According
to a market research report "Third-Party Risk Management Market by Component (Solution (Financial Control, Contract, Operational Risk, Audit,
and Compliance) and Service (Professional & Managed)), Deployment Mode,
Organization Size, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, the global Third-Party Risk
Management (TPRM) market size is projected to grow from USD 3.2 billion in 2019
to USD 6.8 billion by 2024, at a CAGR of 15.9% during the forecast period. The
major factors driving the market include the increasing adoption of virtual
applications; technological advancements, including automation, data analytics,
and smart contracts; and soaring need to counter fraudulent activities in
several verticals.
Browse and
in-depth TOC on “Third-Party Risk Management Market”
126
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46
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Based on solutions, the
financial control segment is estimated to lead the Third-Party Risk
Management Market in 2019
Financial control
management can be defined as a system that manages and limits the financial
effects of the budget on user operations in such a way that it aligns the user
toward the achievement of goals related to finances. Organizations depend on
several vendors, which poses operational and credit risks for organizations.
Financial control management solutions help reduce an organization’s
operational costs while managing and selecting a third-party or any vendor.
Better financial control
provides better auditing and detection of fraudulent activities. Financial
control management solutions provide managers with a proper view of the cash
flow and better cost optimization for various business processes to increase
the business output. Financial control management assists users to maintain and
assess its debt collection period and the creditors payment period.
Based on verticals, the
BFSI vertical is expected to dominate the TPRM market size during the forecast
period
BFSI is one of the major
adopters of TPRM solutions. It has been a highly regulated and competitive
vertical that always focuses on delivering enhanced customer experience. The
changing ways of the BFSI vertical are operating, increasing digitalization,
and adopting advanced technologies have exposed this industry to different
types of risks. The need to keep up with the changing regulatory environment
and penalties associated with non-compliance has changed the way how risk is
viewed and managed. These factors, coupled with the increasing challenges, such
as cyber threats, third-party risks, and regulatory compliances, are expected
to fuel the demand for TPRM solutions in the BFSI vertical.
North America is expected
to hold the highest Third-Party Risk Management Market share during
the forecast period
North America is the
largest revenue contributor to the TPRM industry, as the growth in the region
is being driven by the rising internet penetration and increasing adoption of
cloud-based and IoT applications across verticals. Countries in North America
are well-established economies, which enable investments in advanced
technologies.
The demand for
Third-Party Risk Management services is expected to increase in enterprises, as
the adoption of solutions is growing across North America. Various
organizations operating in different industrial domains across the US and Canada
have been considering the implementation of effective solutions to manage their
partner ecosystem for minimizing the risks associated with the management of
third-parties.
Market Players
The major vendors covered
in the TPRM market include RSA (US), Genpact (US), MetricStream (US), Deloitte
(US), KPMG (Netherlands), BitSight Technologies (US), Ernst & Young (UK),
PwC (UK), ProcessUnity (US), Venminder (US), Resolver (Canada), NAVEX Global
(US), Riskpro (India), SAI Global (US), RapidRatings (US), Optiv (US), Aravo
(US), OneTrust (US and UK), Galvanize (Canada), and Prevalent (US).
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Content Source: https://www.marketsandmarkets.com/PressReleases/third-party-risk-management.asp
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/third-party-risk-management.asp
Report:https://www.marketsandmarkets.com/Market-Reports/third-party-risk-management-market-222423768.html
