The vendor risk management global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Vendor Risk Management Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – The vendor risk management market size has grown rapidly in recent years. It will grow from $7.29 billion in 2023 to $8.27 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to the emergence of VRM solutions, high-profile data breaches, supply chain complexity, regulatory compliance requirements, and the need for faster transactions.
The vendor risk management market size is expected to see rapid growth in the next few years. It will grow to $13.84 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to rising demand for efficient management of complex vendor ecosystems, increasing outsourcing practices, increasing connected devices, increasing number of third-party vendors, and increase in the adoption of compliance management tools. Major trends in the forecast period include adoption of AI and machine learning for risk assessment, technological advancements, partnerships and collaborations, and product launches.
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The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –The rising number of data breach incidents is expected to propel the growth of the vendor risk management market going forward. Data breaches refer to unauthorized access, disclosure, or destruction of sensitive information, posing risks to individuals’ privacy, organizational security, and regulatory compliance. Data breach incidents are due to sophisticated cyber threats, vulnerabilities in technology infrastructure, inadequate security measures, and the expanding attack surface resulting from digital transformation and interconnected systems. Vendor risk management is helpful in reducing the risk of data breaches and incidents by identifying vulnerabilities, implementing security measures, fostering collaboration, and ensuring compliance with regulations. For instance, in April 2023, according to the Department for Science, Innovation, and Technology, a UK-based government body, cybercrime impacted 11% of businesses and 8% of charities overall in 2022. Further, this figure rose to 26% for medium-sized businesses, 37% for large businesses, and 25% for high-income charities in 2023. Therefore, rising data breaches and incidents are driving the growth of the vendor risk management market.
Market Trends – Major companies operating in the vendor risk management market are developing innovative solutions, such as automated risk assessment, to strengthen their position in the market. Automated risk assessment refers to the process of using technology, such as software algorithms or artificial intelligence, to evaluate and analyze potential risks within a system or organization without manual intervention. For instance, in May 2023, Vanta, a US-based company that monitors its compliance and safety programs, announced the launch of a new Vendor risk management solution. This platform provides a comprehensive risk management discipline that focuses on identifying and mitigating risks associated with vendors. It includes automated vendor assessments, risk assessments, and mitigation strategies to ensure compliance with regulatory requirements. The platform also offers a risk exchange, which facilitates the sharing of vendor risk assessments and other documentation, reducing the time and effort required for evaluations.
The vendor risk management market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Organization Size: Small And Medium-Sized Enterprises, Large Enterprises
4) By Verticals: Banking, Financial Services, And Insurance (BFSI), Telecom and Information technology (IT), Healthcare and Life Sciences, Consumer Goods and Retail, Energy and Utilities, Manufacturing, Government, Other Verticals
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Regional Insights – North America was the largest region in the vendor risk management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vendor risk management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies operating in the vendor risk management market are International Business Machines Corporation, Cisco Systems Inc., Ernst & Young Global Limited, KPMG International Limited, Deloitte, PricewaterhouseCoopers International Limited, ServiceNow Inc., Palo Alto Networks Inc., Fortinet Inc., Symantec Endpoint Security, Check Point Software Technologies Ltd., McAfee Corp., CrowdStrike Holdings Inc., RSA Security, Tenable Inc., Rapid7 Inc., Tanium, OneTrust LLC, Qualys Inc., SentinelOne Inc., MetricStream Inc., Trustwave Holdings Inc., BitSight Technologies Inc., RiskIQ Inc., Cyber Global Risk Exchange Inc.
Table of Contents
1. Executive Summary
2. Vendor Risk Management Market Report Structure
3. Vendor Risk Management Market Trends And Strategies
4. Vendor Risk Management Market – Macro Economic Scenario
5. Vendor Risk Management Market Size And Growth
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27. Vendor Risk Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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