Market Overview:
The global third-party risk management market is expected to grow from USD 2.5 billion in 2018 to USD 5.8 billion by 2030, at a CAGR of 12.9% from 2018 to 2030. The financial controls segment is expected to be the largest segment of the global third-party risk management market during the forecast period. The large business application segment is expected to hold a major share of the global third-party risk management market during the forecast period. North America is estimated to account for the largest share of the global third-party risk management market in 2018, followed by Europe and Asia Pacific.
Product Definition:
Third-party risk management is the process of assessing and managing the risks that are posed to an organization by its third-party relationships. The importance of third-party risk management lies in the fact that these relationships can introduce a variety of risks into an organization, including financial, legal, operational, and reputational risks. By implementing a comprehensive third-party risk management program, organizations can mitigate these risks and protect themselves against potential losses.
Financial Controls:
Financial controls are the systems and processes that a company uses to manage its money. Financial controls include accounting, budgeting, cash management, investing & financing among others. Companies use financial controls to monitor their day-to-day business operations as well as for planning purposes. The primary function of financial control is to ensure that the company has enough money in the bank at any given time and that it can make payments when due without running out of funds.
Contract Management:
Contract management is a process of tracking and monitoring service delivery by two or more parties. It includes all the activities that are required to be done in order to complete a contract such as creation, modification, cancellation and renewal of contracts. Contract management software is used for tracking services provided under various types of contracts such as consulting, design & development contract etc.
Application Insights:
The large enterprise segment is expected to dominate the market over the forecast period. The large enterprises are adopting third-party risk management solutions as they offer various benefits such as control over multiple risks, improved decision making and enhanced financial reporting. Large enterprises have a robust internal control structure which enables them to manage and mitigate various types of risks efficiently.
SMBs are estimated to be the fastest growing application segment with a CAGR of XX% from 2019 to 2030 in terms of revenue due to their low cost structure that encourages themto adopt innovative technologies rapidly., SMBs lack resources which encouragethem toraise funds through external sources for undertaking business expansion or new project investments., Third-party risk management by contract management helps SMBsin managing contracts effectively by identifyingand monitoringcontract performancerelated issues, escalatingissues if necessary and notifying parties involved in case there is any claim or dispute.
Regional Analysis:
The Asia Pacific region is expected to witness the highest growth over the forecast period. The increasing number of small and medium enterprises in emerging economies such as China and India coupled with a rising number of global third-party risks is anticipated to drive regional market growth. Furthermore, regulatory reforms in countries such as India are also expected to contribute toward increased demand for TPRM solutions over the next eight years.
North America accounted for a significant share owing to early adoption by SMBs and large enterprises operating across multiple industries. However, stringent regulations imposed on companies by various regulatory bodies including CFDA (China Food & Drug Administration) are acting as roadblocks for further market penetration., For instance, CFDA has issued several guidelines that affect product development timelines which may result into longer approval process leading ultimately in higher costs associated with products., Such factors have led North America regional market towards second position behind Asia Pacific region.
Growth Factors:
- Increased awareness of the need for third-party risk management among organizations
- The increasing complexity of business ecosystems and supply chains, which makes it difficult to track all the parties involved in a transaction or operation
- The growing number of data breaches and cyber attacks, which have increased the cost and complexity of managing information security risks
- Regulatory compliance requirements that mandate third-party risk management processes
- The increasing use of cloud computing services, which creates new vulnerabilities and requires new controls to manage the associated risks
Scope Of The Report
Report Attributes
Report Details
Report Title
Third-Party Risk Management Market Research Report
By Type
Financial Controls, Contract Management, Relationship Management, Other, Financial Controls is the largest segment, had a share over 40 percent in 2018., Third-Party Risk Managemen
By Application
Large Business, SMBs, Large enterprises are dominating the market, with a share over 65%.
By Companies
Bitsight Technologies, Genpact, NAVEX Global, MetricStream, SAI Global, Resolver, Galvanize, IBM, Optiv Security, RapidRatings, RSA Security (Dell), Venminder, LogicManager, Third-Party Risk Managemen
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
244
Number of Tables & Figures
171
Customization Available
Yes, the report can be customized as per your need.
Global Third-Party Risk Management Market Report Segments:
The global Third-Party Risk Management market is segmented on the basis of:
Types
Financial Controls, Contract Management, Relationship Management, Other, Financial Controls is the largest segment, had a share over 40 percent in 2018., Third-Party Risk Managemen
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 Business, SMBs, Large enterprises are dominating the market, with a share over 65%.
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:
- Bitsight Technologies
- Genpact
- NAVEX Global
- MetricStream
- SAI Global
- Resolver
- Galvanize
- IBM
- Optiv Security
- RapidRatings
- RSA Security (Dell)
- Venminder
- LogicManager
- Third-Party Risk Managemen
Highlights of The Third-Party Risk Management 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:
- Financial Controls
- Contract Management
- Relationship Management
- Other
- Financial Controls is the largest segment, had a share over 40 percent in 2018.
- Third-Party Risk Managemen
- By Application:
- Large Business
- SMBs
- Large enterprises are dominating the market, with a share over 65%.
- 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 Third-Party Risk Management 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?
