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The global third-party risk management market is expected to grow from USD 5.68 billion in 2022 to USD 18.20 billion by 2030, at a CAGR of 15.67% during the forecast period 2022-2030. The Asia Pacific is expected to grow the fastest during the forecast period.
Every business employs the services of third parties like suppliers, vendors, and distributors. The involvement of third parties in the business directly or indirectly exposes the company to multiple risks that are not intrinsic to the entity. The risks associated with employing third-party services can harm the company's business. Therefore, it is essential to identify the risks associated with third parties and strategize on mitigating them. Third-party risk management identifies and mitigates the risks associated with third parties like suppliers, vendors, distributors, partners, and other service providers. Third-party risk management involves a series of steps that are carried out correctly. It involves vendor sourcing, selection, intake, onboarding, scoring inherent risks, assessing and remediating the threats, and termination. Third-party risk management can help avoid supply chain disruptions, data leakage, and other brand damage caused by external factors. Third-party risk management allows the administration to make informed decisions and reduce the probability of any surprise developments in the future. Third-party risk management enables resource optimization and cost-cutting to widen profit margins. Enhanced efficiency, given the sense of certainty offered by third-party risk management, contributes to its growing market adoption.
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August 2022 - The third-party risk management (TPRM) solutions provider BitSight has acquired ThirdPartyTrust. To offer an end-to-end solution, BitSight is incorporating ThirdPartyTrust technology into its current TPRM offerings.
August 2022 - The most sophisticated supply chain collaboration platform for tracking and tracing the purchase and supply of subcontracted goods, parts, raw materials, and ingredients, called Supply Dynamics, has been acquired by Exiger, a top SaaS provider of supply chain risk management, third-party risk management, and compliance services.
