Vendor Risk Management Market Forecast 2025-2034: Comprehensive Analysis And Growth Opportunities

The Vendor 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 Projected Growth of the Vendor Risk Management Market?
The vendor risk management market will grow from $8.27 billion in 2024 to $9.43 billion in 2025 at a CAGR of 14.0%. The growth in recent years can be attributed to the emergence of VRM solutions, significant data breaches, the complexity of supply chains, regulatory compliance pressures, and the need for faster transactions.

The vendor risk management market is expected to grow quickly, reaching $15.71 billion by 2029 at a CAGR of 13.6%. This growth is driven by the need for efficient vendor ecosystem management, growing outsourcing, an increase in connected devices and third-party vendors, and the adoption of compliance management tools. Trends include the use of AI and machine learning for risk assessment, technological advancements, collaborations, and new product launches.

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What Are the Different Vendor Risk Management Market Segments?
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), Healare 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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What Are the Primary Drivers Shaping the Vendor Risk Management Market?
The rising number of data breaches is expected to propel the vendor risk management market. Data breaches, driven by cyber threats and vulnerabilities in technology, pose risks to privacy and security. Vendor risk management helps identify and mitigate these risks, ensuring compliance and reducing vulnerabilities. In April 2023, the UK Department for Science, Innovation, and Technology reported rising cybercrime incidents, particularly in medium and large businesses, emphasizing the need for effective vendor risk management.

Which Companies Are Leading in the Vendor Risk Management Market?
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.

What Are the Latest Developing Trends in the Vendor Risk Management Market?
In the vendor risk management market, companies are developing automated risk assessment solutions to strengthen their competitive edge. Vanta, a US-based company, launched a new vendor risk management solution in May 2023, which includes automated risk assessments and mitigation strategies to help businesses comply with regulatory requirements while streamlining the evaluation process.

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What Are the Top Revenue-Generating Geographies in 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.

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

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