Find the reason for the Rise of Global Vendor Risk Management Market Growth in Future.

Huge growth in Vendor Risk Management Market was estimated to be USD 1397.43 Mn in 2018, growing at a CAGR of 14.48% over the Forecast Period, owing to Increasing Regulations Regarding Vendor Data Protection, says Absolute Markets Insights.

An erudite market analysis titled, Vendor Risk Management Market has published by Absolute Markets Insights. The study provides useful insights into different aspects of the business, which are significant factors to propel market growth. Additionally, the report also provides crucial factors, which can be identified as market restraints. Primary and secondary research techniques have been used by analysts to analyze data effectively. The global Vendor Risk Management Market is estimated to grow at 14.48% CAGR during the forecast period 2021-2027. The report also focuses on the present scenarios and offers information on historical records to understand the existing and futuristic scope of the sector.

Risk management has been a top priority among organizations owing to increase in cyber-attacks and breach during the industrial revolution. Cyber invasion has increased since companies have started outsourcing elements of their business module. This increased frequency of outsourcing has augmented the probability of attacks and breaches, resulting in heightening demand for vendor risk management tools. For instance, in 2019, a cyber-attack was discovered on an American debt collection firm American Medical Collection Agency, which impacted more than three dozens of its client and more than 0.5 billion patients, making this incident the largest health data breach of the year, which has resulted in the rising need of adoption of vendor risk management market across the globe.

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Artificial intelligence helps in preventing any breaches that might occur within a network without the need for human intervention. An American based software firm Oracle is proving an AI-powered solution to enterprises that aid them in managing risk associated within their network. Most of the risk management companies are automating their risk management tools to enhance the speed, scalability and collaboration to minimize any risk. The evolution of cloud technology is promoting software vendors to deploy the software with ease and is reducing maintenance cost. More importantly, users do not have to shell out a significant portion of their revenue for maintaining their IT infrastructure. With the incorporation of blockchain technology, there is a possibility of changing the structure of vendor risk management market. The use of digital ledgers is expected to provide a tamper-proof system that is vital in vendor risk management. Such technological advancements are expected to further drive the demand vendor risk management market in the near future.

The detailed research study provides the qualitative and quantitative analysis of vendor risk management. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

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Key Findings of the Report:

In terms of revenue, North America vendor risk management market is expected to reach US$ 2371.65 Mn by 2022.

On the basis of enterprise size, the small and medium enterprise segment is expected to witness highest CAGR over the forecast period owing to increasing adoption of cloud-based solutions across SME’s as it offers scalability, flexibility, and lower cost.

On the basis of industry vertical, banking financial and insurance is expected to witness the highest CAGR over the forecast period owing to the increase of outsourcing elements in the business model and the need of protecting them against possible breaches.

Some of the players operating in the voice assistant application market BitSight Technologies, BWise, Genpact, IBM Corporation, LockPath, Inc., LogicManager, Inc., MetricStream Inc., Optiv Security Inc., ProcessUnity, Inc. Quantivate, LLC, RapidRatings, Resolver Inc., RSA Security LLC., Rsam, SAI Global Pty Limited, VendorInsight, SecurityScorecard, ServiceNow, Inc., UpGuard, Inc., Venminder, Inc, and OneTrust, LLC. amongst others.

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Global Vendor Risk Management Market

By Offerings
Solution
Compliance Management
Audit Management
Financial Control
Quality Assurance Management
Services

By Deployment
On-premises
Cloud
By Vertical
BFSI
IT and Telecom
Retail
Healthcare
Manufacturing
Energy
Government
Others (Education and Media & Entertainment)

By Organization Size
Large Enterprises
SMEs

By Region
North America
U.S
Canada
Mexico
Rest of North America
Europe
France
The UK
Spain
Germany
Italy
Nordic Countries
Denmark
Finland
Iceland
Sweden
Norway
Benelux Union
Belgium
The Netherlands
Luxembourg
Rest of Europe
Asia Pacific
China
Japan
India
New Zealand
Australia
South Korea
Southeast Asia
Indonesia
Thailand
Malaysia
Singapore
Rest of Southeast Asia
Rest of Asia Pacific
Middle East and Africa
Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America

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Contact Name: Shreyas Tanna

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Absolute Markets Insights assists in providing accurate and latest trends related to consumer demand, consumer behavior, sales, and growth opportunities, for the better understanding of the market, thus helping in product designing, featuring, and demanding forecasts. Our experts provide you the end-products that can provide transparency, actionable data, cross-channel deployment program, performance, accurate testing capabilities and the ability to promote ongoing optimization.

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This release was published on openPR.