Vendor Risk Management Market: Major Trends Reshaping the Future of the Industry

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What Will the Vendor Risk Management Industry Market Size Be by 2025?_x000D_
The marketplace for vendor risk management has experienced swift expansion in the past few years. It's predicted to rise from a value of $8.27 billion in 2024 to $9.43 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 14.0%. Factors contributing to its growth during the historic period include VRM solution development, the occurrence of prominent data breaches, the complexity of supply chains, regulatory compliance demands, and the increasing need for faster transactions._x000D_
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What's the Long-Term Growth Forecast for the Vendor Risk Management Market Size Through 2029?_x000D_
Expectations are high for swift expansion in the vendor risk management market in the coming years. The sector is forecasted to surge to a valuation of $15.71 billion by 2029, with a compound annual growth rate of 13.6%. The primary factors driving this predicted growth during the forecast period include the rising need for effective control of intricate vendor ecosystems, growth in outsourcing practices, a rise in connected devices, the increased number of third-party vendors, and an upswing in the use of compliance management tools. The upcoming period will likely see enhanced use of AI and machine learning strategies for risk evaluation, technological evolution, an increase in partnerships and collaborations, and new product introductions._x000D_
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What Are the Key Growth Drivers Fueling the Vendor Risk Management Market Expansion?_x000D_
The increased occurrence of data violation incidents is projected to fuel the vendor risk management market's expansion in the future. Data violations imply unwarranted access, revelation, or decimation of confidential information, endangering individuals' privacy, organizational safety, and regulatory compliance. The reasons behind data infringement incidents include advanced cyber risks, flaws in tech infrastructure, insufficient security precautions, and an increasing attack panorama due to digital transformation and interconnected systems. Vendor risk management plays a critical role in mitigating data breach risks by identifying weak spots, enacting security steps, encouraging cooperation, and ensuring regulatory adherence. For example, in April 2023, the Department for Science, Innovation, and Technology, a government agency in the UK, reported that cybercrime had affected 11% of all businesses and 8% of charities in the previous year. Moreover, these figures escalated to 26% for medium-sized businesses, 37% for large businesses, and 25% for high-income charities in 2023. As such, the rising cases of data breaches are catalyzing the expansion of the vendor risk management market._x000D_
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What Are the Key Trends Driving Vendor Risk Management Market Growth?_x000D_
Leading businesses in the vendor risk management marketplace are advancing their standing by creating novel solutions like automated risk assessment. This concept applies technology, namely artificial intelligence or software algorithms, to examine potential hazards in a system or organization, bypassing the need for human involvement. For example, Vanta, a U.S.-based firm responsible for monitoring its safety and compliance protocols, revealed a new Vendor risk management solution in May 2023. This platform delivers a holistic approach to risk management, aimed at recognizing and lessening risks linked to vendors. It incorporates automatic vendor assessments, risk evaluations, and risk mitigation methods that adhere to regulatory mandates. Additionally, the platform comprises a risk exchange, promoting the distribution of vendor risk assessments and other pertinent documents, which trims down the time and struggle needed for appraisals._x000D_
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How Is the Vendor Risk Management Market Segmented?_x000D_
The vendor risk management market covered in this report is segmented - _x000D_
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1) By Component: Solution, Services_x000D_
2) By Deployment Mode: Cloud, On-Premises_x000D_
3) By Organization Size: Small And Medium-Sized Enterprises, Large Enterprises_x000D_
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_x000D_
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Subsegments:_x000D_
1) By Solution: Risk Assessment Tools, Risk Monitoring Tools, Compliance Management Solutions, Vendor Performance Management Solutions _x000D_
2) By Services: Consulting Services, Implementation Services, Training And Support Services_x000D_
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Which Companies Are Leading the Charge in Vendor Risk Management Market Innovation?_x000D_
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. _x000D_
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Which Regions Are Leading the Global Vendor Risk Management Market in Revenue?_x000D_
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._x000D_
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