Emerging Trends to Drive Third-party Risk Management Market Growth at 18.1% CAGR Through 2029

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Third-party Risk Management Market Size Growth Forecast: What to Expect by 2025?
In recent years, the market size for third-party risk management has experienced rapid growth. Its worth is predicted to increase from $5.92 billion in 2024 to $6.82 billion in 2025, with a compound annual growth rate (CAGR) of 15.2%. This growth during the historical period is due to several factors, including prior failures in risk management, expanding business models, data violations and incidents, the globalisation of businesses, increased outsourcing activities, and concerns about data privacy.

How Will the Third-party Risk Management Market Size Evolve and Grow by 2029?
In the upcoming years, the market size of third-party risk management is likely to undergo swift expansion. The market is projected to reach a value of $13.25 billion in 2029, growing at a compound annual growth rate (CAGR) of 18.1%. The escalation during the forecast period can be linked to various factors such as the increase in cyber threats, the globalization of businesses, intricacy in supply chain, challenges associated with remote work, the demand for AI-centered solutions, and a shift in the expectations of consumers. The foremost trends to be expected in the forecast period include scalable risk solutions, the alignment of culture and ethics, risks related to remote work and collaboration, resilience, business continuity and a greater focus on data privacy.

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What Drivers Are Propelling the Growth of Third-party Risk Management Market Forward?
The surge in cybercrime and fraudulent activities is anticipated to fuel the expansion of the third-party risk management market in the future. Cyber-attacks are unlawful attempts to breach computer systems or networks with the intent to inflict damage. The prevalence of such attacks has escalated due to the constant growth of internet connectivity. Third-party risk management (TPRM) is a methodology used to scrutinize and manage risks tied with the task of allocating information to third-party vendors or service providers. This process helps businesses in making decisions informed by risk and lowers the probability of cyber-attacks and fraud. For example, the World Economic Forum, a non-governmental international organization based in Switzerland, revealed that during 2023, there were about 2,220 cyber-attacks happening daily, culminating in over 800,000 attacks annually. Five incidents from that year stood out for their severity or high-profile nature. Among them, hackers breached Microsoft exchange, gaining access to several tens of thousands of emails, including a minimum of 60,000 emails from Outlook accounts held by the US State Department personnel. Therefore, the increase in cyber-attacks and fraudulent activities act as a catalyst in the growth of the third-party risk management market.

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Which Emerging Trends Are Transforming the Third-party Risk Management Market in 2025?
Advancements in technology are becoming increasingly trendy in the third-party risk management market. Companies majoring in this sector are keen on innovating new technologies to cater to consumer interests and bolster their market standing. For instance, AuditBoard, an American cloud-based platform firm, rolled out an advanced solution for third-party risk management in August 2022. The novelty of AuditBoard's consolidated risk platform lies in its ability to deal with IT vendor risk by simplifying the process of risk assessing, monitoring, and mediation for information security, regulatory adherence, and risk management teams. Thanks to this solution, teams can save time and grow using automated, coordinated methods to effectively manage third-party risk.

What Are the Key Segments in the Third-party Risk Management Market?
The third-party risk managementmarket 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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Who Are the Key Players Shaping the Third-party Risk Management Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Third-party Risk Management Market?
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.

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