Market Overview:
The global IT Vendor Risk Management Tool market is expected to grow from USD 1.02 billion in 2018 to USD 2.48 billion by 2030, at a CAGR of 12.8% during the forecast period. The growth of the market can be attributed to the increasing need for risk management across organizations and rising adoption of cloud-based vendor risk management tools. However, data privacy and security concerns may restrain the growth of this market to some extent during the forecast period. Based on type, the global IT Vendor Risk Management Tool market is segmented into cloud-based and on-premises tools.
Product Definition:
An IT Vendor Risk Management Tool is a software application used to manage and assess the risks associated with using third-party vendors for information technology (IT) services. The tool helps organizations identify, monitor, and mitigate risks related to their vendor relationships. It can also help prioritize vendors based on risk levels, track remediation efforts, and generate reports on vendor risk management status. The importance of an IT Vendor Risk Management Tool lies in its ability to help organizations protect their data and systems from potential security threats posed by their third-party vendors.
Cloud-Based:
Cloud-based solutions are expected to be a key growth factor in the IT vendor risk management tool market over the forecast period. Cloud computing has evolved as one of the most prominent technological trends in business processes across various industries and industry verticals. The growing adoption of cloud technology by small, medium, and large enterprises is expected to drive market growth over the next few years.
On-Premises:
On-premises is a term used for software and hardware installation at the organization's site. The on-premises solutions are generally termed as “shrink” solutions since they occupy less space and provide more functionality than their counterparts, which are deployed in the cloud. On-premise software can be installed directly on computers present within an organization or via network storage devices such as NAS (Network Attached Storage).
Application Insights:
The large enterprises segment dominated the global IT vendor risk management tool market in 2017. This is attributed to factors such as high expenditure on infrastructure, sophisticated business processes and applications, and a large number of users across different industries. The small-sized enterprise segment is expected to witness the highest growth over the forecast period owing to increasing adoption of cloud computing services among SMEs.
The medium-sized enterprise segment accounted for 25% share in 2017 due to increased awareness about managing risks associated with third party vendors and an increasingly complex environment within which businesses operate. Furthermore, growing demand for robust solutions that can assist organizations in effectively managing their relationships with service providers while reducing costs will drive product demand over the forecast period.
Regional Analysis:
North America dominated the global market in 2017. The region is expected to continue its dominance over the forecast period, owing to factors such as early adoption of technologies and presence of major IT vendors in the region. Asia Pacific is projected to be one of the fastest-growing regions during the forecast period. This can be attributed to increasing number of small & medium enterprises (SMEs) and large enterprises adopting cloud computing solutions in this region. Moreover, growing awareness regarding cyber security among SMEs will drive regional growth further.
Rising regulatory pressure on organizations within Europe has led them adopt risk management tools that enable compliance with regulations such as General Data Protection Regulation (GDPR). Furthermore, rising concerns related to data breaches have resulted companies like IBM Corporation; Microsoft Corporation; Google LLC; Salesforce Inc.; Oracle Corporation; and Amazon Web Services Inc.
Growth Factors:
- Increased demand for IT Vendor Risk Management Tool due to the increase in cyber-attacks and data breaches.
- The need for compliance with various regulations such as GDPR, PCI DSS, etc. is driving the demand for IT Vendor Risk Management Tool .
- The growing trend of cloud computing and digital transformation is also fueling the growth of IT Vendor Risk Management Tool market .
- Increasing awareness about the benefits of using IT Vendor Risk Management Tool among organizations is also contributing to the growth of this market .
- Growing number of partnerships and collaborations between vendors and service providers is providing a boost to the growth of this market
Scope Of The Report
Report Attributes
Report Details
Report Title
IT Vendor Risk Management Tool Market Research Report
By Type
Cloud-Based, On-Premises
By Application
Large Enterprises (1000+Users), Medium-Sized Enterprise (499-1000 Users), Small Enterprises (1-499Users)
By Companies
Venminder, UpGuard, SureCloud, ServiceNow, Security Scorecard, RSA, Quantivate, ProcessUnity, Prevalent, Panorays, OneTrust, LogicManager, Galvanize, CyberGRX, BitSight
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
187
Number of Tables & Figures
131
Customization Available
Yes, the report can be customized as per your need.
Global IT Vendor Risk Management Tool Market Report Segments:
The global IT Vendor Risk Management Tool market is segmented on the basis of:
Types
Cloud-Based, On-Premises
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Large Enterprises (1000+Users), Medium-Sized Enterprise (499-1000 Users), Small Enterprises (1-499Users)
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Venminder
- UpGuard
- SureCloud
- ServiceNow
- Security Scorecard
- RSA
- Quantivate
- ProcessUnity
- Prevalent
- Panorays
- OneTrust
- LogicManager
- Galvanize
- CyberGRX
- BitSight
Highlights of The IT Vendor Risk Management Tool Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Cloud-Based
- On-Premises
- By Application:
- Large Enterprises (1000+Users)
- Medium-Sized Enterprise (499-1000 Users)
- Small Enterprises (1-499Users)
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the IT Vendor Risk Management Tool Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
IT Vendor Risk Management Tool is a software that helps organizations manage the risks associated with their IT vendors. It can help identify and assess the risks posed by specific IT vendors, as well as develop mitigation plans should any of those risks become reality.
