2025-2034 Vendor Risk Management Market Evolution: Disruptions, Innovations, and Untapped Opportunities

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What Will the Vendor Risk Management Industry Market Size Be by 2025?
In recent years, the market size for vendor risk management has seen a swift expansion. It is projected to inflate from $8.27 billion in 2024 to $9.36 billion in 2025, indicating a compound annual growth rate (CAGR) of 13.1%. The previous period's growth can be linked to factors such as the arrival of VRM solutions, significant data ruptures, intricate supply chains, regulatory compliance obligations, and the drive for expedited transactions.

What's the Long-Term Growth Forecast for the Vendor Risk Management Market Size Through 2029?
Anticipated rapid expansion is on the horizon for the vendor risk management market, which is predicted to soar to $14.95 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 12.4%. The forecast period's growth can be credited to factors such as the escalating need for effective control of complex vendor networks, growing outsourcing practices, a rise in the number of connected devices and third-party vendors, and the growing acceptance of compliance management tools. Notable trends expected within the forecast period encompass the utilization of AI and machine learning for risk assessments, technology advancements, strategic partnerships and collaborations along with new product introductions.

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What Are the Key Growth Drivers Fueling the Vendor Risk Management Market Expansion?
The continued increase in instances of data breaches is predicted to drive the expansion of the vendor risk management market. Data violations, which cover unauthorized intrusion, revelation, or annihilation of critical data, carry threats to the personal privacy of individuals, enterprise safety and conformity with regulations. These breaches are attributable to sophisticated cybersecurity risks, weaknesses in technological systems, insufficient safety protocols, and a broadening exposure zone created by digital evolution and linked systems. Vendor risk management proves useful in mitigating the risk of these data violations and incidents, by pinpointing weak spots, incorporating security features, encouraging cooperation, and ensuring alignment with regulations. As an example, in April 2023, the UK's Department for Science, Innovation, and Technology reported that 11% of businesses and 8% of charitable organizations were impacted by cybercrime in 2022. This percentage increased to 26% for medium businesses, 37% for larger businesses, and 25% for wealthier charities in 2023. Hence, the escalating number of data violations and incidents is fuelling the growth of the vendor risk management market.

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What Are the Key Trends Driving Vendor Risk Management Market Growth?
Key players in the vendor risk management marketplace are investing in innovative strategies like automated risk assessment to bolster their market standing. Automated risk assessment is an approach that employs technologies such as artificial intelligence or software algorithms to examine and deconstruct potential risks within a system or organization, independent of human intervention. For example, in May 2023, a new vendor risk management solution was launched by Vanta, a USA-based company that consistently checks the compliance and safety of its operations. This solution encompasses an elaborate risk management framework that concentrates on pinpointing and offsetting risks linked to vendors, incorporating automated vendor appraisals, risk evaluations, and risk-reduction methods to assure alignment with regulatory stipulations. Additionally, the solution includes a risk exchange for the distribution of vendor risk assessments and related paperwork, streamlining the evaluation process and saving time and effort.

How Is the Vendor Risk Management Market Segmented?
The vendor risk managementmarket 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 Companies Are Leading the Charge in Vendor Risk Management Market Innovation?
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.

Which Regions Are Leading the Global Vendor Risk Management Market in Revenue?
North America was the largest region in the vendor risk management market in 2024. 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.

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