Study papers on Vendor Risk Management market and regional forecast. Vendor Risk Management market players are BitSight Technologies (US), RSA (US), Genpact (US), LockPath (US), MetricStream (US), BWise (Netherlands), Resolver (Canada), SAI Global (Australia), Rsam (US), IBM (US), Optiv (US), Quantivate (US), RapidRatings(US), ProcessUnity (US), LogicManager (US), and VendorInsight (US).
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Vendor risk management market size is expected to grow from USD 3.29 billion in 2017 to USD 6.50 billion by 2022, at an estimated CAGR of 14.6% during the forecast period. An increasing need for managing complex third-party ecosystem, the fast-changing regulations across different geographies, and the need to correctly monitor and analyze vendor performance at various stages of supply chain are driving the vendor risk management market.
The major restraining factor for the growth of the market is many organizations’ dependence on non-formal and manual process to assess vendor risks.
- Vendor risk management solution and service providers
- System integrators
- Application developers
- Hardware vendors
- Consulting firms
- Research organizations
- Resellers and distributors
North America is estimated to hold the largest market share in 2017, while APAC is expected to grow at the highest CAGR.
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APAC is expected to be a lucrative market for vendor risk management market during the forecast period, considering the untapped opportunities and increasing commercial investment in different industry verticals in the region. Multinational companies have been emphasizing on exploring the APAC market by entering the region through partnerships with local companies, channel partners, and technology partners.
This is expected to provide growth opportunities for vendor risk management vendors during the forecast period.
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The SMEs segment is expected to grow at a higher CAGR during the forecast period. SMEs often prefer to form partnerships with multiple vendors to serve their business objectives, as SMEs lack the in-house resource pool.
With the increasing need to partner with different vendors across geographies, it becomes essential for SMEs to ensure and mitigate the critical risks associated with their vendors. Cloud-based vendor risk management solutions have played a vital role in exploring opportunities in SMEs.
Due to the limited budget, SMEs mostly prefer cloud-based solutions over on-premises solutions, and this adoption trend is expected to accelerate in the years to come, enabling the cloud deployment type to have a considerable market size during the forecast period.
2 Market Ranking
3 Competitive Scenario
3.1 New Product Launches/Upgradations
3.2 Business Expansions
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The vendor risk management market has been segmented by component, deployment, organization size, vertical, and region. The report will help market leaders/new entrants in this market in the following ways:
The report segments the vendor risk management market comprehensively and provides the closest approximations of the revenue numbers for the overall market and subsegments. The market numbers are further split across different verticals and regions.
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