Third-party Risk Management Market Report 2023-2032: Future Scope, Industry Insights, Growth Rate And Major Players| KPMG International Limited, Genpact Ltd., MetricStream Inc., Deloitte LLP, Prevalent Inc., BitSight Technologies

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company's Third-party Risk Management Global Market Report 2023 identifies rising cyber-attacks and frauds as the major driver for the Third-party Risk Management Market's growth in the forecast period. A cyber attack is an attempt to access a computer system or network to cause damage illegally. The continuous rise of internet interconnections has increased cyber-attack incidences. Third-party risk management (TPRM) is a process that analyses and reduces the risks associated with outsourcing information to third-party vendors or service providers. This process enables organizations to make risk-informed decisions and reduces the risk of cyber-attacks and fraud.

The global third-party risk management market size is expected to grow from $4.42 billion in 2022 to $5.22 billion in 2023 at a compound annual growth rate (CAGR) of 18%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the third-party risk management market is expected to reach $9.66 billion in 2027 at a CAGR of 16.6%.

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Major competitors in the third-party risk management market are KPMG International Limited, Genpact Ltd., MetricStream Inc., Deloitte LLP, Prevalent Inc., BitSight Technologies.

A key trend in the Third-party Risk Management Market includes technological advancement. Major companies in the third-party risk management sector are focused on developing new technologies to meet consumer demand and strengthen their market position. For instance, in August 2022, AuditBoard, a US-based cloud-based platform company, launched a advanced third-party risk management solution. The new AuditBoard's integrated risk platform enables companies to address IT vendor risk by streamlining third-party risk assessment, monitoring, and remediation for information security, compliance, and risk teams. This solution allows teams to save time and expand using automated and collaborative procedures for effective third-party risk management.

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The Third-party Risk Management Market is segmented -
By Component: Solution, Services
By Deployment Type: Cloud Based, On-Premises
By Organisation Size: Small and Medium Size Enterprises, Large Enterprises
By End User: Banking, Financial Services, and Insurance, IT and Telecom, Healthcare and Life Sciences, Government, Aerospace and Defence, Retail and Consumer Goods, Manufacturing, Energy and Power, Other End Users
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Third-party Risk Management Market.

The Business Research Company's "Global Third-party Risk Management Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Third-party Risk Management Market Include:
1. Executive Summary
2. Third-party Risk Management Market Characteristics
3. Third-party Risk Management Market Trends And Strategies
4. Third-party Risk Management Market - Macro Economic Scenario
5. Third-party Risk Management Market Size And Growth
……
26. Africa Third-party Risk Management Market
27. Third-party Risk Management Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Third-party Risk Management Market
29. Third-party Risk Management Market Future Outlook and Potential Analysis
30. Appendix

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