Global Third-party Risk Management Market Growth Prospects, Future Industry Landscape 2033 | Deloitte LLP, PricewaterhouseCoopers, Ernst & Young LLP, KPMG International Limited

"The new report published by The Business Research Company, titled ""Third-party Risk Management Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, 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 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%.

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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.

Auditboard Advanced Solution Sets The Pace In Third-Party Risk Management
Technological advancements are a key trend gaining popularity in the third-party risk management market. 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.

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

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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

Contents of the report:
1. Executive Summary
2. Third-party Risk Management Market Report Structure
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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