1. Introduction
1.1. Objectives of the Study
1.2. Market Definition
1.3. Research Scope
1.4. Currency
1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
4.1. Porter’s Five Forces Analysis
4.2. Value Chain Analysis
4.3. Top Investment Pockets
4.3.1. Market Attractiveness Analysis by Component
4.3.2. Market Attractiveness Analysis by Vertical
4.3.3. Market Attractiveness Analysis by Deployment Type
4.3.4. Market Attractiveness Analysis by Organization Size
4.3.5. Market Attractiveness Analysis by Region
4.4. Industry Trends
5. Market Dynamics
5.1. Market Evaluation
5.2. Drivers
5.2.1. The rising instances of cyber-attacks and frauds in digital financial services
5.2.2. The growing digitization of businesses
5.3. Restraints
5.3.1. High capital expenditure
5.4. Opportunities
5.4.1. New advanced technologies, systems, process and devices
5.5. Challenges
5.5.1. Lack of skilled professionals
6. Global Third-Party Risk Management Market Analysis and Forecast, By Component
6.1. Segment Overview
6.2. Services
6.3. Solutions
7. Global Third-Party Risk Management Market Analysis and Forecast, By Vertical
7.1. Segment Overview
7.2. BFSI
7.3. Healthcare & Life Sciences
7.4. Retail & Consumers Goods
7.5. Energy & Utilities
7.6. IT & Telecom
7.7. Government & Defense
7.8. Manufacturing
7.9. Others
8. Global Third-Party Risk Management Market Analysis and Forecast, By Deployment Type
8.1. Segment Overview
8.2. Cloud
8.3. On-Premises
9. Global Third-Party Risk Management Market Analysis and Forecast, By Organization Size
9.1. Segment Overview
9.2. Large Enterprises
9.3. Small & Medium Enterprises
10. Global Third-Party Risk Management Market Analysis and Forecast, By Regional Analysis
10.1. Segment Overview
10.2. North America
10.2.1. U.S.
10.2.2. Canada
10.2.3. Mexico
10.3. Europe
10.3.1. Germany
10.3.2. France
10.3.3. U.K.
10.3.4. Italy
10.3.5. Spain
10.4. Asia-Pacific
10.4.1. Japan
10.4.2. China
10.4.3. India
10.5. South America
10.5.1. Brazil
10.6. Middle East and Africa
10.6.1. UAE
10.6.2. South Africa
11. Global Third-Party Risk Management Market-Competitive Landscape
11.1. Overview
11.2. Market Share of Key Players in the Third-Party Risk Management Market
11.2.1. Global Company Market Share
11.2.2. North America Company Market Share
11.2.3. Europe Company Market Share
11.2.4. APAC Company Market Share
11.3. Competitive Situations and Trends
11.3.1. Product Launches and Developments
11.3.2. Partnerships, Collaborations, and Agreements
11.3.3. Mergers & Acquisitions
11.3.4. Expansions
12. Company Profiles
12.1. Aravo Solutions Inc.
12.1.1. Business Overview
12.1.2. Company Snapshot
12.1.3. Company Market Share Analysis
12.1.4. Company Product Portfolio
12.1.5. Recent Developments
12.1.6. SWOT Analysis
12.2. BitSight Technologies Inc.
12.2.1. Business Overview
12.2.2. Company Snapshot
12.2.3. Company Market Share Analysis
12.2.4. Company Product Portfolio
12.2.5. Recent Developments
12.2.6. SWOT Analysis
12.3. Deloitte
12.3.1. Business Overview
12.3.2. Company Snapshot
12.3.3. Company Market Share Analysis
12.3.4. Company Product Portfolio
12.3.5. Recent Developments
12.3.6. SWOT Analysis
12.4. Ernst & Young LLP
12.4.1. Business Overview
12.4.2. Company Snapshot
12.4.3. Company Market Share Analysis
12.4.4. Company Product Portfolio
12.4.5. Recent Developments
12.4.6. SWOT Analysis
12.5. Genpact
12.5.1. Business Overview
12.5.2. Company Snapshot
12.5.3. Company Market Share Analysis
12.5.4. Company Product Portfolio
12.5.5. Recent Developments
12.5.6. SWOT Analysis
12.6. KPGM
12.6.1. Business Overview
12.6.2. Company Snapshot
12.6.3. Company Market Share Analysis
12.6.4. Company Product Portfolio
12.6.5. Recent Developments
12.6.6. SWOT Analysis
12.7. MetricStream
12.7.1. Business Overview
12.7.2. Company Snapshot
12.7.3. Company Market Share Analysis
12.7.4. Company Product Portfolio
12.7.5. Recent Developments
12.7.6. SWOT Analysis
12.8. NAVEX Global Inc.
12.8.1. Business Overview
12.8.2. Company Snapshot
12.8.3. Company Market Share Analysis
12.8.4. Company Product Portfolio
12.8.5. Recent Developments
12.8.6. SWOT Analysis
12.9. Resolver Inc.
12.9.1. Business Overview
12.9.2. Company Snapshot
12.9.3. Company Market Share Analysis
12.9.4. Company Product Portfolio
12.9.5. Recent Developments
12.9.6. SWOT Analysis
12.10. RSA
12.10.1. Business Overview
12.10.2. Company Snapshot
12.10.3. Company Market Share Analysis
12.10.4. Company Product Portfolio
12.10.5. Recent Developments
12.10.6. SWOT Analysis
List of Table
1. Global Third-Party Risk Management Market, By Component, 2019-2030 (USD Billion)
2. Global Services Third-Party Risk Management Market, By Region, 2019-2030 (USD Billion)
3. Global Solutions Third-Party Risk Management Market, By Region, 2019-2030 (USD Billion)
4. Global Third-Party Risk Management Market, By Vertical, 2019-2030 (USD Billion)
5. Global BFSI Third-Party Risk Management Market, By Region, 2019-2030 (USD Billion)
6. Global Healthcare & Life Sciences Third-Party Risk Management Market, By Region, 2019-2030 (USD Billion)
7. Global Retail & Consumers Goods Third-Party Risk Management Market, By Region, 2019-2030 (USD Billion)
8. Global Energy & Utilities Third-Party Risk Management Market, By Region, 2019-2030 (USD Billion)
9. Global IT & Telecom Third-Party Risk Management Market, By Region, 2019-2030 (USD Billion)
