Global Third-Party Risk Management Market Size Study, by Component, by Organization Size, by Deployment Model, by End User, and Regional Forecasts 2022-2032

Description

Global Third-Party Risk Management (TPRM) Market, valued at approximately USD 6.12 billion in 2023, is anticipated to experience robust growth compound annual growth rate (CAGR) of 15.11% over the forecast period from 2024 to 2032. Third-Party Risk Management involves the strategic process of identifying, evaluating, and mitigating the risks associated with third-party vendors, suppliers, and service providers. These risks encompass various dimensions such as cybersecurity threats, financial instability, regulatory non-compliance, and operational inefficiencies. Effective TPRM practices are critical in safeguarding an organization's operational integrity, maintaining compliance with industry regulations, and preserving its reputation in an increasingly interconnected global economy.

The proliferation of digital transformation initiatives and the integration of advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), and blockchain are significantly enhancing the capabilities of TPRM solutions. The increasing frequency and sophistication of cyberattacks and data breaches are driving organizations to prioritize robust risk management frameworks to protect their digital assets and operational continuity. Additionally, the growing demand for comprehensive security systems and surveillance technologies further underscores the necessity for effective TPRM solutions. However, challenges such as high implementation costs and data privacy concerns may hinder market growth to some extent.

The key regions considered for the market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. In 2023, North America, which held the largest market share attributed to rapid digitalization, the adoption of cutting-edge technologies, and the increasing incidence of cybersecurity threats in the region. The United States and Canada, in particular, are at the forefront of digital transformation efforts, often involving extensive collaboration with external partners to enhance innovation and operational efficiency. As these digital ecosystems evolve, the associated risks with third-party engagements also escalate, necessitating advanced TPRM solutions to manage vulnerabilities effectively.

Major market players included in this report are:

KPMG
BitSight Technologies
Ernst & Young
PwC
ProcessUnity
Venminder
Resolver
NAVEX Global
Genpact
MetricStream
Deloitte

The detailed segments and sub-segment of the market are explained below:

By Component:

Solutions
Services

By Organization Size:

SMEs
Large Enterprises

By Deployment Model:

Cloud
On-premises

By End User:

IT & Telecom
BFSI
Healthcare
Retail
Manufacturing
Energy & Utility
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
RoLA
Middle East & Africa
Saudi Arabia
South Africa
RoMEA

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market

Chapter 1. Global Third-Party Risk Management (TPRM) Market Executive Summary

1.1. Global Third-Party Risk Management (TPRM) Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Component
- 1.3.2. By Organization Size
- 1.3.3. By Deployment Model
- 1.3.4. By End User
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Third-Party Risk Management (TPRM) Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Third-Party Risk Management (TPRM) Market Dynamics

3.1. Market Drivers
- 3.1.1. Increasing Cybersecurity Threats
- 3.1.2. Digital Transformation Initiatives
- 3.1.3. Innovations in AI, ML, and Blockchain
3.2. Market Challenges
- 3.2.1. High Implementation Cost
- 3.2.2. Data Privacy Concerns
3.3. Market Opportunities
- 3.3.1. Increased Adoption of AI and ML Technologies
- 3.3.2. Expansion in Emerging Markets

Chapter 4. Global Third-Party Risk Management (TPRM) Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top Investment Opportunity
4.4. Top Winning Strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Third-Party Risk Management (TPRM) Market Size & Forecasts by Component (2022-2032)

5.1. Segment Dashboard
5.2. Global Third-Party Risk Management (TPRM) Market: Solutions Revenue Trend Analysis, 2022 & 2032 (USD Billion)
5.3. Global Third-Party Risk Management (TPRM) Market: Services Revenue Trend Analysis, 2022 & 2032 (USD Billion)

Chapter 6. Global Third-Party Risk Management (TPRM) Market Size & Forecasts by Organization Size (2022-2032)

6.1. Segment Dashboard
6.2. Global Third-Party Risk Management (TPRM) Market: SMEs Revenue Trend Analysis, 2022 & 2032 (USD Billion)
6.3. Global Third-Party Risk Management (TPRM) Market: Large Enterprises Revenue Trend Analysis, 2022 & 2032 (USD Billion)

Chapter 7. Global Third-Party Risk Management (TPRM) Market Size & Forecasts by Deployment Model (2022-2032)

7.1. Segment Dashboard
7.2. Global Third-Party Risk Management (TPRM) Market: Cloud Revenue Trend Analysis, 2022 & 2032 (USD Billion)
7.3. Global Third-Party Risk Management (TPRM) Market: On-premises Revenue Trend Analysis, 2022 & 2032 (USD Billion)

Chapter 8. Global Third-Party Risk Management (TPRM) Market Size & Forecasts by End User (2022-2032)

