Vendor Risk Management Market by Solution (Compliance Management, Audit Management, Financial Control, Quality Assurance Management), Service, Deployment Type, Organization Size, Industry Vertical, and Region - Global Forecast to 2022
[122 Pages Report] Enterprises are highly dependent on a large number of third-party vendors to achieve their business objectives. Collaborating with several vendors is often challenging for enterprises and may also bring about different risks that can damage the business processes or objectives. While dealing with various vendors located at different geographic locations, enterprises need to mitigate and overcome the risks associated with these vendors. Vendor risks can have a significant impact on the business of an enterprise. There are several risks associated with third-party vendors, including Information Technology (IT) risks, credit risks, compliance risks, operational risks, and reputational risks. It is increasingly important for enterprises to identify and mitigate these risks to achieve their business goals and sustain in the intense competition. Vendor risk management solutions and services offer an effective approach to understand and manage the complex third-party vendor ecosystem
The vendor risk management market to grow from USD 3,288.1 million in 2016 to USD 6500.2 Million by 2022 at a Compound Annual Growth Rate (CAGR) of 14.6% during the forecast period. The forecast period has been considered from 2017 to 2022, while 2016 is considered as the base year for estimating the market size.
The services segment is expected to dominate the vendor risk management market during the forecast period.
The cloud deployment type segment is expected to grow at a higher CAGR during the forecast period.
Small and medium-sized enterprises segment is expected to register a higher CAGR during the forecast period.
Banking, financial services, and insurance industry vertical, and North America are estimated to dominate the vendor risk management market in 2017.
Market Dynamics
Driver: Need for the efficient management of complex vendor ecosystems
Organizations spend considerable time and effort on evaluating the vendors who provide products and services as per their business requirements. Vendor risk management solutions reduce the efforts for identifying the key parameters of vendor performance and scoring based on the vendors product or service delivery, time accuracy, and quality of the product. When an organization is dependent on multiple vendors, the use of vendor risk management solutions assists in figuring out and identifying the critical issues in sourcing products and services from third-party vendors. The management of multiple vendors is a tedious activity for any organization, and significant risk assessment through a vendor risk management solution eases the enterprises task of evaluating the risks associated with different vendors.
Restraints: Dependence on non-formal and manual processes by many organizations
A considerable portion of the global market still relies on manual processes to evaluate and estimate the risks associated with vendor dependency. Many organizations have not yet realized the need for vendor risk management solutions to measure the performance of their vendors. These organizations are reluctant to adopt the vendor risk management software in their systems. Many organizations are dependent on manual processes to identify risks and are unaware of the importance of vendor risk management solutions and services in minimizing vendor risks.
Opportunities: Streamline the vendor risk assessment process
Large organizations often depend on many vendors for business continuity and support for the entire supply chain process to ensure the timely delivery of products and services to customers. The various threats and risks posed by vendors have to be evaluated to resolve such critical issues. Vendor risk management solutions prioritize each risk and streamline the risk-resolving activities within organizations. These solutions also simplify the organizations efforts for minimizing the risks while evaluating and selecting a vendor for specific tasks.
Challenges: Penetration in highly regulated industries
Some industries, such as BFSI and healthcare and life sciences, have highly regulated environments. Therefore, they require effective vendor management solutions to identify and monitor the various operations carried out by the vendors. Organizations in such industries need to regularly monitor the quality delivered to their customers, as these industries cannot afford to take any risk that may harm the brand name of the organization in the long run. A few organizations avoid the risk of outsourcing specific tasks to vendors; this poses a challenge for solution vendors to grow in the market.
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Get online access to the report on the World's First Market Intelligence Cloud
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- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
|
Report Metric |
Details |
|
Market size available for years |
2015 - 2022 |
|
Base year considered |
2016 |
|
Forecast period |
20172022 |
|
Forecast units |
Million (USD) |
|
Segments covered |
Component, Service, Deployment Type, Organization Size, and Region |
|
Geographies covered |
North America, Europe, MEA, APAC, and Latin America |
|
Companies covered |
BitSight Technologies (US), RSA (US), Genpact (US), LockPath (US), MetricStream (US), BWise (Netherlands), Resolver (Canada), SAI Global (Australia), Rsam (US), IBM (US), Optiv (US), Quantivate (US), RapidRatings (US), ProcessUnity (US), LogicManager (US), and VendorInsight (US) |
The research report categorizes the Vendor Risk Management Market to forecast the revenues and analyze the trends in each of the following sub-segments:
Vendor Risk Management Market By Component
- Solutions
- Vendor Information Management
- Contract Management
- Financial Control
- Compliance Management
- Audit Management
- Quality Assurance Management
- Services
- Professional Services
- Consulting
- Support and Maintenance
- Deployment and Integration
- Managed Services
- Professional Services
Market By Deployment Type
- On-premises
- Cloud
Market By Organization Size
- SMEs
- Large Enterprises
- Market By Vertical
- BFSI
- Telecom and IT
- Consumer Goods and Retail
- Healthcare and Life Sciences
- Manufacturing
- Energy and Utilities
- Government
- Others (Education and Media & Entertainment)
Market By Region
- North America
- Europe
- Middle East and Africa (MEA)
- Asia Pacific (APAC)
- Latin America
Key Market Players
RSA (US), MetricStream (US), BWise (Netherlands), SAI Global (Australia), Rsam (US).