10. Global Government & Defense Third-Party Risk Management Market, By Region, 2019-2030 (USD Billion)
11. Global Manufacturing Third-Party Risk Management Market, By Region, 2019-2030 (USD Billion)
12. Global Others Third-Party Risk Management Market, By Region, 2019-2030 (USD Billion)
13. Global Third-Party Risk Management Market, By Deployment Type, 2019-2030 (USD Billion)
14. Global Cloud Third-Party Risk Management Market, By Region, 2019-2030 (USD Billion)
15. Global On-Premises Third-Party Risk Management Market, By Region, 2019-2030 (USD Billion)
16. Global Third-Party Risk Management Market, By Organization Size, 2019-2030 (USD Billion)
17. Global Large Enterprises Third-Party Risk Management Market, By Region, 2019-2030 (USD Billion)
18. Global Small & Medium Enterprises Third-Party Risk Management Market, By Region, 2019-2030 (USD Billion)
19. Global Third-Party Risk Management Market, By Region, 2019-2030 (USD Billion)
20. North America Third-Party Risk Management Market, By Component, 2019-2030 (USD Billion)
21. North America Third-Party Risk Management Market, By Vertical, 2019-2030 (USD Billion)
22. North America Third-Party Risk Management Market, By Deployment Type, 2019-2030 (USD Billion)
23. North America Third-Party Risk Management Market, By Organization Size, 2019-2030 (USD Billion)
24. U.S. Third-Party Risk Management Market, By Component, 2019-2030 (USD Billion)
25. U.S. Third-Party Risk Management Market, By Vertical, 2019-2030 (USD Billion)
26. U.S. Third-Party Risk Management Market, By Deployment Type, 2019-2030 (USD Billion)
27. U.S. Third-Party Risk Management Market, By Organization Size, 2019-2030 (USD Billion)
28. Canada Third-Party Risk Management Market, By Component, 2019-2030 (USD Billion)
29. Canada Third-Party Risk Management Market, By Vertical, 2019-2030 (USD Billion)
30. Canada Third-Party Risk Management Market, By Deployment Type, 2019-2030 (USD Billion)
31. Canada Third-Party Risk Management Market, By Organization Size, 2019-2030 (USD Billion)
32. Mexico Third-Party Risk Management Market, By Component, 2019-2030 (USD Billion)
33. Mexico Third-Party Risk Management Market, By Vertical, 2019-2030 (USD Billion)
34. Mexico Third-Party Risk Management Market, By Deployment Type, 2019-2030 (USD Billion)
35. Mexico Third-Party Risk Management Market, By Organization Size, 2019-2030 (USD Billion)
36. Europe Third-Party Risk Management Market, By Component, 2019-2030 (USD Billion)
37. Europe Third-Party Risk Management Market, By Vertical, 2019-2030 (USD Billion)
38. Europe Third-Party Risk Management Market, By Deployment Type, 2019-2030 (USD Billion)
39. Europe Third-Party Risk Management Market, By Organization Size, 2019-2030 (USD Billion)
40. Germany Third-Party Risk Management Market, By Component, 2019-2030 (USD Billion)
41. Germany Third-Party Risk Management Market, By Vertical, 2019-2030 (USD Billion)
42. Germany Third-Party Risk Management Market, By Deployment Type, 2019-2030 (USD Billion)
43. Germany Third-Party Risk Management Market, By Organization Size, 2019-2030 (USD Billion)
44. France Third-Party Risk Management Market, By Component, 2019-2030 (USD Billion)
45. France Third-Party Risk Management Market, By Vertical, 2019-2030 (USD Billion)
46. France Third-Party Risk Management Market, By Deployment Type, 2019-2030 (USD Billion)
47. France Third-Party Risk Management Market, By Organization Size, 2019-2030 (USD Billion)
48. U.K. Third-Party Risk Management Market, By Component, 2019-2030 (USD Billion)
49. U.K. Third-Party Risk Management Market, By Vertical, 2019-2030 (USD Billion)
50. U.K. Third-Party Risk Management Market, By Deployment Type, 2019-2030 (USD Billion)
51. U.K. Third-Party Risk Management Market, By Organization Size, 2019-2030 (USD Billion)
52. Italy Third-Party Risk Management Market, By Component, 2019-2030 (USD Billion)
53. Italy Third-Party Risk Management Market, By Vertical, 2019-2030 (USD Billion)
54. Italy Third-Party Risk Management Market, By Deployment Type, 2019-2030 (USD Billion)
55. Italy Third-Party Risk Management Market, By Organization Size, 2019-2030 (USD Billion)
56. Spain Third-Party Risk Management Market, By Component, 2019-2030 (USD Billion)
57. Spain Third-Party Risk Management Market, By Vertical, 2019-2030 (USD Billion)
58. Spain Third-Party Risk Management Market, By Deployment Type, 2019-2030 (USD Billion)
59. Spain Third-Party Risk Management Market, By Organization Size, 2019-2030 (USD Billion)
60. Asia Pacific Third-Party Risk Management Market, By Component, 2019-2030 (USD Billion)
61. Asia Pacific Third-Party Risk Management Market, By Vertical, 2019-2030 (USD Billion)
62. Asia Pacific Third-Party Risk Management Market, By Deployment Type, 2019-2030 (USD Billion)
63. Asia Pacific Third-Party Risk Management Market, By Organization Size, 2019-2030 (USD Billion)
64. Japan Third-Party Risk Management Market, By Component, 2019-2030 (USD Billion)
65. Japan Third-Party Risk Management Market, By Vertical, 2019-2030 (USD Billion)
66. Japan Third-Party Risk Management Market, By Deployment Type, 2019-2030 (USD Billion)
67. Japan Third-Party Risk Management Market, By Organization Size, 2019-2030 (USD Billion)
68. China Third-Party Risk Management Market, By Component, 2019-2030 (USD Billion)
