Third-Party Risk Management Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Description

Third-Party Risk Management Market size is set to record over 15% CAGR from 2024 to 2032 driven by the surge in technology launches and advancements.

Organizations are increasingly adopting advanced tools and platforms to evaluate and mitigate risks linked to third-party vendors and partners. These technologies enhance capabilities in monitoring compliance, security, and performance. Moreover, ongoing advancements are elevating third-party risk management through the integration of sophisticated analytics, AI, and automation. For example, in March 2024, Aon plc unveiled Partner Risk Insights, a digital platform powered by CoverWallet for streamlining insurance-related third-party risk management for U.S. organizations.

The third-party risk management industry is segmented into component, organization, deployment model, end user, and region.

The market share from the services component segment will record a decent growth rate between 2024 and 2032, fueled by the rising importance of essential tools and solutions for effective risk mitigation. Organizations are now adopting advanced service components, including risk assessment platforms, compliance monitoring tools, and automated reporting systems. Such integrations bolster the capability to evaluate and manage risks tied to external partners and vendors.

In terms of end user, the third-party risk management market from the healthcare segment is anticipated to witness a significant CAGR from 2024-2032, driven by the pressing need for secure and efficient healthcare operations. Healthcare providers are turning to advanced risk management systems to oversee risks from third-party vendors, including IT service providers and suppliers. These systems rigorously assess vendor compliance, security protocols, and contractual commitments for ensuring patient safety and preventing breaches.

Asia Pacific third-party risk management industry size will record a robust CAGR through 2032 spurred by rising demands for corporate governance and accountability. As frameworks evolve to tackle the intricacies of managing external partners and meeting regulatory standards, organizations are better positioned to handle third-party risks. This evolution not only ensures transparency but also upholds stringent accountability standards. Consequently, the commitment of the region to refining risk management practices promises stronger and more resilient business operations.

Product Code: 7989

Chapter 1 Methodology and Scope

1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
1.2 Base estimates and calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research and validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources

Chapter 2 Executive Summary

2.1 Industry 360° synopsis, 2021 - 2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Supplier landscape
- 3.2.1 Software provider
- 3.2.2 Cloud service providers
- 3.2.3 Cybersecurity providers
- 3.2.4 End user
3.3 Profit margin analysis
3.4 Technology and innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
- 3.8.1 Growth drivers
  - 3.8.1.1 Increasing Cybersecurity Threats
  - 3.8.1.2 Digital Transformation Initiatives
  - 3.8.1.3 Innovations in AI, ML, and block chain are enhancing the capabilities of TPRM
  - 3.8.1.4 The demand for security systems and surveillance equipment
- 3.8.2 Industry pitfalls and challenges
  - 3.8.2.1 Highly implementation cost
  - 3.8.2.2 Data privacy concerns
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates and Forecast, By Component, 2021 - 2032 ($Bn)

5.1 Key trends
5.2 Solutions
- 5.2.1 Financial control management
- 5.2.2 Contract management
- 5.2.3 Operational risk management
- 5.2.4 Audit management
- 5.2.5 Compliance management
5.3 Services
- 5.3.1 Consulting
- 5.3.2 Support
- 5.3.3 Integration

Chapter 6 Market Estimates and Forecast, By Organization, 2021 - 2032 ($Bn)

6.1 Key trends
6.2 SMEs
6.3 Large enterprises

Chapter 7 Market Estimates and Forecast, By Deployment Model, 2021 - 2032 ($Bn)

7.1 Key trends
7.2 Cloud
7.3 On-premises

Chapter 8 Market Estimates and Forecast, By End-user, 2021 - 2032 ($Bn)

8.1 Key trends
8.2 IT and telecom
8.3 BFSI
8.4 Healthcare
8.5 Retail
8.6 Manufacturing
8.7 Energy and Utility
8.8 Others

Chapter 9 Market Estimates and Forecast, By Region, 2021 - 2032 ($Bn)

9.1 Key trends
9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Spain
- 9.3.5 Italy
- 9.3.6 Nordics
- 9.3.7 Rest of Europe
9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 Australia
- 9.4.6 Southeast Asia
- 9.4.7 Rest of Asia Pacific
9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
- 9.5.4 Rest of Latin America
9.6 MEA
- 9.6.1 UAE
- 9.6.2 South Africa
- 9.6.3 Saudi Arabia
- 9.6.4 Rest of MEA

Chapter 10 Company Profiles

10.1 Aravo Solutions
10.2 BitSight Technologies, Inc.
10.3 Coupa
10.4 Deloitte
10.5 EcoVadis
10.6 Galvanize
10.7 Genpact
10.8 KPMG
10.9 MetricStream
10.10 NAVEX Global, Inc.
10.11 OneTrust
10.12 Prevalent
10.13 ProcessUnity, Inc.
10.14 PwC
10.15 Refinitiv
10.16 RiskRecon
10.17 RSA Archer
10.18 ServiceNow, Inc.
10.19 Venminder