Recent Developments
- In July 2017, LockPath released Keylight 4.7, an upgraded version of its Keylight platform suite. The upgraded version featured the Health and Safety Manager (HSM) application, and enhanced reporting and calculation features.
- In May 2017, RSA, a unit of Dell Technologies, announced a series of new updates for its RSA SecurID Access solution. The update included a cloud-based authentication-as-a-service option, providing easy access to both on-premises and cloud resources and systems to deliver safe access for any user, anywhere, anytime.
- In April 2017, RiskVision introduced RiskVision EU GDPR Solution Pack that is aimed to help organizations comply with the EU GDPR to avoid hefty penalties.
- In February 2017, SAI Global formally introduced the IT Risk Manager solution to its portfolio. The new solution would offer higher scalability and provide vulnerability assessment tools to connect with external data sources.
- In January 2017, LockPath upgraded Keylight 4.6 with the enhanced reporting feature. The new version of Keylight 4.6 offers additional reporting options, improved navigation, and user-friendly features.
Critical questions the report answers:
- What are the upcoming trends for the Vendor Risk Management market?
- Which segment provides the most opportunity for growth?
- Who are the leading vendors operating in this market?
- What are the opportunities for new market entrants?
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
Table of Contents
1 Introduction (Page No. - 12)
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency
1.6 Stakeholders
2 Research Methodology (Page No. - 15)
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakdown of Primaries
2.1.2.2 Key Industry Insights
2.2 Market Size Estimation
2.3 Research Assumptions
2.4 Limitations
3 Executive Summary (Page No. - 21)
4 Premium Insights (Page No. - 23)
4.1 Attractive Market Opportunities in the Vendor Risk Management Market
4.2 Market By Component
4.3 Market By Deployment Type
4.4 Market By Organization Size
4.5 Market Top 3 Industry Verticals and Regions
5 Market Overview (Page No. - 26)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Need for the Efficient Management of Complex Vendor Ecosystems
5.2.1.2 Automated Questionnaire Generation and Vendor Selection
5.2.1.3 View the Risk Levels Associated With Various Tasks
5.2.2 Restraints
5.2.2.1 Dependence on Non-Formal and Manual Processes By Many Organizations
5.2.3 Opportunities
5.2.3.1 Streamline the Vendor Risk Assessment Process
5.2.3.2 Better Financial and Compliance Control
5.2.4 Challenges
5.2.4.1 Penetration in Highly Regulated Industries
5.2.4.2 Solution Integration With Other Applications
5.3 Vendor Risk Management: Use Cases
5.3.1 Use Case #1
5.3.2 Use Case #2
6 Vendor Risk Management Market, By Component (Page No. - 30)
6.1 Introduction
6.2 Solutions
6.2.1 Vendor Information Management
6.2.2 Contract Management
6.2.3 Financial Control
6.2.4 Compliance Management
6.2.5 Audit Management
6.2.6 Quality Assurance Management
6.3 Services
6.3.1 Professional Services
6.3.1.1 Consulting
6.3.1.2 Support and Maintenance
6.3.1.3 Deployment and Integration
6.3.2 Managed Services
7 Market By Deployment Type (Page No. - 41)
7.1 Introduction
7.2 On-Premises
7.3 Cloud
8 Market, By Organization Size (Page No. - 45)
8.1 Introduction
8.2 Small and Medium-Sized Enterprises
8.3 Large Enterprises
9 Market By Vertical (Page No. - 49)
9.1 Introduction
9.2 Banking, Financial Services, and Insurance
9.3 Telecom and IT
9.4 Manufacturing
9.5 Consumer Goods and Retail
9.6 Government
9.7 Healthcare and Life Sciences
9.8 Energy and Utilities
9.9 Others
10 Vendor Risk Management Market, By Region (Page No. - 59)
10.1 Introduction
10.2 North America
10.3 Europe
10.4 Asia Pacific
10.5 Middle East and Africa
10.6 Latin America
11 Competitive Landscape (Page No. - 79)
11.1 Overview
11.2 Market Ranking
11.3 Competitive Scenario
11.3.1 New Product Launches/Upgradations
11.3.2 Business Expansions
11.3.3 Acquisitions
11.3.4 Partnerships
12 Company Profiles (Page No. - 84)
12.1 Bitsight Technologies
(Business Overview, Solutions and Services Offered, Recent Developments, SWOT Analysis, and MnM View)*
12.2 RSA
12.3 Genpact
12.4 LockPath
12.5 MetricStream
12.6 Nasdaq BWise
12.7 Resolver
12.8 SAI Global
12.9 Rsam
12.10 IBM
12.11 Optiv
12.12 Quantivate
12.13 RapidRatings
*Details on Business Overview, Solutions and Services Offered, Recent Developments, SWOT Analysis, and MnM View Might Not Be Captured in Case of Unlisted Companies.
