Overview and Scope
Vendor risk management (VRM) refers to the process of identifying, assessing, prioritizing, and mitigating risks associated with third-party vendors, suppliers, or service providers that an organization relies on to conduct its operations. It protects organizations from a wide range of risks associated with relationships with third-party vendors, ensuring operational resilience, regulatory compliance, data protection, and reputation management.
Sizing and Forecast
The vendor risk management market size has grown rapidly in recent years. It will grow from $7.29 billion in 2023 to $8.27 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to the emergence of VRM solutions, high-profile data breaches, supply chain complexity, regulatory compliance requirements, and the need for faster transactions.
The vendor risk management market size is expected to see rapid growth in the next few years. It will grow to $13.84 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to rising demand for efficient management of complex vendor ecosystems, increasing outsourcing practices, increasing connected devices, increasing number of third-party vendors, and increase in the adoption of compliance management tools. Major trends in the forecast period include adoption of AI and machine learning for risk assessment, technological advancements, partnerships and collaborations, and product launches.
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Segmentation & Regional Insights
The vendor risk management market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Organization Size: Small And Medium-Sized Enterprises, Large Enterprises
4) By Verticals: Banking, Financial Services, And Insurance (BFSI), Telecom and Information technology (IT), Healthcare and Life Sciences, Consumer Goods and Retail, Energy and Utilities, Manufacturing, Government, Other Verticals
North America was the largest region in the vendor risk management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vendor 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 number of data breach incidents is expected to propel the growth of the vendor risk management market going forward. Data breaches refer to unauthorized access, disclosure, or destruction of sensitive information, posing risks to individuals’ privacy, organizational security, and regulatory compliance. Data breach incidents are due to sophisticated cyber threats, vulnerabilities in technology infrastructure, inadequate security measures, and the expanding attack surface resulting from digital transformation and interconnected systems. Vendor risk management is helpful in reducing the risk of data breaches and incidents by identifying vulnerabilities, implementing security measures, fostering collaboration, and ensuring compliance with regulations. For instance, in April 2023, according to the Department for Science, Innovation, and Technology, a UK-based government body, cybercrime impacted 11% of businesses and 8% of charities overall in 2022. Further, this figure rose to 26% for medium-sized businesses, 37% for large businesses, and 25% for high-income charities in 2023. Therefore, rising data breaches and incidents are driving the growth of the vendor risk management market.
Key Industry Players
Major companies operating in the vendor risk management market are International Business Machines Corporation, Cisco Systems Inc., Ernst & Young Global Limited, KPMG International Limited, Deloitte, PricewaterhouseCoopers International Limited, ServiceNow Inc., Palo Alto Networks Inc., Fortinet Inc., Symantec Endpoint Security, Check Point Software Technologies Ltd., McAfee Corp., CrowdStrike Holdings Inc., RSA Security, Tenable Inc., Rapid7 Inc., Tanium, OneTrust LLC, Qualys Inc., SentinelOne Inc., MetricStream Inc., Trustwave Holdings Inc., BitSight Technologies Inc., RiskIQ Inc., Cyber Global Risk Exchange Inc.
The vendor risk management market report table of contents includes:
1. Executive Summary
2. Vendor Risk Management Market Characteristics
3. Vendor Risk Management Market Trends And Strategies
4. Vendor Risk Management Market – Macro Economic Scenario
5. Global Vendor Risk Management Market Size and Growth
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32. Global Vendor Risk Management Market Competitive Benchmarking
33. Global Vendor Risk Management Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Vendor Risk Management Market
35. Vendor Risk Management Market Future Outlook and Potential Analysis
36. Appendix
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