Newark, Oct. 28, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global third-party risk management market is expected to grow from USD 5.68 billion in 2022 to USD 18.20 billion by 2030, at a CAGR of 15.67% during the forecast period 2022-2030.
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The need for digital financial services like mobile banking and digital payments has increased due to growing urbanization, the development of smart technologies, and higher internet penetration. However, as digital payment systems have proliferated in the BFSI industry, fraud and cyberattack threats have also increased. The BFSI industry prefers third-party risk management due to the engagement of several partners and other vendors with sensitive data access. Businesses are becoming more automated and digitalized to improve customer experience. This necessitates the involvement of multiple parties, each with their expertise, exposing businesses to more third-party risks. Innovative new technologies, processes, systems, and devices risk assessment systems, methods, and technologies have advanced due to the growing demand for new features in third-party risk management services. Such cutting-edge technology enables customization as per business requirements, thereby offering lucrative opportunities to the market. However, the extensive capital spending required for undertaking third-party risk management will hamper the market's growth. The lack of a skilled workforce will also hinder the market's growth.
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Competitive Strategy
To enhance their market position in the global third-party risk management market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• September 2022 - To expand its geographic presence and better serve a growing number of customers across various industries, like financial services, healthcare, IT, and the public sector, SirionLabs announced strengthening its relationship with KPMG. SirionLabs is the world leader in AI-powered contract lifecycle management (CLM).
Market Growth & Trends
The organization's business may suffer due to the risks involved with using third-party services. Consequently, it is crucial to identify the risks related to third parties and develop strategies for reducing them. The process of identifying and reducing the risks connected to third parties, such as suppliers, vendors, distributors, partners, and other service providers, is known as third-party risk management. Management of third-party risks can prevent supply chain interruptions, data leaks, and other externally caused brand damage. Third-party risk management enables management to make well-informed decisions and lessens the possibility of future unforeseen events. Resource optimization and cost reduction are made possible by third-party risk management, which increases profit margins. Due to the sense of security provided by third-party risk management, efficiency has increased, which is a factor in the market's increasing acceptance of this technology. Technological advancements have created systems with the ability to process massive amounts of data on a real-time basis, making them highly efficient in identifying and mitigating risks. Competitors in the market are designing innovative solutions for the customers to retain their market standing by integrating the latest software, processes, systems, and technologies in their products. The prevailing notion that efficient risk management systems enable brands to cut costs and avoid future capital losses will benefit the third-party risk management market.
Key Findings
• In 2022, the solutions segment dominated the market with the largest market share of 58% and market revenue of 3.29 billion.
The component segment is divided into services and solutions. In 2022, the solutions segment dominated the market with the largest market share of 58% and market revenue of 3.29 billion.
• The BFSI segment is expected to grow at the fastest CAGR of 20.24% over the forecast period.
The vertical segment is divided into BFSI, healthcare & life sciences, retail & consumer goods, energy & utilities, IT & telecom, government & defense, manufacturing, and others. Over the forecast period, the BFSI segment is expected to grow at the fastest CAGR of 20.24%.
• In 2022, the cloud segment dominated the market with the largest market share of 56% and market revenue of 3.18 billion.
The deployment mode segment is divided into cloud and on-premises. In 2022, the cloud segment dominated the market with the largest market share of 56% and market revenue of 3.18 billion.
• In 2022, the large enterprises' segment dominated the market with the largest market share of 76% and market revenue of 4.31 billion.
The organization size segment is divided into large enterprises and small & medium enterprises. In 2022, the large enterprises' segment dominated the market with the largest market share of 76% and market revenue of 4.31 billion.
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Regional Segment Analysis of the Third-Party Risk Management market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North American region emerged as the largest market for the global third-party risk management market, with a market share of around 40.23% and 2.28 billion of the market revenue in 2022. The Asia Pacific is expected to be the largest market during the forecast period. The third-party risk management market in the Asia Pacific has been expanding rapidly. China and India dominate the third-party risk management market in the Asia Pacific.
Key players operating in the global third-party risk management market are:
• Aravo Solutions Inc.
• BitSight Technologies Inc.
• Deloitte
• Ernst & Young LLP
• Genpact
• KPGM
• MetricStream
• NAVEX Global Inc.
• Resolver Inc.
• RSA
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global third-party risk management market based on the below-mentioned segments:
Third-Party Risk Management Market by Component:
• Services
• Solutions
Third-Party Risk Management Market by Vertical:
• BFSI
• Healthcare & Life Sciences
• Retail & Consumers Goods
• Energy & Utilities
• IT & Telecom
• Government & Defense
• Manufacturing
• Others
Third-Party Risk Management Market by Deployment Type:
• Cloud
• On-Premises
Third-Party Risk Management Market by Organization Size:
• Large Enterprises
• Small & Medium Enterprises
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About the report:
The global third-party risk management market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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