Tokyo, Japan, May 01, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), " Vendor Risk Management Market: By Component, Solutions, Deployment, Organization Size, and by End-users Forecast till 2032”, the market is predicted to thrive substantially during the assessment era from 2023 to 2032 at a healthy CAGR of approximately 13.30% to attain a valuation of around USD 15.6 Billion by the end of 2032.
Key Players
Eminent market players profiled in the global Vendor Risk Management market report include
- BitSight Technologies
- CyberGRX
- RSA Security LLC
- ProcessUnity
- MetricStream Inc.
- LogicManager Inc.
- OneTrust LLC
- Prevalent Inc.
- RiskRecon
- Aravo Solutions Inc.
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Vendor Risk Management Market Report Scope:
| Report Metrics | Details |
| Vendor Risk Management Market Size by 2032 | USD 15.6 billion (2032) |
| Vendor Risk Management Market CAGR during 2023-2032 | 13.30% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | The growth is due to high-level expertise in the cloud deployment of vendor risk management. Asia Pacific is also anticipated to be the fastest growing region in the vendor |
Drivers
The growth of the Vendor Risk Management market can be attributed to the increasing need for organizations to manage risks associated with third-party vendors, suppliers, and contractors. The rise of cyber-attacks, data breaches, and regulatory compliance requirements are also driving factors for the growth of the market.
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Recent Developments and Opportunities
In recent years, several developments have been made in the VRM market. For instance, in December 2022, RSA Security LLC announced the launch of its new VRM solution, RSA Archer Vendor Risk Management, which enables organizations to assess, manage, and monitor risks associated with third-party vendors. Similarly, in September 2021, CyberGRX announced the launch of its new AI-powered VRM solution, CyberGRX Assess, which automates the vendor risk assessment process and improves the accuracy and efficiency of risk management.
There are several opportunities in the Vendor Risk Management Market, including the increasing adoption of AI and ML in VRM solutions, the adoption of cloud-based VRM solutions, and the development of VRM solutions for SMEs.
In conclusion, the Vendor Risk Management Market is expected to reach USD 9.3 billion by 2028 due to the increasing need for organizations to manage risks associated with third-party vendors. However, the market also faces several challenges that need to be addressed. The adoption of AI and ML in VRM solutions and cloud-based VRM solutions present significant opportunities for the growth of the market.
Challenges
However, the VRM market faces several challenges, including the lack of standardization in VRM solutions, the difficulty in identifying and assessing risks associated with third-party vendors, and the high cost of implementing and maintaining VRM solutions.
Market Segmentation
The global Vendor Risk Management Market is segmented by component, deployment, organization size, industry vertical, and region. By component, the market is segmented into solutions and services. By deployment, the market is segmented into on-premises and cloud. By organization size, the market is segmented into large enterprises and SMEs. By industry vertical, the market is segmented into BFSI, healthcare, IT and telecom, government and defense, retail and consumer goods, and others.
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Industry Trends
One of the key trends in the Vendor Risk Management Market is the increasing use of artificial intelligence (AI) and machine learning (ML) to automate the vendor risk assessment process and improve the accuracy and efficiency of risk management. Another trend is the adoption of cloud-based VRM solutions that enable organizations to manage risks associated with third-party vendors more effectively and efficiently.
Regional Analysis
The global Vendor Risk Management Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to dominate the market during the forecast period due to the presence of several key players in the region and the increasing adoption of VRM solutions by organizations to manage risks associated with third-party vendors.
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