Vendor Risk Management Market is forecast to reach $6.50 billion by 2022 from $3.29 billion in 2017 at a CAGR of 14.6% during (2017-2022)
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The market is driven by increasing trend of outsourcing various business operations and risk assessment of vendors, 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.
Key Target Audience
- Vendor risk management solution and service providers
- System integrators
- Application developers
- Hardware vendors
- Consulting firms
- Research organizations
- Resellers and distributors
Asia Pacific (APAC) is expected to have high vendor risk management market growth potential during the forecast period. North America is estimated to hold the largest market share in 2017, while APAC is expected to grow at the highest CAGR.
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 in vendor risk management market 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.
Compliance management solution is expected to hold the major Vendor Risk Management Market size during the forecast period. The compliance management solution segment is expected to dominate the vendor risk management solutions segment in 2017.
The solutions have been in high demand in the highly regulated industry verticals, such as BFSI and healthcare and life sciences, where the companies are dependent on various vendors to carry out their critical operations. The compliance management solutions help companies maintain the mutually agreed terms and conditions for business processes, thus ensuring enterprises to reduce the risks associated with their third-party vendors.
Rapid adoption of vendor risk management solutions, owing to strong and well-established economies, is expected to make North America the largest regional 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.
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The vendor risk management market has been segmented by component, deployment, organization size, vertical, and region. 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.
In the process of determining and verifying the vendor risk management market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people. The break-up of profiles of primary participants is given below as:
- By Company Type: Tier 1 - 35%, Tier 2 - 45%, and Tier 3 - 20%
- By Designation: C-level - 35%, D-level - 25%, and Others - 40%
- By Region: North America - 45%, Europe - 20%, APAC - 30%, and RoW - 5%