The third-party risk management market size has grown rapidly in recent years. It will grow from $5.92 billion in 2024 to $6.85 billion in 2025 at a compound annual growth rate (CAGR) of 15.7%. The growth in the historic period can be attributed to data breaches and incidents, globalization of business, evolving business models, previous risk management failures, increasing outsourcing practices, data privacy concerns.
The third-party risk management market size is expected to see rapid growth in the next few years. It will grow to $13.49 billion in 2029 at a compound annual growth rate (CAGR) of 18.5%. The growth in the forecast period can be attributed to rise in cyber threats, globalization of businesses, supply chain complexity, remote work challenges, demand for AI-driven solutions, shift in consumer expectations. Major trends in the forecast period include scalable risk solutions, cultural and ethical alignment, remote work and collaboration risks, resilience and business continuity, data privacy emphasis.
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What are the key forces behind the third-party risk management market’s growth in recent years?
The rising cyber-attacks and frauds are expected to propel the growth of the third-party risk management market going forward. A cyber attack is an attempt to access a computer system or network to cause damage illegally. The continuous rise of internet interconnections has increased cyber-attack incidences. Third-party risk management (TPRM) is a process that analyses and reduces the risks associated with outsourcing information to third-party vendors or service providers. This process enables organizations to make risk-informed decisions and reduces the risk of cyber-attacks and fraud. For instance, in January 2024, according to the World Economic Forum, a Switzerland-based international non-governmental organization, there were approximately 2,220 cyberattacks each day in 2023, amounting to over 800,000 attacks annually. There are five of the most significant or high-profile incidents from that year. Hackers compromised Microsoft exchange and accessed tens of thousands of emails, including at least 60,000 emails from Outlook accounts belonging to employees of the US State Department. Therefore, increasing cyber-attacks and frauds drive the growth of the third-party risk management market.
What are the major segments of the third-party risk management market?
The third-party risk management market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment Type: Cloud Based, On-Premises
3) By Organization Size: Small And Medium Size Enterprises, Large Enterprises
4) By End User: Banking, Financial Services, And Insurance, IT And Telecom, Healthcare And Life Sciences, Government, Aerospace And Defense, Retail And Consumer Goods, Manufacturing, Energy And Power, Other End Users
Subsegments:
1) By Solution: Risk Assessment Software, Compliance Management Solutions, Risk Analytics Tools, Incident Management Systems, Risk Monitoring Platforms
2) By Services: Consulting Services, Risk Assessment And Analysis Services, Training And Education Services, Managed Risk Services, Support And Maintenance Services
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Which companies dominate the third-party risk management market?
Major companies operating in the third-party risk management market include Deloitte LLP, PricewaterhouseCoopers, Ernst & Young LLP, KPMG International Limited, Genpact Ltd, Optiv Security Inc, Dun & Bradstreet, One Trust LLC, MetricStream Inc, NAVEX Global Inc, Galvanize, RSA Archer, Resolver Inc, Venminder Inc, Rsam, Aravo Solutions Inc, ProcessUnity, Rapid Ratings International Inc, BitSight Technologies, Prevalent Inc, Prevalent, LogicGate, CyberGRX, Riskpro India Ventures Pvt Limited, RiskIQ, SAI Global Pty Limited, RiskRecon Inc, Lockpath, Compliance 360, ControlCase, Riskonnect, CyberSaint Security, SureCloud, Quantivate, Tenable, CyberArk, UpGuard, Securiti.ai
What major trends will shape the third-party risk management market during the forecast period?
Technological advancements are a key trend gaining popularity in the third-party risk management market. Major companies in the third-party risk management sector are focused on developing new technologies to meet consumer demand and strengthen their market position. For instance, in August 2022, AuditBoard, a US-based cloud-based platform company, launched a advanced third-party risk management solution. The new AuditBoard’s integrated risk platform enables companies to address IT vendor risk by streamlining third-party risk assessment, monitoring, and remediation for information security, compliance, and risk teams. This solution allows teams to save time and expand using automated and collaborative procedures for effective third-party risk management.
What are the key regional dynamics of the third-party risk management market, and which region leads in market share?
The countries covered in the third-party risk management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Does The Third-party Risk Management Market Report 2025 Offer?
The third-party risk management market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Third-party risk management (TPRM) is a form of risk management that entails recognizing, assessing, and controlling all of the potential risks that may arise throughout the lifecycle of business relationships with third parties. The main goal is to assist organizations in reducing risk, increasing agility and resiliency, and driving performance.
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