69. China Third-Party Risk Management Market, By Vertical, 2019-2030 (USD Billion)
70. China Third-Party Risk Management Market, By Deployment Type, 2019-2030 (USD Billion)
71. China Third-Party Risk Management Market, By Organization Size, 2019-2030 (USD Billion)
72. India Third-Party Risk Management Market, By Component, 2019-2030 (USD Billion)
73. India Third-Party Risk Management Market, By Vertical, 2019-2030 (USD Billion)
74. India Third-Party Risk Management Market, By Deployment Type, 2019-2030 (USD Billion)
75. India Third-Party Risk Management Market, By Organization Size, 2019-2030 (USD Billion)
76. South America Third-Party Risk Management Market, By Component, 2019-2030 (USD Billion)
77. South America Third-Party Risk Management Market, By Vertical, 2019-2030 (USD Billion)
78. South America Third-Party Risk Management Market, By Deployment Type, 2019-2030 (USD Billion)
79. South America Third-Party Risk Management Market, By Organization Size, 2019-2030 (USD Billion)
80. Brazil Third-Party Risk Management Market, By Component, 2019-2030 (USD Billion)
81. Brazil Third-Party Risk Management Market, By Vertical, 2019-2030 (USD Billion)
82. Brazil Third-Party Risk Management Market, By Deployment Type, 2019-2030 (USD Billion)
83. Brazil Third-Party Risk Management Market, By Organization Size, 2019-2030 (USD Billion)
84. Middle East and Africa Third-Party Risk Management Market, By Component, 2019-2030 (USD Billion)
85. Middle East and Africa Third-Party Risk Management Market, By Vertical, 2019-2030 (USD Billion)
86. Middle East and Africa Third-Party Risk Management Market, By Deployment Type, 2019-2030 (USD Billion)
87. Middle East and Africa Third-Party Risk Management Market, By Organization Size, 2019-2030 (USD Billion)
88. UAE Third-Party Risk Management Market, By Component, 2019-2030 (USD Billion)
89. UAE Third-Party Risk Management Market, By Vertical, 2019-2030 (USD Billion)
90. UAE Third-Party Risk Management Market, By Deployment Type, 2019-2030 (USD Billion)
91. UAE Third-Party Risk Management Market, By Organization Size, 2019-2030 (USD Billion)
92. South Africa Third-Party Risk Management Market, By Component, 2019-2030 (USD Billion)
93. South Africa Third-Party Risk Management Market, By Vertical, 2019-2030 (USD Billion)
94. South Africa Third-Party Risk Management Market, By Deployment Type, 2019-2030 (USD Billion)
95. South Africa Third-Party Risk Management Market, By Organization Size, 2019-2030 (USD Billion)
List of Figures
1. Global Third-Party Risk Management Market Segmentation
2. Third-Party Risk Management Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top-Down Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Third-Party Risk Management Market Attractiveness Analysis by Component
9. Global Third-Party Risk Management Market Attractiveness Analysis by Vertical
10. Global Third-Party Risk Management Market Attractiveness Analysis by Deployment Type
11. Global Third-Party Risk Management Market Attractiveness Analysis by Organization Size
12. Global Third-Party Risk Management Market Attractiveness Analysis by Region
13. Global Third-Party Risk Management Market: Dynamics
14. Global Third-Party Risk Management Market Share by Component (2022 & 2030)
15. Global Third-Party Risk Management Market Share by Vertical (2022 & 2030)
16. Global Third-Party Risk Management Market Share by Deployment Type (2022 & 2030)
17. Global Third-Party Risk Management Market Share by Organization Size (2022 & 2030)
18. Global Third-Party Risk Management Market Share by Regions (2022 & 2030)
19. Global Third-Party Risk Management Market Share by Company (2021)
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the third-party risk management market based on below mentioned segments:
Third-Party Risk Management Market by Component:
Third-Party Risk Management Market by Vertical:
Third-Party Risk Management Market by Deployment Type:
Third-Party Risk Management Market by Organization Size:
Third-Party Risk Management Market by Region:
Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision.
Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.
The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.
Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:
The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.
The data procurement stage involves in data gathering and collecting through various data sources.
This stage involves in extensive research. These data sources includes:
Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:
Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.
Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.
The supply side for a domain specific market is analysed by:
The demand side for the market is estimated through:
In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.
Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:
Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:
Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.
This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.
Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.
The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:
Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.
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