Some of the key players operating in the it vendor risk management tool market are Venminder, UpGuard, SureCloud, ServiceNow, Security Scorecard, RSA, Quantivate, ProcessUnity, Prevalent, Panorays, OneTrust, LogicManager, Galvanize, CyberGRX, BitSight.
The it vendor risk management tool market is expected to grow at a compound annual growth rate of 12.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 IT Vendor Risk Management Tool Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 IT Vendor Risk Management Tool Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 IT Vendor Risk Management Tool Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the IT Vendor Risk Management Tool Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global IT Vendor Risk Management Tool Market Size & Forecast, 2018-2028
4.5.1 IT Vendor Risk Management Tool Market Size and Y-o-Y Growth
4.5.2 IT Vendor Risk Management Tool Market Absolute $ Opportunity
Chapter 5 Global IT Vendor Risk Management Tool Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 IT Vendor Risk Management Tool Market Size Forecast by Type
5.2.1 Cloud-Based
5.2.2 On-Premises
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global IT Vendor Risk Management Tool Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 IT Vendor Risk Management Tool Market Size Forecast by Applications
6.2.1 Large Enterprises (1000+Users)
6.2.2 Medium-Sized Enterprise (499-1000 Users)
6.2.3 Small Enterprises (1-499Users)
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global IT Vendor Risk Management Tool Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 IT Vendor Risk Management Tool Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America IT Vendor Risk Management Tool Analysis and Forecast
9.1 Introduction
9.2 North America IT Vendor Risk Management Tool Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America IT Vendor Risk Management Tool Market Size Forecast by Type
9.6.1 Cloud-Based
9.6.2 On-Premises
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America IT Vendor Risk Management Tool Market Size Forecast by Applications
9.10.1 Large Enterprises (1000+Users)
9.10.2 Medium-Sized Enterprise (499-1000 Users)
9.10.3 Small Enterprises (1-499Users)
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe IT Vendor Risk Management Tool Analysis and Forecast
10.1 Introduction
10.2 Europe IT Vendor Risk Management Tool Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe IT Vendor Risk Management Tool Market Size Forecast by Type
10.6.1 Cloud-Based
10.6.2 On-Premises
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe IT Vendor Risk Management Tool Market Size Forecast by Applications
10.10.1 Large Enterprises (1000+Users)
10.10.2 Medium-Sized Enterprise (499-1000 Users)
10.10.3 Small Enterprises (1-499Users)
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific IT Vendor Risk Management Tool Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific IT Vendor Risk Management Tool Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific IT Vendor Risk Management Tool Market Size Forecast by Type
11.6.1 Cloud-Based
11.6.2 On-Premises
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific IT Vendor Risk Management Tool Market Size Forecast by Applications
11.10.1 Large Enterprises (1000+Users)
11.10.2 Medium-Sized Enterprise (499-1000 Users)
11.10.3 Small Enterprises (1-499Users)
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America IT Vendor Risk Management Tool Analysis and Forecast
12.1 Introduction
12.2 Latin America IT Vendor Risk Management Tool Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America IT Vendor Risk Management Tool Market Size Forecast by Type
12.6.1 Cloud-Based
12.6.2 On-Premises
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America IT Vendor Risk Management Tool Market Size Forecast by Applications
12.10.1 Large Enterprises (1000+Users)
12.10.2 Medium-Sized Enterprise (499-1000 Users)
12.10.3 Small Enterprises (1-499Users)
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) IT Vendor Risk Management Tool Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) IT Vendor Risk Management Tool Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) IT Vendor Risk Management Tool Market Size Forecast by Type
13.6.1 Cloud-Based
13.6.2 On-Premises
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) IT Vendor Risk Management Tool Market Size Forecast by Applications
13.10.1 Large Enterprises (1000+Users)
13.10.2 Medium-Sized Enterprise (499-1000 Users)
13.10.3 Small Enterprises (1-499Users)
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 IT Vendor Risk Management Tool Market: Competitive Dashboard
14.2 Global IT Vendor Risk Management Tool Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Venminder
14.3.2 UpGuard
14.3.3 SureCloud
14.3.4 ServiceNow
14.3.5 Security Scorecard
14.3.6 RSA
14.3.7 Quantivate
14.3.8 ProcessUnity
14.3.9 Prevalent
14.3.10 Panorays
14.3.11 OneTrust
14.3.12 LogicManager
14.3.13 Galvanize
14.3.14 CyberGRX
14.3.15 BitSight
