Surge In Cyber-Attacks Drives Demand For Third-Party Risk Management Solutions: A Significant Driver Propelling The Third-party Risk Management Market In 2025

The Third-party Risk Management Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Current Third-party Risk Management Market Size and Its Estimated Growth Rate?
The market size for third-party risk management has seen substantial growth in the past few years. The projection shows an increase from $5.92 billion in 2024 to $6.85 billion in 2025, with a compound annual growth rate (CAGR) of 15.7%. The surge over the previous period can be traced back to events such as data breaches, business globalization, changing business models, past risk management downfalls, a rise in outsourcing practices, and issues regarding data privacy.

In the coming years, the market for third-party risk management is projected to experience a significant surge. The market size is slated to reach $13.49 billion by 2029, growing at a compound annual growth rate (CAGR) of 18.5%. This envisaged growth during the prediction period can be credited to the increase in cyber threats, business globalization, complexities of supply chain, challenges posed by remote work, the call for AI-driven solutions, and shift in consumer expectations. The forecast period is also expected to spotlight key trends such as scalable risk management solutions, culture and ethics alignment, risks associated with remote work and collaboration, resilience and business continuity agenda, and a stronger focus on data privacy.

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How Are Emerging Segments Shaping the Third-party Risk Management Market Landscape?
The third-party 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

Subsegments:
1) By Solution: Risk Assessment Software, Compliance Management Solutions, Risk Analytics Tools, Incident Management Systems, Risk Monitoring Platforms
2) By Services: Consulting Services, Risk Assessment And Analysis Services, Training And Education Services, Managed Risk Services, Support And Maintenance Services

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Which Growth Factors Are Influencing Third-party Risk Management Market Expansion?
With the escalation in cyber-attacks and fraudulent activities, momentum is expected to build within the third-party risk management market. Illegal attempts to break into computer systems or networks, better known as cyber-attacks, have seen an increment in frequency with the surge in internet interconnections. This notably heightens the significance and implementation of Third-Party Risk Management (TPRM). This process impartially reviews and diminishes the risks attached to information outsourcing to third-party vendors or service providers and enables companies to make informed decisions regarding risk, thus mitigating the chance of cyber-attacks and fraud. For instance, in a statistical claim made by the World Economic Forum, a Swiss-based international NGO, it is stated that an approximately 2,220 cyber-attacks transpired daily in 2023, which amounts to over 800,000 annual attacks. The data includes five standout incidents from that year. Among them was a breach on Microsoft Exchange where hackers accessed a massive amount of emails, including at least 60,000 emails from Outlook accounts of US State Department employees. Hence, the rising cyber-attacks and frauds fuel the expansion of the third-party risk management market.

Who Are the Dominant Players Across Different Third-party Risk Management Market Segments?
Major companies operating in the third-party risk management market include Deloitte LLP, PricewaterhouseCoopers, Ernst & Young LLP, KPMG International Limited, Genpact Ltd, Optiv Security Inc, Dun & Bradstreet, One Trust LLC, MetricStream Inc, 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

What Are the Latest Developing Trends in the Third-party Risk Management Market?
Advancements in technology are emerging as a significant trend in the third-party risk management market. To satisfy consumer demand and bolster their market status, leading companies in the sector are directing their efforts towards the creation of innovative technologies. AuditBoard, a cloud-based platform firm located in the US, for example, rolled out an cutting-edge solution for third-party risk management in August 2022. Their newly launched integrated risk platform assists businesses in managing IT vendor risk by enhancing the efficiency of third-party risk appraisal, monitoring, and remedy processes for compliance, risk, and information security teams. This solution offers teams the advantage of saving time and growth through the use of automated, collaborative procedures for successful third-party risk management.

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Which Geographic Regions Are Expected to Dominate the Third-party Risk Management Market in the Coming Years?
North America was the largest region in the third party risk management market in 2024. The regions covered in the third-party risk management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Third-party Risk Management Market?
2. What is the CAGR expected in the Third-party Risk Management Market?
3. What Are the Key Innovations Transforming the Third-party Risk Management Industry?
4. Which Region Is Leading the Third-party Risk Management Market?

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