Overview and Scope
Third-party risk management (TPRM) is a form of risk management that entails recognizing, assessing, and controlling all of the potential risks that may arise throughout the lifecycle of business relationships with third parties. The main goal is to assist organizations in reducing risk, increasing agility and resiliency, and driving performance.
Sizing and Forecast
The third-party risk management market size has grown rapidly in recent years. It will grow from $5.18 billion in 2023 to $6.08 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to data breaches and incidents, globalization of business, evolving business models, previous risk management failures, increasing outsourcing practices, data privacy concerns.
The third-party risk management market size is expected to see rapid growth in the next few years. It will grow to $11.34 billion in 2028 at a compound annual growth rate (CAGR) of 16.9%. The growth in the forecast period can be attributed to rise in cyber threats, globalization of businesses, supply chain complexity, remote work challenges, demand for AI-driven solutions, shift in consumer expectations. Major trends in the forecast period include scalable risk solutions, cultural and ethical alignment, remote work and collaboration risks, resilience and business continuity, data privacy emphasis.
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Segmentation & Regional Insights
The third part risk management market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment Type: Cloud Based, On-Premises
3) By Organization Size: Small and Medium Size Enterprises, Large Enterprises
4) By End User: Banking, Financial Services, and Insurance, IT and Telecom, Healthcare and Life Sciences, Government, Aerospace and Defense, Retail and Consumer Goods, Manufacturing, Energy and Power, Other End Users
North America was the largest region in the third party risk management market in 2023. The regions covered in the third-party risk management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising cyber-attacks and frauds are expected to propel the growth of the third-party risk management market going forward. A cyber attack is an attempt to access a computer system or network to cause damage illegally. The continuous rise of internet interconnections has increased cyber-attack incidences. Third-party risk management (TPRM) is a process that analyses and reduces the risks associated with outsourcing information to third-party vendors or service providers. This process enables organizations to make risk-informed decisions and reduces the risk of cyber-attacks and fraud. For instance, according to the cybersecurity threatscape report by Positive Technologies, a Russia-based cybersecurity company, the number of cyber-attacks increased by 17% in Q1 of 2021. Moreover, in June 2022, according to Forbes, a US-based business magazine, the average frequency of data breaches and cyber-attacks rose by 15.1% in 2021. Therefore, increasing cyber-attacks and frauds drive the growth of the third-party risk management market.
Key Industry Players
Major companies operating in the third-party risk management market report are Deloitte LLP, PricewaterhouseCoopers, Ernst & Young LLP, KPMG International Limited, Genpact Ltd, Optiv Security Inc, Dun & Bradstreet, One Trust LLC, MetricStream Inc, MetricStream, NAVEX Global Inc, Galvanize, RSA Archer, Resolver Inc, Venminder Inc, Rsam, Aravo Solutions Inc, ProcessUnity, Rapid Ratings International Inc, BitSight Technologies, Prevalent Inc, Prevalent, LogicGate, CyberGRX, Riskpro India Ventures Pvt Limited, RiskIQ, SAI Global Pty Limited, RiskRecon Inc, Lockpath, Compliance 360, ControlCase, Riskonnect, CyberSaint Security, SureCloud, Quantivate, Tenable, CyberArk, UpGuard, Securiti.ai
The third-party risk management market report table of contents includes:
1. Executive Summary
- Third-party Risk Management Market Characteristics
- Third-party Risk Management Market Trends And Strategies
- Third-party Risk Management Market – Macro Economic Scenario
- Global Third-party Risk Management Market Size and Growth
.
- Global Third-party Risk Management Market Competitive Benchmarking
- Global Third-party Risk Management Market Competitive Dashboard
- Key Mergers And Acquisitions In The Third-party Risk Management Market
- Third-party Risk Management Market Future Outlook and Potential Analysis
- Appendix
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