The Global Third-Party Risk Management Market was valued at USD 2.85 billion in 2018 and is estimated to reach USD 8.18 billion by 2025 growing at a CAGR of 16.87% during the forecast period 2019–2025. Market Research Future (MRFR) has segmented the third-party risk management market on the basis of component, deployment, organization size, vertical, and region.
By component the third-party risk management market has been segmented into solution and service. By solution, the market has been sub-segmented into finance management, contract management, compliance management, operational risk management, and audit management. By service, the market has been sub-segmented into professional and managed services. Among solutions, finance management is dominating the solutions market due to the increasing adoption of advanced solutions by organizations in order to optimize their operational efficiency. Whereas, compliance management market is projected to witness the highest growth rate during the forecast period.
By deployment, the third-party risk management market has been segmented into on-premise and on-cloud. Among these, currently, on-cloud is dominating the market and is expected to witness a faster CAGR during the forecast period due to its benefits over on-premise solutions such as low budget required for developing IT infrastructure and easy deployment and accessibility.
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By organization size, the market has been segmented into small- and medium-sized enterprises and large enterprises. Among these, the large enterprise segment is currently dominating the market due to the increasing need to safeguard the huge volume of sensitive information present on-premise as well as on cloud platforms. Also, large enterprises have sufficient IT spends to enhance their digital presence, which further fuels market growth.
By vertical, the market has been segmented into BFSI, IT and telecommunication, healthcare, government, retail, and manufacturing among others. Among these, BFSI is currently dominating the market due to the high demand for information security and the increasing adoption of digital and cloud technologies, whereas, the retail vertical is projected to grow at the fastest CAGR during the forecast period.
By region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America has been further segmented into the US, Canada, and Mexico. Europe has been further segmented into Germany, the UK, France, Spain, Norway, Benelux, and Italy. Asia-Pacific has been sub-segmented into China, Japan, India, South Korea, Australia, Malaysia, Indonesia, and the Philippines. The Middle East and Africa have been further segmented into Saudi Arabia, Israel, Turkey, and South Africa and South America has been classified into Brazil, Peru, Chile, and Argentina.
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The Global Third-Party Risk Management Market is expected to grow in the coming years owing to the presence of numerous large players active in the regional market. RSA Security LLC (US), Genpact (US), Cisco Systems (US), Deloitte (US), KPMG (The Netherlands), BitSight (US), Alyne GmbH (Germany), Prevalent Inc. (US), OneTrust (US), Aravo Solutions, Inc. (US), Venminder (US), Riskpro (India), and ProcessUnity, Inc (US) are the companies leading the third-party risk management market.
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