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Vendor Risk Management Market is boosted by factors such as Evolution of innovative technology has led to business collaborations and increase in off-shore outsourcing and suppliers of networks which eventually increases the level of regulatory risks. On the flip side, business entities without a centralized contract repository witness inconsistent versions of contracts deposited in different repositories within functional departments of organization. This ambiguity leads to inconsistencies that creates noncompliance which increases the expenditure budget.Market Overview:
Globally, the vendor risk management market is expected to have significant growth over the forecast period. This is due to enhancement in technology which in turn increases sharing and storing in the cloud and economic conditions are driving the outsourced operations of core and non-core activities are anticipated to be some of the fuelling factors for the growth of the vendor risk management market.
The Vendor Risk Management Market is differentiated by component, deployment, organization size, and end-user.
By component, the vendor risk management market is sub-segmented as solutions and services. On the basis of services, the market is sub-segmented into professional services and managed services. The professional services are further segregated into consulting services, implementation services, and maintenance & support services. The solutions are segregated as policy & procedure management, monitoring & performance management, assessment management, compliance management, contract management, quality management, and others.
On the basis of organization type, the market is segregated into large enterprise and small & medium enterprise. Furthermore, on the basis of deployment, the market is sub-divided into on-cloud and on-premises.
By end-user, the market is sub-divided into IT & telecom, BFSI, manufacturing, energy & power, healthcare, transportation & logistics, government, and others (media & entertainment and education).
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Key Players
Some of the key players of vendor risk management market include include IBM Corporation (U.S.), MetricStream (U.S.), Lockpath Inc. (U.S.), Logic Manager (U.S.), Rsam (U.S.), BitSight Technologies (U.S.), RSA (U.S.), Genpact (U.S.), Resolver (Canada), SAI Global (Australia), Optiv (U.S.), Quantivate (U.S.), BWise Internal Control (The Netherlands), RapidRatings (U.S.), ProcessUnity (U.S.), and VendorInsight (U.S.).
Regional Analysis
Geographically, the vendor risk management market is categorized into four different regions namely North America, Asia Pacific, Europe, and the Rest of the World.
North America is expected to have a significant growth the vendor risk management market over the forecast period. The U.S and Canada are leading countries in the region owing to the presence of robust cloud infrastructure. Asia Pacific region is expected to be the fastest growing region in vendor risk management market. China, India, Japan, and South Korea are the leading countries in the region. This is due to increase in a number of third-party vendors in for manufacturing sector.
Segmentation:
The vendor risk management market is differentiated by component, deployment, organization size, and end-user.
By component, the Vendor Risk Management market is sub-segmented as solutions and services. On the basis of services, the market is sub-segmented into professional services and managed services. The professional services are further segregated into consulting services, implementation services, and maintenance & support services. The solutions are segregated as policy & procedure management, monitoring & performance management, assessment management, compliance management, contract management, quality management, and others.
On the basis of organization type, the market is segregated into large enterprise and small & medium enterprise. Furthermore, on the basis of deployment, the market is sub-divided into on-cloud and on-premises.
By end-user, the market is sub-divided into IT & telecom, BFSI, manufacturing, energy & power, healthcare, transportation & logistics, government, and others (media & entertainment and education).
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Target Audience:
• Vendor Risk Management tool providers
• Vendor Risk Management service providers
• Application developers
• System integrators
• Resellers
• Managed service providers
• Cybersecurity consulting firms
• Government agencies
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