Vendor Risk Management Market to Witness Huge Growth by Key Players: | BitSight Technologies, RSA, Genpact, LockPath, MetricStream, BWise, Resolver, SAI Global and Others

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The Vendor Risk Management Market size is expected to grow from US$ 3.29 Billion in 2017 to US$ 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.

“Compliance management solution is expected to hold the major 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.

“Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period”
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.

“Asia Pacific (APAC) is expected to have high 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.

Breakdown of primary participants’ profile:
• 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%

Report Highlights:
The Main Objective of this report is to define, describe, and forecast the vendor risk management market by component, deployment mode, organization size, vertical, and region. The report provides detailed information regarding the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the market. The report forecasts the market size with respect to 5 main regions: North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and Latin America. The report profiles key players and comprehensively analyzes their core competencies.

Most Popular Companies in the Vendor Risk Management Market include 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), VendorInsight (US).

Target Audience for Vendor Risk Management Market: Vendor risk management solution and service providers, System integrators, Application developers, Hardware vendors, Consulting firms, Research organizations, Resellers and distributors

Competitive Landscape of Vendor Risk Management Market:
1 Overview
2 Market Ranking
3 Competitive Scenario
3.1 New Product Launches/Upgradations
3.2 Business Expansions
3.3 Acquisitions
3.4 Partnerships

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