Third-Party Risk Management Market Analysis & Forecast, 2020 – 2025

The global third-party risk management market generated revenue of US$ 3.2 billion in 2020 and is expected to reach US$ 6.5 billion by 2025 with a CAGR of 15.1% in the forecast period. The third-party risk management market report offers a comprehensive market analysis of the different segments and regions that lets readers make crucial business-related decisions with a wealth of information enclosed in this report.

The factor that drives the demand for third-party risk management is increasing focus on mitigating risk with third parties by organizations, lack of in-house competencies in the organization across several verticals, and the rising of cyber-attacks, technological advancement, and increasing outsourcing of operations by organizations. The research report offers both qualitative and quantitative information on the global third-party risk management market. In qualitative terms, the third-party risk management market report provides insights into numerous factors, such as market determinants, value chain analysis, emerging trends, growth opportunity analysis, porters five-force model analysis and macro-economic factors, segment analysis, regional analysis at a granular level. Similarly, in quantitative terms, the report provides historical and forecast market numbers of third-party risk management in various segments such as by component, deployment model, enterprise size, and industry at global, regional, and country-level. Also, the report provides a detailed analysis of the market vendors and their product offerings. The report also covers details of the competitive market environment and includes information on the capabilities and competencies of market vendors.

Segment Analysis

• The solution segment accounts for the dominating position in the market.  
  • Based on components, third-party risk management is segmented into solutions and services. The solution segment holds the dominating position in the market in 2020 and is expected to retain its dominance throughout the forecast period. Moreover, the service segment is further segmented into professional and managed services. The professional services segment accounts for the dominant position in the market in 2020, whereas the managed services segment is projected to grow with the highest CAGR during the forecast period. Moreover, the solution segment is further segmented into financial control management, contract management, operational risk management, audit management, compliance Management, Others. The financial control management segment accounts for the dominant position in the market in 2020.
• The cloud-based deployment model is expected to grow with the highest CAGR. 
  • Based on the deployment model, third-party risk management is segmented into on-premises and cloud-based. The cloud-based deployment model is expected to grow with the highest CAGR during the forecast period. Moreover, the on-premises deployment model holds the dominating position of the market in 2020 and is expected to retain its dominance throughout the forecast period.
• The large Enterprises segment accounts for the dominating position in the market. 
  • Based on enterprise size, third-party risk management is segmented into small & medium enterprises and large enterprises. The small & medium enterprises segment is expected to grow with the highest CAGR during the forecast period. Moreover, the large enterprise segment holds the dominating position in the market in 2020 and is expected to retain its dominance throughout the forecast period.
• BFSI segment accounts for the dominating position in the market. 
  • Based on industry, the third-party risk management is segmented into BFSI, IT and telecom, healthcare and life Sciences, government, defense, and aerospace, retail and consumer goods, manufacturing, energy and utilities, others (includes education; travel and hospitality; transportation and logistics; and media and entertainment). The BFSI sector holds a leading market position in 2020 and is projected to stay leading over the forecast period
• North America accounts for the dominating position in the market. 
  • Based on the region, third-party risk management is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America has a dominant position in the market in 2020 and is predicted to remain dominant over the projected period. The United States and Canada are the largest market-driven countries in the world. Moreover, Asia Pacific is projected to rise at the fastest CAGR in the forecast period. China, India, and Japan are some of the major market-driven countries in the world.
• Third-Party Risk Management Market Players: 
  • Some of the major players of the third-party risk management market are RSA, Genpact, MetricStream, Deloitte, KPMG, BitSight, Ernst & Young, PwC, ProcessUnity, Venminder, Resolver, Navex Global, Riskpro, and SAI Global. The study also focuses on different business or inorganic market growth strategies through technology advancement, business expansion, alliances, and mergers and acquisitions to create disruptive technologies and consumer networks.
• Key questions the report answers 
  • Which factors will contribute to a change in the demand for third-party risk management during the evaluation phase?
  • What are the major driving factors that accelerate the growth of the market?
  • What are the restraints which hinders the growth of the market?
  • What segment offers the most development opportunities?
  • Which region provides the key growth opportunity to the market?
  • Who are the major industry players?
  • What are the key strategies adopted by the market players?