(MENAFN– Straits Research)
The global vendor risk management market was valued at USD 7.26 billion in 2021 and is expected to reach USD 25.96 billion by 2030, growing at a 15.21% CAGR from 2022 to 2030. This market focuses on managing risks from third-party vendors.
Market Dynamics
Need for Efficient Management: Companies spend a lot of time evaluating vendors. Vendor risk management systems simplify this process by assessing vendor performance and risks, saving time and effort.
Dependence on Manual Processes: Many organizations still rely on manual methods for vendor assessment, missing out on the benefits of automated risk management systems.
Streamlining Assessment: Large enterprises often work with multiple vendors, making risk evaluation crucial for continuity and supply chain management. Vendor risk management tools help prioritize and manage these risks effectively.
Regional Analysis
The market is segmented by region: North America, Europe, Asia-Pacific, and LAMEA. North America is expected to lead due to technological advancements and increasing focus on data security.
Key Highlights
- Market size projected to grow to USD 25.96 billion by 2030.
- Significant growth expected in the BFSI sector.
- North America held the largest market share in 2021.
Competitive Players
- IBM Corporation
- MetricStream
- Lockpath Inc.
- LogicManager
- BitSight Technologies
- RSA
- Genpact
- RapidRatings
Recent Developments
- August 2019: IBM launched a blockchain-based supply chain risk solution.
- February 2020: RSA announced the cloud-based RSA Archer SaaS for risk management.
Segmentation
The market is categorized by:
- Components: Solutions (e.g., Vendor Info Management, Compliance Management) and Services (e.g., Consulting).
- Deployment: On-premises and Cloud.
- Organization Size: SMEs and Large Enterprises.
- Verticals: BFSI, Healthcare, Manufacturing, and more.
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