Third-party Risk Management Market Share
Which drivers are expected to have the greatest impact on the over the third-party risk management market’s growth?
The escalation in cyber-attacks and fraudulent activities is anticipated to fuel the expansion of the third-party risk management market. Cybercrime entails unauthorised attempts to infiltrate a computer system or network with the intention of causing harm. The surge in internet connectivity has resulted in a corresponding increase in cyber attacks. Third-party risk management (TPRM) involves evaluating and mitigating risks related to outsourcing data to third-party vendors or service providers. This approach empowers organizations to make decisions based on risk and curtail the potential for cyber-attacks and fraud. For example, in January 2024, the World Economic Forum, an international non-governmental organization based in Switzerland, reported approximately 2,220 cyberattacks daily in 2023, which equates to over 800,000 attacks in a year. Five major or high-profile events were recorded that year, including the breach of Microsoft’s Exchange, where hackers accessed thousands of emails, with at least 60,000 emails from Outlook accounts owned by employees of the US State Department. Consequently, the surging trend of cyber attacks and frauds contributes to the third-party risk management market’s growth.
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What is the future CAGR of the third-party risk management market, and how will it impact industry expansion?
The market size for third-party risk management has experienced accelerated growth in the past few years. Projected figures indicate an increase from $5.92 billion in 2024 to $6.85 billion in 2025, suggesting a compound annual growth rate (CAGR) of 15.7%. Factors contributing to its growth during the historical period include incidents of data breaches, worldwide expansion of businesses, changing business models, past failures in managing risk, the rise in outsourcing procedures, and concerns over data privacy.
The market size for third-party risk management is predicted to experience swift expansion in the forthcoming years, reaching a value of $13.49 billion by the year 2029. This equates to a compounded annual growth rate (CAGR) of 18.5%. This projected increase during the forecast period can be linked to factors such as a surge in cyber threats, international expansion of businesses, increased complexity of supply chains, challenges associated with remote work, demand for solutions powered by artificial intelligence, and changes in consumer expectations. Key trends anticipated during this forecast period involve scalable risk solutions, alignment with cultural and ethical norms, risks related to remote work and collaboration, resilience and business continuity, as well as focus on data privacy.
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What are the most significant trends transforming the third-party risk management market today?
Technological progression is an emerging trend in the third-party risk management market. Leading enterprises in this sector are investing in novel technologies to cater to consumer needs and fortify their market stand. For instance, AuditBoard, an American cloud-based platform company, unveiled an advanced solution for third-party risk management in August 2022. The newly introduced integrated risk platform from AuditBoard empowers businesses to mitigate IT vendor risk by simplifying third-party risk assessment, monitoring, and remediation tasks for information security, compliance, and risk teams. This innovative solution encourages teams to save time and grow, leveraging automated and cooperative processes for efficient third-party risk management.
Which key market segments comprise the third-party risk management market and drive its revenue growth?
The third-party 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
Subsegments:
1) By Solution: Risk Assessment Software, Compliance Management Solutions, Risk Analytics Tools, Incident Management Systems, Risk Monitoring Platforms
2) By Services: Consulting Services, Risk Assessment And Analysis Services, Training And Education Services, Managed Risk Services, Support And Maintenance Services
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What regions are at the forefront of third-party risk management market expansion?
North America was the largest region in the third party risk management market in 2024. 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.
Who are the leading players fueling growth in the third-party risk management market?
Major companies operating in the third-party risk management market include Deloitte LLP, PricewaterhouseCoopers, Ernst & Young LLP, KPMG International Limited, Genpact Ltd, Optiv Security Inc, Dun & Bradstreet, One Trust LLC, MetricStream Inc, 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
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What Is Covered In The Third-party Risk Management Global Market Report?
•Market Size Forecast: Examine the third-party risk management market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the third-party risk management market for a structured understanding.
•Key Players Overview: Analyze major players in the third-party risk management market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the third-party risk management market.
•Segment Contributions: Evaluate how different segments drive overall growth in the third-party risk management market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the third-party risk management market.
•Industry Challenges: Identify potential risks and obstacles affecting the third-party risk management market.
•Competitive Landscape: Review strategic developments in the third-party risk management market, including expansions, agreements, and new product launches.
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