The global vendor risk management market size was US$ 5,712 million in 2021. The global vendor risk management market size is forecast to reach US$ 18,820 million by 2030, growing at a compound annual growth rate (CAGR) of 14.5% during the forecast period from 2022 to 2030.
The utilization of service providers and IT suppliers does not provide an unacceptable risk of business disruption or have a detrimental impact on business performance, according to vendor risk management (VRM). Organizations can assess, monitor, and manage risks from third-party suppliers (TPSs) who supply IT goods and services and corporate access data with the aid of VRM technology. A contract defining the business's relationship with the seller should be a part of the VRM strategy. Due to the interconnectedness of the global supply chain and data flow, sensitive information should also be accessible and under your control. Businesses are outsourcing more and more crucial jobs to suppliers, which comes with advantages and concerns.
Factors Influencing Market Growth
Impact Analysis of COVID-19
The COVID-19 pandemic outbreak had a negative impact on enterprises, stunting innovation, restricting profitability, and depleting cash flow and financial reserves. Due to this unanticipated spread, the IT and software development businesses have also experienced difficulties. The pandemic outbreak disrupted a sizable chunk of global supply chains, which had an impact on the market. Due to financial losses, interrupted company operations, and lack of visibility, organizations from heavily impacted industries like manufacturing, BFSI, retail, and government adopted the solutions less than other organizations.
However, the use of vendor risk management systems showed a minor increase in the healthcare, IT and telecom, and energy and utility industries, which gave some commercial prospects amid the epidemic.
Regional Analysis
North America garnered the major market share in 2021 and is forecast to remain dominant during the forecast period. As a result of the advances in technologies in machine learning, deep learning, IoT, cloud, and Industry 4.0, and rising focus on data security and increased investment. In addition, the growing end-user industries such as healthcare, manufacturing, and others, rising invested capital, and growing focus on cyber security. Thus, these factors boost the market growth in the region.
Leading Competitors
The leading prominent companies profiled in the global vendor risk management market are:
Scope of the Report
The global vendor risk management market segmentation focuses on Component, Deployment, Organization Size, Vertical, and Region.
Segmentation based on Component
Segmentation based on Deployment
Segmentation based on Organization Size
Segmentation based on Vertical
Segmentation based on Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL VENDOR RISK MANAGEMENT MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
4 GLOBAL VENDOR RISK MANAGEMENT MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE MODEL
4.4 VALUE CHAIN ANALYSIS
5 GLOBAL VENDOR RISK MANAGEMENT MARKET, BY COMPONENT
5.1 OVERVIEW
5.2 SOLUTIONS
5.2.1 VENDOR INFORMATION MANAGEMENT
5.2.2 CONTRACT MANAGEMENT
5.2.3 FINANCIAL CONTROL
5.2.4 COMPLIANCE MANAGEMENT
5.2.5 AUDIT MANAGEMENT
5.2.6 QUALITY ASSURANCE MANAGEMENT
5.3 SERVICES
5.3.1 PROFESSIONAL SERVICES
5.3.2 MANAGED SERVICES
6 GLOBAL VENDOR RISK MANAGEMENT MARKET, BY DEPLOYMENT
6.1 OVERVIEW
6.2 ON-PREMISE
6.3 CLOUD
7 GLOBAL VENDOR RISK MANAGEMENT MARKET, BY ORGANIZATION SIZE
7.1 OVERVIEW
7.2 LARGE ENTERPRISES
7.3 SMALL & MEDIUM ENTERPRISES
8 GLOBAL VENDOR RISK MANAGEMENT MARKET, BY VERTICAL
8.1 OVERVIEW
8.2 BFSI
8.3 TELECOM AND IT
8.4 HEALTHCARE AND LIFE SCIENCES
8.5 CONSUMER GOODS AND RETAIL
8.6 ENERGY AND UTILITIES
8.7 MANUFACTURING
8.8 GOVERNMENT
8.9 OTHERS
9 GLOBAL VENDOR RISK MANAGEMENT MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL VENDOR RISK MANAGEMENT MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
11 COMPANY PROFILES
11.1 BITSIGHT TECHNOLOGIES
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.2 LOGICMANAGER, INCORPORATED
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.3 RESOLVER, INCORPORATED
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.4 METRICSTREAM
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.5 IBM CORPORATION
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.6 OPTIVE SECURITY, INCORPORATED
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.7 LOCKPATH
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.8. GENPACT LIMITED
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.9 RSA SECURITY LLC
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.10 SAI GLOBAL
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.11 LEXISNEXIS GROUP, INCORPORATED
11.11.1 OVERVIEW
11.11.2 FINANCIAL PERFORMANCE
11.11.3 PRODUCT OUTLOOK
11.11.4 KEY DEVELOPMENTS
11.12 RAPID RATINGS INTERNATIONAL, INCORPORATED
11.12.1 OVERVIEW
11.12.2 FINANCIAL PERFORMANCE
11.12.3 PRODUCT OUTLOOK
11.12.4 KEY DEVELOPMENTS
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