Newark, April 06, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global third-party risk management market is expected to grow from USD 5.68 billion in 2022 to USD 18.20 billion by 2030, at a CAGR of 15.67% during the forecast period 2022-2030. The North American region emerged as the largest market for the global third-party risk management market, with a 40.23% market revenue share in 2022. North America currently dominates the third-party risk management market due to significant market players in the region. The easy accessibility and affordability of internet services also aid the market's growth by improving connectivity and integration of services to carry out risk assessments of third-party vendors. The increasing expenditure on digitization and deployment of high-speed data connectivity in remote parts of the region will also augment the region's growth in the third-party risk management market. The well-developed IT infrastructure is also facilitating the growth of the market. The presence of significant market players offering services is met by equally robust demand for their services by the region's vast banking, finance, IT, telecom, manufacturing, and energy sectors.
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This information is provided by The Brainy Insights, in its report titled, "Third-Party Risk Management Market Size by Component (Services and Solutions), Vertical (BFSI, Healthcare & Life Sciences, Retail & Consumers Goods, Energy & Utilities, IT & Telecom, Government & Defense, Manufacturing, and Others), Deployment Type, Organization Size, Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030"
Leading companies in the industry include Aravo Solutions Inc., BitSight Technologies Inc., Deloitte, Ernst & Young LLP, Genpact, KPGM, MetricStream, NAVEX Global Inc., Resolver Inc., and RSA, among others, are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
The component segment is divided into services and solutions. The solutions segment dominated the market with a revenue share of around 58% in 2022. The vertical segment is divided into BFSI, healthcare & life sciences, retail & consumer goods, energy & utilities, IT & telecom, government & defense, manufacturing, and others. Over the forecast period, the BFSI or banking, financial services, and insurance segment are expected to grow at the fastest CAGR of 20.24%. The exponential growth of the BFSI sector, given the increasing populations, per capita income, and government reforms at formalizing monetary economics, is a positive development for the third-party risk management market. The deployment mode segment is divided into cloud and on-premises. The cloud segment dominated the market with a market share of around 56% in 2022. Cloud computing technologies are cheaper, remote, and more accessible than on-premises third-party risk management. The organization size segment is divided into large enterprises and small & medium enterprises. The large enterprises' segment dominated the market with a market share of around 76% in 2022. The third-party risk management services are expensive, given the extensive involvement of resources. Therefore, third-party risk management services need significant upfront investments. The involvement of large capital expenditure can be attributed to the dominance of large enterprises, which have deep pockets.
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Technological advancements have created systems with the ability to process massive amounts of data on a real-time basis, making them highly efficient in identifying and mitigating risks. Competitors in the market are designing innovative solutions for the customers to retain their market standing by integrating the latest software, processes, systems, and technologies in their products. The prevailing notion that efficient risk management systems enable brands to cut costs and avoid future capital losses will benefit the third-party risk management market.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2030 |
| Forecast CAGR | 15.67% |
| 2030 Value Projection | USD 18.20 billion |
| Base Year | 2021 |
| Third-Party Risk Management Market Size in 2022 | USD 5.68 billion |
| Historical Data | 2019-2020 |
| No. of Pages | 230 |
| Segments Covered | Component, Vertical, Deployment Type, Organization Size, Regions |
| Third-Party Risk Management Market Growth Drivers | The rising instances of cyber-attacks and frauds in digital financial services |
| The growing digitization of businesses |
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