Third-party Risk Management Market Insights, Overview, Trends and Forecast To 2032

Third-party risk management Market Statistic:

Third-party risk management (TPRM) is the process of identifying, assessing, and mitigating risks associated with third-party vendors and service providers. TPRM is increasingly important as businesses rely more on third parties for a wide range of services, from IT support to manufacturing to customer service.

The global third-party risk management market is expected to grow from USD 8.68 billion in 2022 to USD 24.25 billion by 2030, at a CAGR of 15.8% during the forecast period. This growth is being driven by a number of factors, including:

• The increasing reliance on third-party vendors and service providers

• The growing complexity of third-party relationships

• The rising number of cyberattacks and data breaches

• The increasing regulatory scrutiny of third-party risk

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Key Companies

Some of the key players in the third-party risk management industry include:

• RSA Security LLC

• Genpact

• MetricStream

• Deloitte

• KPMG

• BitSight Technologies, Inc.

• Ernst & Young LLP

• PwC

• ProcessUnity, Inc.

• Venminder, Inc.

• Resolver Inc.

• NAVEX Global, Inc.

• Riskpro

• SAI Global Pty Limited

• Rapid Ratings International Inc.

• Optiv Security Inc.

• Aravo Solutions, Inc.

• OneTrust, LLC

Third-party Risk Management Market Segmentation:

The third-party risk management market can be segmented by component, solution, service, deployment mode, and region.

By component:

• Software

• Hardware

• Services

By solution:

• Compliance management

• Risk assessment

• Vendor due diligence

• Monitoring and reporting

By service:

• Consulting

• Implementation

• Support

By deployment mode:

• Cloud

• On-premise

By region:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Regional Insights:

North America is the largest market for third-party risk management, followed by Europe and Asia Pacific. The growth in the North American market is being driven by the increasing adoption of cloud computing and the growing number of cyberattacks. The European market is growing due to the increasing regulatory scrutiny of third-party risk and the growing awareness of the importance of TPRM. The Asia Pacific market is growing due to the rapid growth of the economy and the increasing reliance on third-party vendors and service providers.

Industry Latest News:

Here are some of the latest news stories from the third-party risk management industry:

• RSA Security releases new third-party risk management solution: RSA Security, a division of Dell Technologies, has released a new third-party risk management solution called RSA Archer Third-Party Risk Management. The solution is designed to help organizations identify, assess, and mitigate risks associated with third-party vendors and service providers.

• Genpact and MetricStream partner to offer third-party risk management services: Genpact, a global professional services firm, and MetricStream, a provider of governance, risk, and compliance (GRC) software, have partnered to offer third-party risk management services. The partnership will combine Genpact's expertise in third-party risk management with MetricStream's GRC software platform to help organizations manage their third-party risks more effectively.

• Deloitte launches new third-party risk management practice: Deloitte has launched a new third-party risk management practice to help organizations identify, assess, and mitigate risks associated with third-party vendors and service providers. The practice will provide a range of services, including consulting, implementation, and support.

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