Vendor Risk Management Market Poised for 13.6 % Growth, Set to Hit $15.71 Billion by 2029

What industry-specific factors are fueling the growth of the vendor risk management market?
The rising frequency of data breach incidents is expected to propel the growth of the vendor risk management market. Data breaches, which expose sensitive information to unauthorized access, are increasingly common due to the rise in cyber threats and the expanding digital landscape. Vendor risk management helps mitigate these risks by identifying vulnerabilities and ensuring that third-party suppliers meet security and compliance standards. According to a report from the UK Department for Science, Innovation, and Technology, cybercrime impacted 26% of medium-sized businesses and 37% of large businesses in 2023. As the number of data breaches continues to rise, so too will the demand for vendor risk management solutions.

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What Is the projected market size and growth rate for the vendor risk management market?
The vendor risk management (VRM) market has also grown rapidly, increasing from $8.27 billion in 2024 to $9.43 billion in 2025, with a CAGR of 14.0%. Growth drivers include the emergence of advanced VRM solutions, rising concerns over high-profile data breaches, supply chain complexities, heightened regulatory compliance demands, and the need for faster, more secure transactions.

The vendor risk management market is projected to see rapid growth, reaching $15.71 billion by 2029 at a CAGR of 13.6%. Growth factors include the rising demand for efficient management of complex vendor ecosystems, increasing outsourcing practices, a growing number of connected devices, an increasing number of third-party vendors, and higher adoption of compliance management tools. Key trends expected in the forecast period include the adoption of AI and machine learning for risk assessment, technological advancements, strategic partnerships and collaborations, and new product launches.

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What new trends are reshaping the vendor risk management market and its opportunities?
In the vendor risk management market, companies are developing solutions like automated risk assessments to better identify and mitigate risks associated with vendors. For instance, in May 2023, Vanta launched a Vendor Risk Management solution that uses automation to perform vendor assessments, analyze risks, and share documentation for compliance. This system reduces the time and effort required for manual evaluations and helps organizations stay compliant with regulatory requirements.

What major market segments define the scope and growth of the vendor risk management market?
The vendor risk management market covered in this report is segmented -

1) By Component: Solution, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Organization Size: Small And Medium-Sized Enterprises, Large Enterprises
4) By Verticals: Banking, Financial Services, And Insurance (BFSI), Telecom and Information technology (IT), Healthcare and Life Sciences, Consumer Goods and Retail, Energy and Utilities, Manufacturing, Government, Other Verticals

Subsegments:
1) By Solution: Risk Assessment Tools, Risk Monitoring Tools, Compliance Management Solutions, Vendor Performance Management Solutions
2) By Services: Consulting Services, Implementation Services, Training And Support Services

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Which region dominates the vendor risk management market?
North America was the largest region in the vendor risk management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vendor risk management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Which key market leaders are driving the vendor risk management industry growth?
Major companies operating in the vendor risk management market are International Business Machines Corporation, Cisco Systems Inc., Ernst & Young Global Limited, KPMG International Limited, Deloitte, PricewaterhouseCoopers International Limited, ServiceNow Inc., Palo Alto Networks Inc., Fortinet Inc., Symantec Endpoint Security, Check Point Software Technologies Ltd., McAfee Corp., CrowdStrike Holdings Inc., RSA Security, Tenable Inc., Rapid7 Inc., Tanium, OneTrust LLC, Qualys Inc., SentinelOne Inc., MetricStream Inc., Trustwave Holdings Inc., BitSight Technologies Inc., RiskIQ Inc., Cyber Global Risk Exchange Inc.

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What Is Covered In The Vendor Risk Management Global Market Report?

•Market Size Forecast: Examine the vendor risk management market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the vendor risk management market for a structured understanding.
•Key Players Overview: Analyze major players in the vendor risk management market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the vendor risk management market.
•Segment Contributions: Evaluate how different segments drive overall growth in the vendor risk management market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the vendor risk management market.
•Industry Challenges: Identify potential risks and obstacles affecting the vendor risk management market.
•Competitive Landscape: Review strategic developments in the vendor risk management market, including expansions, agreements, and new product launches.

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