Market Overview
The Global vendor risk management market is estimated to a reach approximately USD 7.58 billion market value at a growth of 18% CAGR by the forecast period 2017 to 2023, since the market was valued USD 2.50 billion in 2017. Thus, it is expected that the vendor risk management market will grow at the rate of 16.08% in the forecast period of 2021 to 2028. Vendor risk management procedure is implemented to control, identify, monitor, and access a wide number of potential risks associated with an organizational operation that the third party service providers manage. Some of the risks involved are operational risks, strategic risk, compliance risk, information security risks, and many more.
According to this market research analysis report, it is accounted that the major growth drivers of global vendor risk management market size are increasing rate of outsourcing operational abilities by organizations, increasing need for economic management, rising availability of third party management service providers, etc. Moreover, the higher adoption rate of virtual applications is another positive factor in contributing to vendor risk management market demands.
There are many opportunities arise in the organizations that boosts the growth of vendor risk management market such as increasing rate of cyber attacks, optimizing systems with technological advancement, focusing on mitigating risks etc. However, there are still some restraints to hinder the market’s growth path, that are dependence on non-formal and manual business processes, less availability of skilled professionals for risk management, and lack of awareness for vendor risk management solutions.
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Market Segmentation
Many segmentations are made into the vendor risk management market, which are on the basis of component, deployment model, organization size, end-users, and geographical regions. According to the components market segment, the market is segregated into solutions and services.
The deployment model segment of the global vendor risk management market is again sub-segmented into premises and cloud.
Further, the organization size segment has divided global risk management market into small, medium, and large enterprises sub-segments.
On the basis of end-user segment, the vendor risk management market is divided into banking, financial services, and insurance, IT and telecom, health care and life sciences, retail on consumer goods, government and defense, energy and utilities, manufacturing, and others.
Regional Analysis
According to the regional analysis of this vendor risk management market report, the global market is geographically segregated into South America, Europe, Asia-Paific, the Middle East, Africa, etc. The market study of forecast period 2017 has shown that the North America region made significant growth in the global market because of having high-level expertise in cloud deployment. Thus, it is expected that North America countries will lead the vendor risk management market in the upcoming economic years. In addition to that, Asia-pacific is expected to become the fastest growing region in the forecast years because of rapid progress in collaborative services, services for BFSI and telecom sector, etc.
Industry News
There are many developments can be seen in the vendor risk management market, where advancements are made with counting analytics, automation, and smart contracts which can create new opportunities for the market growth. Similarly, improved solutions and services are implemented to control financial management, contract management, and operational risk management, etc.
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