 Japan
12.4.2.1 Growing Trend of Outsourcing a Few Operations to Specialist Companies Driving the Growth of TPRM Market in Japan
12.4.3 India
12.4.3.1 High It Spending and Stable Government Support for Implementing the Latest Technologies to Fuel the Growth of TPRM Market in India
12.4.4 Rest of Asia Pacific
12.5 Middle East and Africa
12.5.1 Middle East
12.5.1.1 Growing Need to Provide Robust Third-Party Ecosystem Driving the Growth of TPRM Market in the Middle East
12.5.2 Africa
12.5.2.1 TPRM to be the Next Step of Advancement for Improving Operations and Services in Africa
12.6 Latin America
12.6.1 Brazil
12.6.1.1 Growing Focus of Financial Institutions on the Integration of TPRM Solutions to Drive the Market Growth in Brazil
12.6.2 Mexico
12.6.2.1 Increased Productivity By Using TPRM Solutions to Boost the Market Growth in Mexico
12.6.3 Rest of Latin America
13 Competitive Landscape
13.1 Introduction
13.2 Competitive Leadership Mapping
13.2.1 Visionary Leaders
13.2.2 Dynamic Differentiators
13.2.3 Innovators
13.2.4 Emerging Companies
13.3 Competitive Scenario
13.3.1 New Product Launches and Product Enhancements
13.3.2 Partnerships and Collaborations
13.3.3 Mergers and Acquisitions
14 Company Profiles
14.1 Introduction
14.2 RSA
14.3 Genpact
14.4 MetricStream
14.5 Deloitte
14.6 KPMG
14.7 BitSight
14.8 Ernst & Young
14.9 PwC
14.1 Processunity
14.11 Venminder
14.12 Resolver
14.13 NAVEX Global
14.14 Riskpro
14.15 SAI Global
14.16 Rapidratings
14.17 Optiv
14.18 Aravo
14.19 OneTrust
14.20 Galvanize
14.21 Prevalent
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