Third-party Risk Management Market Comprehensive Study: Forecasted Market Size And Growth Rate

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Third-party Risk Management Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The third-party risk management market size has grown rapidly in recent years. It will grow from $5.18 billion in 2023 to $6.08 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to data breaches and incidents, globalization of business, evolving business models, previous risk management failures, increasing outsourcing practices, data privacy concerns.

The third-party risk management market size is expected to see rapid growth in the next few years. It will grow to $11.34 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%. The growth in the forecast period can be attributed to rise in cyber threats, globalization of businesses, supply chain complexity, remote work challenges, demand for AI-driven solutions, shift in consumer expectations. Major trends in the forecast period include scalable risk solutions, cultural and ethical alignment, remote work and collaboration risks, resilience and business continuity, data privacy emphasis.

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Market Segmentation:
The third part risk management market covered in this report is segmented -

1) By Component: Solution, Services
2) By Deployment Type: Cloud Based, On-Premises
3) By Organization Size: Small and Medium Size Enterprises, Large Enterprises
4) By End User: Banking, Financial Services, and Insurance, IT and Telecom, Healthcare and Life Sciences, Government, Aerospace and Defense, Retail and Consumer Goods, Manufacturing, Energy and Power, Other End Users

Major Driver - Surge In Cyber-Attacks Drives Demand For Third-Party Risk Management Solutions
The rising cyber-attacks and frauds are expected to propel the growth of the third-party risk management market going forward. 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. For instance, according to the cybersecurity threatscape report by Positive Technologies, a Russia-based cybersecurity company, the number of cyber-attacks increased by 17% in Q1 of 2021. Moreover, in June 2022, according to Forbes, a US-based business magazine, the average frequency of data breaches and cyber-attacks rose by 15.1% in 2021. Therefore, increasing cyber-attacks and frauds drive the growth of the third-party risk management market.

Competitive Landscape:
Major companies operating in the third-party risk management market report are Deloitte LLP, PricewaterhouseCoopers, Ernst & Young LLP, KPMG International Limited, Genpact Ltd, Optiv Security Inc, Dun & Bradstreet, One Trust LLC, MetricStream Inc, MetricStream, NAVEX Global Inc, Galvanize, RSA Archer, Resolver Inc, Venminder Inc, Rsam, Aravo Solutions Inc, ProcessUnity, Rapid Ratings International Inc, BitSight Technologies, Prevalent Inc, Prevalent, LogicGate, CyberGRX, Riskpro India Ventures Pvt Limited, RiskIQ, SAI Global Pty Limited, RiskRecon Inc, Lockpath, Compliance 360, ControlCase, Riskonnect, CyberSaint Security, SureCloud, Quantivate, Tenable, CyberArk, UpGuard, Securiti.ai

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Top Trend - Trend Micro Inc. Redefines Third-Party Risk Management With Trend Micro One Cybersecurity Platform
Major companies operating in the third-party risk management market are focused on introducing advanced solutions, such as Cyber security platform, to gain a competitive edge in the market. Cyber security platforms are centralized solution designed to integrate security visibility, analysis, and controls across various security layers and data sources, enhancing protection, scalability, and performance. For instance, in April 2023, Trend Micro Inc., a US-based IT security company, launched Trend Micro One. Trend Micro One is a unified cybersecurity platform designed to help organizations prepare for, withstand, and rapidly recover from threats with a more empowered security team Trend Micro One provides a continuous lifecycle of risk and threat assessment with attack surface discovery, cyber risk management, and extended detection and response (XDR) capabilities. It has integration with third-party security providers and expert cybersecurity services.

The Table Of Content For The Market Report 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
…..
27. Third-party Risk Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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