United States Third-Party Risk Management Market by 2031 | CAGR 17.8% | AI-Driven Vendor Risk Solutions, Cloud Adoption & Regulatory Compliance | Key Players: IBM, RSA Security, MetricStream

Market Overview:

The Global Third-Party Risk Management (TPRM) Market is projected to grow at a CAGR of 17.8% during the forecast period 2024-2031. Third-Party Risk Management (TPRM) is a framework that focuses on identifying, assessing, and mitigating risks associated with third-party vendors, suppliers, contractors, or partners. The goal of TPRM is to ensure that organizations can safely engage with external entities while maintaining compliance, operational resilience, and data security.

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Recent Key Developments:

✅ January 2026 (Product Launch): IBM Corporation unveiled IBM TPRM Suite, integrating AI‐driven risk scoring with automated continuous monitoring capabilities for enterprise vendor landscapes.

✅ December 2025 (Partnership): Microsoft Corporation partnered with RiskSpan to launch a cloud‐native TPRM analytics platform on Azure, enabling predictive vendor risk insights and real‐time compliance reporting.

✅ November 2025 (Acquisition): Oracle Corporation acquired a mid‐sized vendor risk analytics startup to strengthen Oracle Risk Management Cloud with enhanced third‐party risk profiling and fraud detection tools.

✅ October 2025 (Platform Upgrade): SAP SE expanded its SAP GRC Suite to include enhanced third‐party risk dashboards, automated assessment workflows, and integrated control libraries.

Recent Key Developments: North America / Europe / Asia Pacific
✅ January 2026 (Implementation): Deloitte implemented an enterprise‐wide TPRM solution for a major North American financial services firm, enabling automated vendor risk intelligence and regulatory reporting.

✅ December 2025 (Launch): Riskonnect launched RiskConnect 360 in Europe with advanced analytics dashboards and scenario modeling for multi‐tier supplier risk.

✅ November 2025 (Strategic Alliance): KPMG UK partnered with SAS Institute to introduce AI‐enhanced TPRM analytics for public sector and regulated industries across Europe.

✅ October 2025 (Deployment): Infosys Ltd. deployed a TPRM solution suite across multiple Asia Pacific banks to improve vendor performance tracking and cybersecurity posture.

Key Players:
RSA Security LLC, MetricStream, KPMG International, Deloitte Touche Tohmatsu Limited, BitSight Technologies, Genpact Venminder, Inc., Resolver Inc., IBM Corporation and OneTrust, LLC
RSA Security LLC - Provides advanced TPRM solutions focused on risk identification, continuous monitoring, and vendor cybersecurity posture assessment.

MetricStream - Offers cloud-based governance, risk, and compliance (GRC) platforms with integrated vendor risk management modules.

KPMG International - Delivers consulting-led TPRM services, including AI-driven vendor analytics, regulatory compliance, and audit support.

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Security Concerns Driving Demand

Growing involvement of third-party vendors in IT systems and data-sharing increases exposure to financial and operational risks.

Companies with contractors, suppliers, or distributors face heightened risk, driving adoption of TPRM solutions.

Dependency on outdated tools like spreadsheets reinforces the need for automated, AI-driven risk management platforms.

Example: Mirato, an Israeli startup, launched an AI-based TPRM platform that automates the monitoring and management of third-party risk lifecycles.

High Financial Requirements as a Restraint

Advanced TPRM solutions leverage AI, machine learning, and analytics, replacing manual spreadsheet-based processes.

Implementation of these sophisticated platforms involves significant investment in software, integration, and personnel.

Smaller organizations or cost-sensitive enterprises may hesitate to adopt due to financial constraints, limiting market growth despite demand.

Regional Insights:

North America: 40% - Holds the largest market share due to high adoption of cloud-based TPRM solutions, stringent regulatory compliance requirements (e.g., GDPR, CCPA), and mature cybersecurity infrastructure in the US and Canada.

Europe: 28% - Strong presence driven by strict data protection regulations, growing awareness of third-party risks, and widespread adoption of enterprise risk management frameworks across industries in the UK, Germany, and France.

Asia Pacific: 20% - Fastest-growing region, fueled by increasing digital transformation, expanding SME base, and rising demand for secure vendor management in China, India, Japan, and South Korea.

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Market Segmentation:

By Component

Solutions: 60% - Dominates due to demand for automated risk assessment platforms, real-time monitoring, and compliance reporting tools.

Services: 40% - Includes consulting, integration, and managed TPRM services to support deployment and ongoing risk management.

By Deployment Mode

Cloud: 55% - Leading share driven by scalability, remote accessibility, lower upfront costs, and faster integration with enterprise systems.

On-Premise: 45% - Preferred by organizations with stringent data security policies, regulatory constraints, or legacy system dependencies.

By Organization Size

Large Enterprises: 65% - Major adopters due to complex vendor ecosystems, compliance requirements, and global operations.

Small & Medium Enterprises: 35% - Growing adoption supported by SaaS-based solutions and increasing awareness of third-party risks.

By End-User Industry

Banking, Financial Services, and Insurance (BFSI): 40% - High adoption owing to regulatory scrutiny and sensitive data handling.

I.T. and Telecom: 15% - Driven by extensive outsourcing and cloud service dependencies.

Healthcare and Life Sciences: 10% - Adoption to secure sensitive patient data and manage supplier compliance.

Government: 10% - Focused on ensuring public sector vendors meet security and service standards.

Aerospace and Defense: 8% - Compliance with strict supply chain and security protocols.

Retail and Consumer Goods: 7% - Growing adoption to manage supplier risks and maintain operational continuity.

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