12.14 Key Innovators
12.14.1 Processunity
12.14.2 Logicmanager
12.14.3 Vendorinsight
13 Appendix (Page No. - 113)
13.1 Discussion Guide
13.2 Knowledge Store: Marketsandmarkets Subscription Portal
13.3 Introducing RT: Real Time Market Intelligence
13.4 Available Customizations
13.5 Related Reports
13.6 Author Details
List of Tables (71 Tables)
Table 1 United States Dollar Exchange Rate
Table 2 Vendor Risk Management Market Size, By Component, 20152022 (USD Million)
Table 3 Solutions: Market Size By Type, 20152022 (USD Million)
Table 4 Vendor Information Management Market Size, By Region, 20152022 (USD Million)
Table 5 Contract Management Market Size, By Region, 20152022 (USD Million)
Table 6 Financial Control Market Size, By Region, 20152022 (USD Million)
Table 7 Compliance Management Market Size, By Region, 20152022 (USD Million)
Table 8 Audit Management Market Size, By Region, 20152022 (USD Million)
Table 9 Quality Assurance Management Market Size, By Region, 20152022 (USD Million)
Table 10 Services: Market Size By Type, 20152022 (USD Million)
Table 11 Professional Services Market Size, By Type, 20152022 (USD Million)
Table 12 Consulting Market Size, By Region, 20152022 (USD Million)
Table 13 Support and Maintenance Market Size, By Region, 20152022 (USD Million)
Table 14 Deployment and Integration Market Size, By Region, 20152022 (USD Million)
Table 15 Managed Services Market Size, By Region, 20152022 (USD Million)
Table 16 Vendor Risk Management Market Size, By Deployment Type, 20152022 (USD Million)
Table 17 On-Premises: Market Size By Region, 20152022 (USD Million)
Table 18 Cloud: Market Size By Region, 20152022 (USD Million)
Table 19 Market Size By Organization Size, 20152022 (USD Million)
Table 20 Small and Medium-Sized Enterprises: Market Size By Region, 20152022 (USD Million)
Table 21 Large Enterprises: Market Size By Region, 20152022 (USD Million)
Table 22 Market Size, By Industry Vertical, 20152022 (USD Million)
Table 23 Banking, Financial Services, and Insurance: Market Size By Region, 20152022 (USD Million)
Table 24 Telecom and IT: Market Size By Region, 20152022 (USD Million)
Table 25 Manufacturing: Market Size By Region, 20152022 (USD Million)
Table 26 Consumer Goods and Retail: Market Size By Region, 20152022 (USD Million)
Table 27 Government: Market Size By Region, 20152022 (USD Million)
Table 28 Healthcare and Life Sciences: Market Size By Region, 20152022 (USD Million)
Table 29 Energy and Utilities: Market Size By Region, 20152022 (USD Million)
Table 30 Others: Market Size By Region, 20152022 (USD Million)
Table 31 Vendor Risk Management Market Size, By Region, 20152022 (USD Million)
Table 32 North America: Market Size By Component, 20152022 (USD Million)
Table 33 North America: Market Size By Solution, 20152022 (USD Million)
Table 34 North America: Market Size By Service, 20152022 (USD Million)
Table 35 North America: Market Size By Professional Service, 20152022 (USD Million)
Table 36 North America: Market Size By Deployment Type, 20152022 (USD Million)
Table 37 North America: Market Size By Organization Size, 20152022 (USD Million)
Table 38 North America: Market Size By Industry Vertical, 20152022 (USD Million)
Table 39 Europe: Vendor Risk Management Market Size, By Component, 20152022 (USD Million)
Table 40 Europe: Market Size By Solution, 20152022 (USD Million)
Table 41 Europe: Market Size By Service, 20152022 (USD Million)
Table 42 Europe: Market Size By Professional Service, 20152022 (USD Million)
Table 43 Europe: Market Size By Deployment Type, 20152022 (USD Million)
Table 44 Europe: Market Size By Organization Size, 20152022 (USD Million)
Table 45 Europe: Market Size By Industry Vertical, 20152022 (USD Million)
Table 46 Asia Pacific: Market Size, By Component, 20152022 (USD Million)
Table 47 Asia Pacific: Market Size By Solution, 20152022 (USD Million)
Table 48 Asia Pacific: Market Size By Service, 20152022 (USD Million)
