Third-party Risk Management Market
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Third-party Risk Management Market Size Growth Forecast: What to Expect by 2025?
The market size for third-party risk management has seen quick expansion in the past few years. The projection is that it will surge from $5.92 billion in 2024 to $6.85 billion in 2025, with a compound annual growth rate (CAGR) of 15.7%. Factors contributing to this growth historically include events of data breaches, worldwide business expansion, changes in business models, past failures in risk management, a rise in outsourcing practices, and concerns about data privacy.
How Will the Third-party Risk Management Market Size Evolve and Grow by 2029?
Projections anticipate a swift expansion in the third-party risk management market over the impending years, with an estimated worth of $13.49 billion by 2029, escalating at a compound annual growth rate (CAGR) of 18.5%. The predicted surge during this forecast period is partly due to increased cyber threats, the global reach of enterprises, convoluted supply chains, challenges posed by remote work, demand for AI-powered solutions, and shifting customer expectations. The forecast period is expected to be characterized by emerging trends such as flexible risk solutions, harmony between cultural and ethical principles, risks linked to remote work and collaboration, business resilience and ongoing operations, and an amplified focus on data privacy.
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What Drivers Are Propelling the Growth of Third-party Risk Management Market Forward?
The upward trend of cybercrime and fraudulent activities is anticipated to stimulate the expansion of the third-party risk management market in the future. Cyber-attacks describe attempts to illegally infiltrate a computer system or network with an intent to cause harm. The continuous surge in internet connectivity has amplified the occurrence of such attacks. Third-party risk management (TPRM), a procedure designed to analyse and mitigate risks involved with entrusting information to third-party vendors or service providers, has become increasingly significant. It aids organizations in making risk-calculated decisions and decreases the likelihood of cyberattacks and fraud. Citing an example, the World Economic Forum, a Swiss-based international NGO, reported in January 2024 that there were roughly 2,220 cyber-attacks daily in 2023, culminating in over 800,000 attacks within a year. Five of these incidents were especially extensive or prominent, including a breach of Microsoft Exchange, where hackers accessed tens of thousands of emails, with at least 60,000 emails sourced from the US State Department employees’ Outlook accounts. Consequently, the surge in cybercrime and fraud propels the advancement of the third-party risk management market.
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Which Emerging Trends Are Transforming the Third-party Risk Management Market in 2025?
Advancements in technology are emerging as a prominent trend in the third-party risk management market. Leading entities in this sector are concentrating on introducing innovative technologies to cater to customer needs and bolster their placement in the market. For instance, in August 2022, AuditBoard, an American company offering cloud-based platforms, debuted an advanced solution for third-party risk management. This recent offering from AuditBoard is an integrated risk platform that helps companies overcome IT vendor risks by simplifying the assessment, monitoring, and remediation processes related to third-party risk for teams dealing with information security, compliance, and risk. This solution also equips teams with the ability to increase efficiency with automated, team-oriented strategies, thereby enhancing the effectiveness of third-party risk management.
What Are the Key Segments in the Third-party Risk Management Market?
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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Who Are the Key Players Shaping the Third-party Risk Management Market’s Competitive Landscape?
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
What Geographic Markets Are Powering Growth in the Third-party Risk Management Market?
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.
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