Vendor Risk Management Market is Expected to Witness an Impressive CAGR of 14.4% During the Forecast Period By Emergen Research

The global Vendor Risk Management (VRM) market size was USD 5.11 Billion in 2021 and is expected to register a revenue CAGR of 14.4% during the forecast period, according to latest analysis by Emergen Research. Increasing number of third-party vendors in small and large organizations is the key factor driving market revenue growth.

VRM is more crucial than ever due to constantly changing threat landscape, as the focus is shifting from business to supplier or vendor. VRM aids in educating vendor and company about any hazards that could arise from the collaboration. Organizations are getting into agreements with third parties at a faster rate than ever before, either to software integration capabilities or cost savings of selective outsourcing. Increased interactions with vendors, heightened regulatory focus on supplier risk, and pressure from economic volatility necessitate a deeper look at who is the potential third-party vendors. As technology moves toward more cloud-hosted or shared settings, understanding security measures, policies, and procedures that are associated with hosting environments or how data is managed is essential. Any organization that does not have a plan in place to monitor third-party vendor risk has possible and unknown high risks. A more in-depth due-diligence approach can identify vulnerabilities that could harm organizations in the long run. If a vendor fails to meet their own compliance standards or fails to comply with industry regulations, it has a direct impact on the business. Additionally, compliance risk, strategic risk, financial risk, operational risk, and reputation risk are all common concerns associated with the business. A potential unintended consequence could be direct consumer objections as a result of a third-party breach or data loss. Growing number of third-party vendors and increasing threats of data breach is expected to drive revenue growth for the market during the forecast period.

Increasing incidents of data breaches in the healthcare sector creates high demand for VRM solutions. The largest healthcare data breaches revealed in 2021, each affected over one million patients, totaling over 22.64 million patients. Given that runner-up incident claimed 1.2 million breach victims, the year saw some of the most significant cybersecurity consequences in healthcare history. Four of the top ten most serious incidents were directly caused by vendors. Severity of reported incidents this year highlights sector's continued issues with vendors, supply chain, and overall attack complexity, which creates a high demand for VRM solutions in the health care sector.

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The market scope for the new entrants and established companies has been assessed using various analytical tools, including the SWOT analysis, investment assessment, and Porter's Five Forces analysis. Furthermore, into the study, the authors of the report have evaluated the financial standing of leading companies operating in the industry. They have provided crucial information on gross profits, revenue shares, sales volume, manufacturing costs, individual growth rate, and numerous other financial ratios of these competitors. The Vendor Risk Management market analysis is largely focused on leading market players. Our analysts have provided information on financial statements of these players, product benchmarking, and their key business development strategies.

The leading market contenders listed in the report are:

BitSight Technologies, Inc., Genpact, MetricStream, SAI Global, IBM Corporation, Rapid Ratings International Inc., ProcessUnity, Inc., LogicManager, Inc., Aravo Solutions, Inc., ACL Services Ltd., Bitsight Technologies, and NAVEX Global, Inc

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the Vendor Risk Management (VRM) market. Also, to arrive at an accurate and unbiased market forecast, data collected from secondary research sources have been analysed and validated through primaries.

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The global market has been categorized on the basis of product type, application gamut, end-user industries, and the competitive hierarchy. The report inspects the current market scenario, its past performance, demand and supply ratios, production and consumption rates, sales, and numerous growth opportunities available in the market. It further entails a clear outline of the market's intensely competitive atmosphere to help businesses and industry stakeholders decipher the optimal business moves and achieve their business goals.

Segments Covered in this report are:

Solution Outlook (Revenue, USD Billion; 2019-2030)

Vendor Information Management

Contract Management

Compliance Management

Financial Control

Audit Management

Quality Assurance Management

Services Outlook (Revenue, USD Billion; 2019-2030)

Professional Services

Consulting

Deployment and Integration

Support and Maintenance

Managed Services

Deployment Outlook (Revenue, USD Billion; 2019-2030)

Cloud

On-premises

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Geographical Analysis:

The report offers a comprehensive analysis of the current growth prospects for the regional segments of the Vendor Risk Management market. It further gauges their revenue share for the forecast period. Furthermore, the report analyzes the year-on-year growth rate of the market in these regions for the forecast period. The leading geographic regions covered in this report are as follows:

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

Key Points of the Geographical Analysis:

Data and information related to the consumption rate in each region

Estimated increase in the consumption rate

Proposed growth of the market share of each region

Geographical contribution to market revenue

Expected growth rate of the regional markets

Highlights of the Table of Contents:

Report Overview

1.1 Research Scope

1.2 Key Vendor Risk Management market segments

1.3 Target players

1.4 Market analysis by type

1.5 Market analysis by application

1.6 Key learning objectives

1.7 Report timeline

Global Growth Trends

2.1 Global Vendor Risk Management market size

2.2 Latest trends of the Vendor Risk Management market by region

2.3 Key corporate trends

Vendor Risk Management Market shares of the key players

3.1 Global Vendor Risk Management size by manufacturers

3.2 Global Vendor Risk Management market key players

3.3 Products/solutions/services of major players

3.4 New entrants in the Vendor Risk Management market

3.5 Mergers, acquisitions, joint ventures, and expansion plans

Vendor Risk Management Market by product segmentation

4.1 Global Vendor Risk Management Sales by Product

4.2 Global Vendor Risk Management by Product Revenue

Continued…

Some Key Highlights from the Report

The contract management segment revenue is expected to increase at a steady rate over the forecast period due to rising adoption of vendor contract management among organizations and maximize financial and operational performance. Vendor contract management is the technique that helps organizations to control costs, drive service excellence, and minimize risks to generate more value from their vendors throughout the transaction life cycle.

The professional service segment is expected to register a steady revenue growth rate over the forecast period due to rising need for third-party risk management among organizations. The professional services team works with clients who need assistance in keeping up with ever-changing cyber security risk landscape and managing their third-party vendor population.

The North America market accounted for largest revenue share in the global vendor risk management market in 2021 due to rising number of security breaches and increasing need for efficient vendor ecosystem management in countries across the region, especially in the U.S. and Canada. For example, a seven-year data breach at Florida Healthy Kids Corporation (FHKC) that resulted from one of its vendors failing to address several vulnerabilities in its website affected over 3.5 million online applications and enrolles.

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