global Third-Party Risk Management (TPRM) market size is projected to grow from USD 3.2 billion in 2019 to USD 6.8 billion by 2024, at a CAGR of 15.9% during the forecast period. Factors, such as the increasingly stringent compliance mandates to tackle third-party risks, lack of in-house competencies in the organization across several verticals, and the rising instances of cyberattacks, are expected to work in favor of the Third-Party Risk Management market growth in the near future.
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Based on components, the solution segment is estimated to hold a higher share of the Third-Party Risk Management market in 2019
The component segment mainly comprises solution and services. TPRM solution help organizations identify and reduce the risks that arise while outsourcing a few activities or operations. Various organizations operating in different industries have been considering the implementation of effective solutions to manage their partner ecosystem for minimizing the risks associated with the management of vendors. Moreover, to automate, enhance, and manage the entire risk assessment process for improving transparency and measuring uncertainties, organizations are implementing TPRM solution.
Based on solutions, the compliance management segment is expected to grow at the highest CAGR during the forecast period
The demand for compliance management solutions is increasing due to the growing need to comply with regulatory and reporting requirements. The lack of transparency in financial matters can lead to higher penalties and fines, resulting in huge financial losses. Hence, organizations focus on deploying a system that helps them manage these requirements and ensures compliance-related tasks are completed. Compliance management solutions offered in the Third-Party Risk Management market help businesses understand the type of regulations, policies, as well as obligations, apply to them globally and locally, and assist them in managing different types of risks and compliance regulations.
Based on regions, North America is expected to account for the majority of the TPRM market share during the forecast period
North America has the presence of several prominent market players, delivering advanced solutions to all the industry verticals in the regions. Apart from this factor, the geographical presence, strategic investments, partnerships, and significant R&D activities are contributing to the hefty deployments of affective solutions. Such factors are expected to fuel the growth of the TPRM industry in North America.
North America is expected to be the most mature region in the Third-Party Risk Management market, as most of the vendors are located in the area. Some of the major vendors operating in the region include RSA, Genpact, MetricStream, Deloitte, BitSight Technologies, ProcessUnity, Venminder, Prevalent, Resolver, NAVEX Global, SAI Global, RapidRatings, Optiv, Aravo, OneTrust, and Galvanize.
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Third-Party Risk Management Market Players:
The vendors covered in the TPRM market report 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). These players have adopted various growth strategies, such as partnerships, new product launches and product enhancements, strategic investments, and acquisitions, to expand their presence in the TPRM market.
Based on the Component:
- Solution
- Service
Based on the Solution:
- Financial Control Management
- Contract Management
- Operational Risk Management
- Audit Management
- Compliance Management
- Others (Includes Quality Assurance Management, Information Management, and Relationship Management)
Based on Service:
- Professional
- Consulting
- Integration and Design
- Support and Maintenance
- Managed
Based on the Deployment Mode:
- Cloud
- On-premises
Based on Organization Size:
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
Based on Verticals:
- 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)
Based on the Region:
- North America
- US
- Canada
- Europe
- UK
- Germany
- Rest of Europe
- APAC
- China
- Japan
- India
- Rest of APAC
- MEA
- Middle East
- Africa
- Latin America
- Brazil
- Mexico
- Rest of Latin America
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Key Questions Addressed by the Report
- What are the opportunities in the Third-Party Risk Management market?
- What is the competitive landscape in the market?
- What are the restraining factors that will impact the market?
- How have TPRM solutions evolved from traditional risk management solutions?
- What are the dynamics of the TPRM market?
Service & Software 