Vendor Risk Management Market 2019-2023 Key Leaders Analysis by Bit Sight Technologies, Optiv, Quantivate, IBM, Logic Manager, Vendor Insight

Global Vendor Risk Management Market Research Report– Component (Services & Solutions), Solutions (Assessment Management, Quality Management, Contract Management), Deployment (On-Cloud & On-Premise), Organization Size, and by End-users by Forecast till 2023. The vendor risk management market is differentiated by component, deployment, organization size, and end-user.

Vendor Risk Management Market Insights:

Vendor risk management refers to a process which manages and plans third party products and services. This also helps the business avoid disruption or any other negative impact on performance. Market Research Future has observed the global Vendor Risk Management Market for the forecast period of 2017 to 2023. The global market has been ascertained to be growing at a CAGR of 18% during the review period. The growth of the market at this CAGR will likely result in an estimated value of USD 7.58 Bn by the end of 2023.

Advancement of technology, among other factors, has led to intense competition among business enterprises. Moreover, many business enterprises are working with third-party vendors to maintain focus on core business activities and reduce overall costs. The advancement of technology has encouraged business collaborations and strategic partnerships. Although this is largely beneficial for business organizations, working with third-party vendors carries the risk of disruptions in business activities and also the increased risk of security problems with online data. Due to this, many business organizations are witnessing the need for adoption of vendor risk management solutions to prevent unwanted problems with regards to business performance. Vendor risk management helps an organization evaluate, monitor and manage the level of risk exposure from a third party supplier.

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The market while highly promising is not devoid of challenges. Business enterprises which do not possess a centralized contract repository often end up witnessing inconsistency which further increases expenditure budgets. This can hinder the growth of the global vendor risk management market.

Vendor Risk Management Market Key Players
Prominent market leaders that have been included in MRFR's assessment of the vendor risk management market include Rsam (U.S.), Genpact (U.S.), BWise Internal Control (The Netherlands), MetricStream (U.S.), Lockpath Inc. (U.S.), BitSight Technologies (U.S.), ProcessUnity (U.S.), Resolver (Canada), Optiv (U.S.), Quantivate (U.S.), IBM Corporation (U.S.), Logic Manager (U.S.), RapidRatings (U.S.), VendorInsight (U.S.), RSA (U.S.), and SAI Global (Australia).

Vendor Risk Management Market Segmentation
The global vendor risk management market has been segmented on the basis of component, deployment, organization size, end-user, and region. Component has been segmented into solutions and services. Based on services, the global market has been seg-divided into professional and managed services. Professional services have been further segmented into implementation services, consulting services, and maintenance & support services. Solutions have been further segmented into policy & procedure management, monitoring & performance management, compliance management, assessment management, quality management, contract management, and others.

Organization size has been segmented into large enterprises and small & medium enterprises (SME). Deployment of vendor risk management solutions has been divided between on cloud, and on-premise. End-users of vendor risk management solutions include energy & power, IT & telecom, BFSI, manufacturing, healthcare, government, transportation & logistics, and others. Others include media & entertainment, and education.

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Vendor Risk Management Market Regional Analysis
The global vendor risk management market covers key regions including North America, Europe, Asia Pacific, and the Rest of the World. North America is a significant market in the global market with country-level markets of U.S and Canada leading growth. The region has a high number of market players who are participating in the market. There is also a higher affinity for advanced technological solutions in the region. Moreover, many North American businesses outsource non-core business activities to third-party vendors thus increasing the need for vendor risk management.

The Asia Pacific market is another regional market to keep an eye on as it is growing at a highly rapid pace. The region is home to a number of emerging economies which have many businesses that are increasingly partnering with third-party vendors to manage third-party services.

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