Table 49 Asia Pacific: Market Size By Professional Service, 20152022 (USD Million)
Table 50 Asia Pacific: Market Size By Deployment Type, 20152022 (USD Million)
Table 51 Asia Pacific: Market Size By Organization Size, 20152022 (USD Million)
Table 52 Asia Pacific: Market Size By Industry Vertical, 20152022 (USD Million)
Table 53 Middle East and Africa: Vendor Risk Management Market Size, By Component, 20152022 (USD Million)
Table 54 Middle East and Africa: Market Size By Solution, 20152022 (USD Million)
Table 55 Middle East and Africa: Market Size By Service, 20152022 (USD Million)
Table 56 Middle East and Africa: Market Size By Professional Service, 20152022 (USD Million)
Table 57 Middle East and Africa: Market Size By Deployment Type, 20152022 (USD Million)
Table 58 Middle East and Africa: Market Size By Organization Size, 20152022 (USD Million)
Table 59 Middle East and Africa: Market Size By Industry Vertical, 20152022 (USD Million)
Table 60 Latin America: Vendor Risk Management Market Size, By Component, 20152022 (USD Million)
Table 61 Latin America: Market Size By Solution, 20152022 (USD Million)
Table 62 Latin America: Market Size By Service, 20152022 (USD Million)
Table 63 Latin America: Market Size By Professional Service, 20152022 (USD Million)
Table 64 Latin America: Market Size By Deployment Type, 20152022 (USD Million)
Table 65 Latin America: Market Size By Organization Size, 20152022 (USD Million)
Table 66 Latin America: Market Size By Industry Vertical, 20152022 (USD Million)
Table 67 Market Ranking for the Vendor Risk Management Market, 2017
Table 68 New Product Launches/Upgradations, 20152017
Table 69 Business Expansions, 2017
Table 70 Acquisitions, 20162017
Table 71 Partnerships, 20152017
List of Figures (29 Figures)
Figure 1 Vendor Risk Management Market Segmentation
Figure 2 Market Research Design
Figure 3 Breakdown of Primary Interviews: By Company, Designation, and Region
Figure 4 Data Triangulation
Figure 5 Market Size Estimation Methodology: Top-Down Approach
Figure 6 Market Size Estimation Methodology: Bottom-Up Approach
Figure 7 Market Assumptions
Figure 8 Top 3 Segments With the Largest Market Shares in 2017
Figure 9 Market Regional Snapshot
Figure 10 Increased Need for the Efficient Management of Complex Vendor Ecosystems is Expected to Drive the Vendor Risk Management Market Growth
Figure 11 Services Segment is Expected to Dominate the Market During the Forecast Period
Figure 12 Cloud Deployment Type is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 13 Small and Medium-Sized Enterprises Segment is Expected Register A Higher CAGR During the Forecast Period
Figure 14 Banking, Financial Services, and Insurance Industry Vertical, and North America are Estimated to Dominate the Market in 2017
Figure 15 Vendor Risk Management Market Drivers, Restraints, Opportunities, and Challenges
Figure 16 Services Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 17 Financial Control Segment is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 18 Managed Services Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 19 Support and Maintenance Segment is Expected to Have the Highest CAGR During the Forecast Period
Figure 20 Cloud Deployment Type is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 21 Small and Medium-Sized Enterprises Segment is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 22 Healthcare and Life Sciences Industry Vertical is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 23 North America is Expected to Have the Largest Market Size During the Forecast Period
Figure 24 North America: Market Snapshot
Figure 25 Asia Pacific: Market Snapshot
Figure 26 Key Developments By the Leading Players in the Vendor Risk Management Market, 20152017
Figure 27 Market Evaluation Framework
Figure 28 Genpact: Company Snapshot
Figure 29 IBM: SWOT Analysis
Growth opportunities and latent adjacency in Vendor Risk Management Market