8.1. Segment Dashboard
8.2. Global Third-Party Risk Management (TPRM) Market: IT & Telecom Revenue Trend Analysis, 2022 & 2032 (USD Billion)
8.3. Global Third-Party Risk Management (TPRM) Market: BFSI Revenue Trend Analysis, 2022 & 2032 (USD Billion)
8.4. Global Third-Party Risk Management (TPRM) Market: Healthcare Revenue Trend Analysis, 2022 & 2032 (USD Billion)
8.5. Global Third-Party Risk Management (TPRM) Market: Retail Revenue Trend Analysis, 2022 & 2032 (USD Billion)
8.6. Global Third-Party Risk Management (TPRM) Market: Manufacturing Revenue Trend Analysis, 2022 & 2032 (USD Billion)
8.7. Global Third-Party Risk Management (TPRM) Market: Energy & Utility Revenue Trend Analysis, 2022 & 2032 (USD Billion)
8.8. Global Third-Party Risk Management (TPRM) Market: Others Revenue Trend Analysis, 2022 & 2032 (USD Billion)

Chapter 9. Global Third-Party Risk Management (TPRM) Market Size & Forecasts by Region (2022-2032)

9.1. North America Third-Party Risk Management (TPRM) Market
- 9.1.1. U.S. Third-Party Risk Management (TPRM) Market
  - 9.1.1.1. Component breakdown size & forecasts, 2022-2032
  - 9.1.1.2. Organization Size breakdown size & forecasts, 2022-2032
  - 9.1.1.3. Deployment Model breakdown size & forecasts, 2022-2032
  - 9.1.1.4. End User breakdown size & forecasts, 2022-2032
- 9.1.2. Canada Third-Party Risk Management (TPRM) Market
  - 9.1.2.1. Component breakdown size & forecasts, 2022-2032
  - 9.1.2.2. Organization Size breakdown size & forecasts, 2022-2032
  - 9.1.2.3. Deployment Model breakdown size & forecasts, 2022-2032
  - 9.1.2.4. End User breakdown size & forecasts, 2022-2032
9.2. Europe Third-Party Risk Management (TPRM) Market
- 9.2.1. U.K. Third-Party Risk Management (TPRM) Market
  - 9.2.1.1. Component breakdown size & forecasts, 2022-2032
  - 9.2.1.2. Organization Size breakdown size & forecasts, 2022-2032
  - 9.2.1.3. Deployment Model breakdown size & forecasts, 2022-2032
  - 9.2.1.4. End User breakdown size & forecasts, 2022-2032
- 9.2.2. Germany Third-Party Risk Management (TPRM) Market
  - 9.2.2.1. Component breakdown size & forecasts, 2022-2032
  - 9.2.2.2. Organization Size breakdown size & forecasts, 2022-2032
  - 9.2.2.3. Deployment Model breakdown size & forecasts, 2022-2032
  - 9.2.2.4. End User breakdown size & forecasts, 2022-2032
- 9.2.3. France Third-Party Risk Management (TPRM) Market
- 9.2.4. Spain Third-Party Risk Management (TPRM) Market
- 9.2.5. Italy Third-Party Risk Management (TPRM) Market
- 9.2.6. Rest of Europe Third-Party Risk Management (TPRM) Market
9.3. Asia Pacific Third-Party Risk Management (TPRM) Market
- 9.3.1. China Third-Party Risk Management (TPRM) Market
  - 9.3.1.1. Component breakdown size & forecasts, 2022-2032
  - 9.3.1.2. Organization Size breakdown size & forecasts, 2022-2032
  - 9.3.1.3. Deployment Model breakdown size & forecasts, 2022-2032
  - 9.3.1.4. End User breakdown size & forecasts, 2022-2032
- 9.3.2. India Third-Party Risk Management (TPRM) Market
- 9.3.3. Japan Third-Party Risk Management (TPRM) Market
- 9.3.4. Australia Third-Party Risk Management (TPRM) Market
- 9.3.5. South Korea Third-Party Risk Management (TPRM) Market
- 9.3.6. Rest of Asia Pacific Third-Party Risk Management (TPRM) Market
9.4. Latin America Third-Party Risk Management (TPRM) Market
- 9.4.1. Brazil Third-Party Risk Management (TPRM) Market
- 9.4.2. Mexico Third-Party Risk Management (TPRM) Market
- 9.4.3. Rest of Latin America Third-Party Risk Management (TPRM) Market
9.5. Middle East & Africa Third-Party Risk Management (TPRM) Market
- 9.5.1. Saudi Arabia Third-Party Risk Management (TPRM) Market
- 9.5.2. South Africa Third-Party Risk Management (TPRM) Market
- 9.5.3. Rest of Middle East & Africa Third-Party Risk Management (TPRM) Market

Chapter 10. Competitive Intelligence

10.1. Key Company SWOT Analysis
10.2. Top Market Strategies
10.3. Company Profiles
- 10.3.1. KPMG
  - 10.3.1.1. Key Information
  - 10.3.1.2. Overview
  - 10.3.1.3. Financial (Subject to Data Availability)
  - 10.3.1.4. Product Summary
  - 10.3.1.5. Market Strategies
- 10.3.2. BitSight Technologies
- 10.3.3. Ernst & Young
- 10.3.4. PwC
- 10.3.5. ProcessUnity
- 10.3.6. Venminder
- 10.3.7. Resolver
- 10.3.8. NAVEX Global
- 10.3.9. Genpact
- 10.3.10. MetricStream
- 10.3.11. Deloitte

Chapter 11. Research Process

11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
11.2. Research Attributes