Third-party risk management is a process that helps organizations identify, assess, and manage the risks posed by third parties. Third-party risks can include financial, legal, and reputational risks. Organizations typically use third-party risk management to mitigate these risks by assessing the nature of the relationship between the organization and the third party, monitoring performance indicators closely, and implementing appropriate safeguards.
Some of the major players in the third-party risk management market are Bitsight Technologies, Genpact, NAVEX Global, MetricStream, SAI Global, Resolver, Galvanize, IBM, Optiv Security, RapidRatings, RSA Security (Dell), Venminder, LogicManager, Third-Party Risk Managemen.
The third-party risk management market is expected to grow at a compound annual growth rate of 12.9%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Third-Party Risk Management Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Third-Party Risk Management Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Third-Party Risk Management Market - Supply Chain
4.5. Global Third-Party Risk Management Market Forecast
4.5.1. Third-Party Risk Management Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Third-Party Risk Management Market Size (000 Units) and Y-o-Y Growth
4.5.3. Third-Party Risk Management Market Absolute $ Opportunity
5. Global Third-Party Risk Management Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Third-Party Risk Management Market Size and Volume Forecast by Type
5.3.1. Financial Controls
5.3.2. Contract Management
5.3.3. Relationship Management
5.3.4. Other
5.3.5. Financial Controls is the largest segment, had a share over 40 percent in 2018.
5.3.6. Third-Party Risk Managemen
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Third-Party Risk Management Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Third-Party Risk Management Market Size and Volume Forecast by Application
6.3.1. Large Business
6.3.2. SMBs
6.3.3. Large enterprises are dominating the market, with a share over 65%.
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Third-Party Risk Management Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Third-Party Risk Management Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Third-Party Risk Management Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Third-Party Risk Management Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Third-Party Risk Management Demand Share Forecast, 2019-2026
9. North America Third-Party Risk Management Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Third-Party Risk Management Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Third-Party Risk Management Market Size and Volume Forecast by Application
9.4.1. Large Business
9.4.2. SMBs
9.4.3. Large enterprises are dominating the market, with a share over 65%.
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Third-Party Risk Management Market Size and Volume Forecast by Type
9.7.1. Financial Controls
9.7.2. Contract Management
9.7.3. Relationship Management
9.7.4. Other
9.7.5. Financial Controls is the largest segment, had a share over 40 percent in 2018.
9.7.6. Third-Party Risk Managemen
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Third-Party Risk Management Demand Share Forecast, 2019-2026
10. Latin America Third-Party Risk Management Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Third-Party Risk Management Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Third-Party Risk Management Market Size and Volume Forecast by Application
10.4.1. Large Business
10.4.2. SMBs
10.4.3. Large enterprises are dominating the market, with a share over 65%.
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Third-Party Risk Management Market Size and Volume Forecast by Type
10.7.1. Financial Controls
10.7.2. Contract Management
10.7.3. Relationship Management
10.7.4. Other
10.7.5. Financial Controls is the largest segment, had a share over 40 percent in 2018.
10.7.6. Third-Party Risk Managemen
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Third-Party Risk Management Demand Share Forecast, 2019-2026
11. Europe Third-Party Risk Management Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Third-Party Risk Management Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Third-Party Risk Management Market Size and Volume Forecast by Application
11.4.1. Large Business
11.4.2. SMBs
11.4.3. Large enterprises are dominating the market, with a share over 65%.
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Third-Party Risk Management Market Size and Volume Forecast by Type
11.7.1. Financial Controls
11.7.2. Contract Management
11.7.3. Relationship Management
11.7.4. Other
11.7.5. Financial Controls is the largest segment, had a share over 40 percent in 2018.
11.7.6. Third-Party Risk Managemen
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Third-Party Risk Management Demand Share, 2019-2026
12. Asia Pacific Third-Party Risk Management Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Third-Party Risk Management Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Third-Party Risk Management Market Size and Volume Forecast by Application
12.4.1. Large Business
12.4.2. SMBs
12.4.3. Large enterprises are dominating the market, with a share over 65%.
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Third-Party Risk Management Market Size and Volume Forecast by Type
12.7.1. Financial Controls
12.7.2. Contract Management
12.7.3. Relationship Management
12.7.4. Other
12.7.5. Financial Controls is the largest segment, had a share over 40 percent in 2018.
12.7.6. Third-Party Risk Managemen
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Third-Party Risk Management Demand Share, 2019-2026
13. Middle East & Africa Third-Party Risk Management Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Third-Party Risk Management Market Size and Volume 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. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Third-Party Risk Management Market Size and Volume Forecast by Application
13.4.1. Large Business
13.4.2. SMBs
13.4.3. Large enterprises are dominating the market, with a share over 65%.
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Third-Party Risk Management Market Size and Volume Forecast by Type
13.7.1. Financial Controls
13.7.2. Contract Management
13.7.3. Relationship Management
13.7.4. Other
13.7.5. Financial Controls is the largest segment, had a share over 40 percent in 2018.
13.7.6. Third-Party Risk Managemen
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Third-Party Risk Management Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Third-Party Risk Management Market: Market Share Analysis
14.2. Third-Party Risk Management Distributors and Customers
14.3. Third-Party Risk Management Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. Bitsight Technologies
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Genpact
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. NAVEX Global
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. MetricStream
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. SAI Global
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Resolver
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Galvanize
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. IBM
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Optiv Security
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. RapidRatings
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. RSA Security (Dell)
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. Venminder
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. LogicManager
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. Third-Party Risk Managemen
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
