Third-Party Risk Management Market Revenues to Expand at a CAGR of 15.9 % by 2024

[184 Pages Report] Third-party risk management market size, analysis, trends, & forecasts. The global market for third-party risk management categorized by solutions, services, deployment mode, organization size, vertical, and region.

Posted on 2019-12-17 by MarketsandMarkets in Internet & Online // 0 Comments

Northbrook, IL 60062, USA, 2019-Dec-17 —

According to a research report “Third-Party Risk Management Market by Component (Solution (Financial Control, Contract, Operational Risk, Audit, and Compliance) and Service (Professional & Managed)), Deployment Mode, Organization Size, Vertical, and Region – Global Forecast to 2024″, published by MarketsandMarkets, the global Third-Party Risk Management (TPRM) market size is projected to grow from USD 3.2 billion in 2019 to USD 6.8 billion by 2024, at a CAGR of 15.9% during the forecast period. The major factors driving the market include the increasing adoption of virtual applications; technological advancements, including automation, data analytics, and smart contracts; and soaring need to counter fraudulent activities in several verticals.

Key Market Players in Third-Party Risk Management Market

The vendors covered in the TPRM market report include RSA (US), Genpact (US), MetricStream (US), Deloitte (US), KPMG (Netherlands), BitSight Technologies (US), Ernst & Young (UK), PwC (UK), ProcessUnity (US), Venminder (US), Resolver (Canada), NAVEX Global (US), Riskpro (India), SAI Global (US), RapidRatings (US), Optiv (US), Aravo (US), OneTrust (US and UK), Galvanize (Canada), and Prevalent (US). These players have adopted various growth strategies, such as partnerships, new product launches and product enhancements, strategic investments, and acquisitions, to expand their presence in the TPRM market.

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Based on solutions, the financial control segment is estimated to lead the Third-Party Risk Management Market in 2019

Financial control management can be defined as a system that manages and limits the financial effects of the budget on user operations in such a way that it aligns the user toward the achievement of goals related to finances. Organizations depend on several vendors, which poses operational and credit risks for organizations. Financial control management solutions help reduce an organization’s operational costs while managing and selecting a third-party or any vendor.

Based on verticals, the BFSI vertical is expected to dominate the TPRM market size during the forecast period

BFSI is one of the major adopters of TPRM solutions. It has been a highly regulated and competitive vertical that always focuses on delivering enhanced customer experience. The changing ways of the BFSI vertical are operating, increasing digitalization, and adopting advanced technologies have exposed this industry to different types of risks. The need to keep up with the changing regulatory environment and penalties associated with non-compliance has changed the way how risk is viewed and managed. These factors, coupled with the increasing challenges, such as cyber threats, third-party risks, and regulatory compliances, are expected to fuel the demand for TPRM solutions in the BFSI vertical.

North America is expected to hold the highest Third-Party Risk Management Market share during the forecast period

North America is the largest revenue contributor to the TPRM industry, as the growth in the region is being driven by the rising internet penetration and increasing adoption of cloud-based and IoT applications across verticals. Countries in North America are well-established economies, which enable investments in advanced technologies.

The demand for Third-Party Risk Management services is expected to increase in enterprises, as the adoption of solutions is growing across North America. Various organizations operating in different industrial domains across the US and Canada have been considering the implementation of effective solutions to manage their partner ecosystem for minimizing the risks associated with the management of third-parties.

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