Third-party Risk Management Market Report 2024 - Third-party Risk Management Market Scope, Trends And Share

"The Business Research Company recently released a comprehensive report on the Global Third-party Risk Management Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 Drivers and Trends:
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.

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.

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Major Key Players of the Market:
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

Third-party Risk Management Market 2024 Key Insights:
• 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%.
• Surge In Cyber-Attacks Drives Demand For Third-Party Risk Management Solutions
• Auditboard Advanced Solution Sets The Pace In Third-Party Risk Management
• North America was the largest region in the third party risk management market in 2023

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