Global Vendor Risk Management Market is valued approximately USD XX million in 2021 and is anticipated to grow with a healthy growth rate of more than XX % over the forecast period 2022-2028. The Vendor Risk Management can be defined as the management and monitoring of risks resulting from third-party vendors and suppliers of information technology (IT) products and services. VRM solutions are utilized to ensure that third-party products, IT vendors and service providers do not result in business disruption or financial and reputational damage. The rising incidences of security breaches and growing digitization across different industries as well as recent product launches from leading market players are factors that are accelerating the global market demand. For instance, according to Statista - as of 2022, global Spending on digital transformation technologies and services is estimated at USD 1800 billion, and this amount is projected to grow to USD 2800 billion by end of 2025. Furthermore, August 2021, Trustwave launched cyber supply chain risk assessment solution for enterprises and (Small and Medium Business Solutions) SMBs named Managed Vendor Risk Assessment (MVRA) in the Asia Pacific region. This new solution offers fully scalable cybersecurity vendor assessments. Also, growing penetration Artificial intelligence and machine learning technologies and rising industrialization across different industries are anticipated to act as a catalyzing factor for the market demand during the forecast period. However, cost associated with deployment of on premises solutions impede the growth of the market over the forecast period of 2022-2028.

The key regions considered for the global Vendor Risk Management Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading region across the world in terms of market share owing to growing prevalence of security breaches and presence of leading market players in the region. Whereas, Asia Pacific is anticipated to exhibit a significant growth rate over the forecast period 2022-2028. Factors such as growing focus of SMEs on digitization and rapid industrialization in the region, would create lucrative growth prospects for the global Vendor Risk Management Market across the Asia Pacific region.

Major market players included in this report are:

Aavenir

BitSight Technologies

Genpact

LockPath

MetricStream

Optive Security, Inc.

Rapid Ratings International, Inc.

Resolver, Inc.

RSA Security LLC

SAI Global

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Solution

Vendor Information Management

Contract Management

Financial Control

Compliance Management

Audit Management

Quality Assurance Management

By Deployment Type

Cloud

On-premises

By Enterprise Size

Large Enterprises

Small & Medium Enterprises

By End-use

BFSI

IT & Telecom

Retail & Consumer Goods

Manufacturing

Energy & Utilities

Healthcare

Government

Others

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

Rest of the World

Furthermore, years considered for the study are as follows:

Historical year - 2018, 2019, 2020

Base year - 2021

Forecast period - 2022 to 2028

Target Audience of the Global Vendor Risk Management Market in Market Study:

Key Consulting Companies & Advisors

Large, medium-sized, and small enterprises

Venture capitalists

Value-Added Resellers (VARs)

Third-party knowledge providers

Investment bankers

Investors