The Vendor Risk Management Industry: Understanding the Market and Its Potential

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Vendor Risk Management Market Size – USD 5.11 Billion in 2021, Market Growth – at a CAGR of 14.4%

SURREY NORTH, BRITISH COLUMBIA, CANADA, January 24, 2023 /EINPresswire.com/ -- Vendor Risk Management:

The process of ensuring that the use of service providers and IT suppliers does not pose an unacceptably high risk of business disruption or have a detrimental effect on business performance is known as vendor risk management (VRM). Businesses that must evaluate, monitor, and manage their risk exposure from third-party suppliers (TPSs) that offer IT products and services or who have access to enterprise information are supported by VRM technology.

Vendor Risk Management (VRM) market size was USD 5.11 Billion in 2021 and is expected to register a revenue CAGR of 14.4% during the forecast period, according to latest analysis by Emergen Research. Increasing number of third-party vendors in small and large organizations is the key factor driving market revenue growth.

VRM is more crucial than ever due to constantly changing threat landscape, as the focus is shifting from business to supplier or vendor. VRM aids in educating vendor and company about any hazards that could arise from the collaboration. Organizations are getting into agreements with third parties at a faster rate than ever before, either to software integration capabilities or cost savings of selective outsourcing.

Increased interactions with vendors, heightened regulatory focus on supplier risk, and pressure from economic volatility necessitate a deeper look at who is the potential third-party vendors. As technology moves toward more cloud-hosted or shared settings, understanding security measures, policies, and procedures that are associated with hosting environments or how data is managed is essential

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Report Scope:

Forecast Period : 2022-2030

CAGR: 14.4%

Base Year: 2022

Number of Pages: 250

The competitive landscape of the report has been formulated by considering all the vital parameters such as company profiling, market share, recent developments and advancements, gross margins, product portfolio, revenue generation, financial standing, market position, and expansion plans. The report also discusses in detail the recent mergers and acquisitions, joint ventures, collaborations, product launches and brand promotions, agreements, corporate and government deals, and partnerships, among others. The report also sheds light on the recent technological developments and product advancements in the Vendor Risk Management market.

Furthermore, the report provides details about the new players entering the market, entry-level barriers and offers strategic recommendations to overcome those barriers to gain a substantial industry presence.

Prominent players operating in the industry have undertaken collaborations and agreements to gain a competitive edge and gain a robust footing in the industry. Some prominent players profiled in the report are:

BitSight Technologies, Inc., Genpact, MetricStream, SAI Global, IBM Corporation, Rapid Ratings International Inc., ProcessUnity, Inc., LogicManager, Inc., Aravo Solutions, Inc., ACL Services Ltd., Bitsight Technologies, and NAVEX Global, Inc.

The report is an investigative study of the technological developments and product advancements, along with a regional analysis for each product and application offered in the market. The fundamental objective of the report is to give an insight into the workings of the Vendor Risk Management industry. It provides an accurate and strategic outlook of the market with a thorough assessment of the segments and sub-segments of the market. It provides a panoramic view of the industry to offer a deeper understanding of the global industry.

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Emergen Research has segmented the global vendor risk management market based on technology, installation, application, material, system, and region, and region:

Solution Outlook (Revenue, USD Billion; 2019-2030)

Vendor Information Management

Contract Management

Compliance Management

Financial Control

Audit Management

Quality Assurance Management

Services Outlook (Revenue, USD Billion; 2019-2030)

Professional Services

Consulting

Deployment and Integration

Support and Maintenance

Managed Services

Deployment Outlook (Revenue, USD Billion; 2019-2030)

Cloud

On-premises

Organization Size Outlook (Revenue, USD Billion; 2019-2030)

Small and Medium-Sized Enterprises (SMEs)

Large Enterprises

End-Use Outlook (Revenue, USD Billion; 2019-2030)

Banking, Financial Services and Insurance (BFSI)

Healthcare and Life Science

IT & Telecom

Energy & Utility

Retail

Government

Aerospace & Defense

Manufacturing

Others

Table of Content

Chapter 1. Methodology & Sources

    1.1. Market Definition

    1.2. Research Scope 

    1.3. Methodology

    1.4. Research Sources

          1.4.1. Primary

          1.4.2. Secondary

          1.4.3. Paid Sources

    1.5. Market Estimation Technique

Chapter 2. Executive Summary

    2.1. Summary Snapshot, 2022–2030

Chapter 3. Key Insights

Chapter 4. Vendor Risk Management Market Segmentation & Impact Analysis

    4.1. Vendor Risk Management Market Segmentation Analysis

    4.2. Industrial Outlook

          4.2.1. Market indicators analysis

          4.2.2. Market drivers analysis

                    4.2.2.1. Increasing number of third-party vendors in small and large organizations

                    4.2.2.2. Rising need to monitor and analyze vendor performance

                    4.2.2.3. Increasing need for efficient vendor ecosystem management

                    4.2.2.4. Rising threats to cybersecurity

          4.2.3. Market restrains analysis

                    4.2.3.1. Dependency of many organizations on non-formal and manual processes

                    4.2.3.2. High cost for vendor risk management solutions

    4.3. Technological Insights

    4.4. Regulatory Framework

    4.5. Porter’s Five Forces Analysis

    4.6. Competitive Metric Space Analysis

    4.7. Price Trend Analysis

    4.8. Covid-19 Impact Analysis

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Emergen Research
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