The global third party risk management market is expected to reach USD 25,825.39 million by 2031 from USD 6,686.85 million in 2023, growing with a CAGR of 18.5% in the forecast period of 2024 to 2031.
Market Segmentation
Global Third Party Risk Management Market, By Component (Solution and Services), Deployment Model (On-Premise and Cloud), Organization Size (Large Enterprises and Small and Medium-Sized enterprises), End User (Government, Aerospace and Defense, Banking, Financial Services, and Insurance, Manufacturing, IT and Telecom, Energy and Utilities, Retail and Consumer Goods, Healthcare and Life Sciences, and Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, and Rest of Middle East and Africa) - Industry Trends and Forecast to 2031
Overview of Global Third Party Risk Management Market Dynamics :
- Driver
- Surge in cyberattacks and ransomware
- Restraint
- Constant changes in compliance laws and regulations
- Challenge
- Lack of skilled employees to perform and manage risk assessments
Market Players
The key market players operating in the global third party risk management market are listed below:
- Ernst & Young Global Limited
- OneTrust, LLC.
- Deloitte
- KPMG International
- Genpact
- MITRATECH
- Aravo Solutions, Inc.
- BitSight Technologies, Inc.
- IBM Corporation
- MetricStream
- NAVEX Global, Inc.
- Optiv Security Inc.
- Prevalent, Inc
- ProcessUnity, Inc.
- Rapid Ratings International, Inc.
- PwC
- Resolver Inc.
- RSA Security LLC
- SAI360 Inc.
- Venminder, Inc
TABLE OF CONTENTS
1 INTRODUCTION 39
- 1.1 OBJECTIVES OF THE STUDY 39
- 1.2 MARKET DEFINITION 39
- 1.3 OVERVIEW OF THE GLOBAL THIRD PARTY RISK MANAGEMENT MARKET 39
- 1.4 CURRENCY AND PRICING 41
- 1.5 LIMITATIONS 41
- 1.6 MARKET COVERED 41
2 MARKET SEGMENTATION 45
- 2.1 MARKETS COVERED 45
- 2.2 YEARS CONSIDERED FOR THE STUDY 46
- 2.3 GEOGRAPHIC SCOPE 47
- 2.4 DBMR TRIPOD DATA VALIDATION MODEL 48
- 2.5 PRIMARY INTERVIEWS WITH KEY OPINION LEADERS 51
- 2.6 DBMR MARKET POSITION GRID 52
- 2.7 VENDOR SHARE ANALYSIS 53
- 2.8 MULTIVARIATE MODELLING 54
- 2.9 COMPONENT TIMELINE CURVE 55
- 2.10 SECONDARY SOURCES 56
- 2.11 ASSUMPTIONS 56
3 EXECUTIVE SUMMARY 57
4 PREMIUM INSIGHTS 61
5 MARKET OVERVIEW 62
- 5.1 DRIVERS 64
- 5.1.1 SURGE IN CYBERATTACKS AND RANSOMWARE 64
- 5.1.2 INCREASING DEPENDENCE OF VARIOUS ORGANIZATIONS ON THIRD PARTY VENDORS 66
- 5.1.3 INCREASING EMPHASIS ON DATA GOVERNANCE AND PRIVACY BY REGULATORY BODIES 67
- 5.1.4 INCREASING PROGRESS OF DIGITALIZATION IN BUSINESSES 68
- 5.1.5 SURGE IN THE THIRD PARTY SUPPLY CHAIN BREACHES 69
- 5.2 RESTRAINTS 70
- 5.2.1 CONSTANT CHANGES IN COMPLIANCE LAWS AND REGULATIONS 70
- 5.2.2 LACK OF AWARENESS AND DEPENDENCE ON CONVENTIONAL AND MANUAL RISK MANAGEMENT PROCESSES 71
- 5.3 OPPORTUNITIES 72
- 5.3.1 ESG-RELATED THIRD PARTY RISK 72
- 5.3.2 INCREASING APPLICATION OF AI AND ML TECHNOLOGIES FOR THIRD PARTY 73
- 5.3.3 THIRD PARTY RISK MANAGEMENT USING BLOCKCHAIN 74
- 5.3.4 INCREASING USE OF CLOUD ENVIRONMENT FOR BUSINESS APPLICATION 75
- 5.4 CHALLENGES 76
- 5.4.1 HIGH INITIAL INVESTMENT COST 76
- 5.4.2 LACK OF SKILLED EMPLOYEES TO PERFORM AND MANAGE RISK ASSESSMENTS 77
- 5.4.3 INCONSISTENCY OF COMPANIES IN THEIR APPROACH TO TPRM 78
6 GLOBAL THIRD PARTY RISK MANAGEMENT MARKET, BY COMPONENT 79
- 6.1 OVERVIEW 80
- 6.2 SOLUTIONS 81
- 6.2.1 COMPLIANCE MANAGEMENT 82
- 6.2.2 FINANCIAL CONTROL MANAGEMENT 82
- 6.2.3 OPERATION RISK MANAGEMENT 82
- 6.2.4 CONTRACT MANAGEMENT 82
- 6.2.5 AUDIT MANAGEMENT 82
- 6.2.6 OTHERS 82
- 6.3 SERVICES 83
- 6.3.1 PROFESSIONAL SERVICES 83
- 6.3.1.1 CONSULTING 84
- 6.3.1.2 INTEGRATION AND DESIGN 84
- 6.3.1.3 SUPPORT AND MAINTENANCE 84
- 6.3.2 MANAGED SERVICES 84
7 GLOBAL THIRD PARTY RISK MANAGEMENT MARKET, BY DEPLOYMENT MODEL 85
- 7.1 OVERVIEW 86
- 7.2 ON-PREMISE 87
- 7.3 CLOUD 87
8 GLOBAL THIRD PARTY RISK MANAGEMENT MARKET, BY ORGANIZATION SIZE 88
- 8.1 OVERVIEW 89
- 8.2 LARGE ENTERPRISES 90
- 8.3 SMALL AND MEDIUM-SIZED ENTERPRISES 90
9 GLOBAL THIRD PARTY RISK MANAGEMENT MARKET, BY END USER 91
- 9.1 OVERVIEW 92
- 9.2 GOVERNMENT, AEROSPACE, AND DEFENSE 93
- 9.2.1 LARGE ENTERPRISES 94
- 9.2.2 SMALL AND MEDIUM-SIZED ENTERPRISES 94
- 9.3 BANKING, FINANCIAL SERVICES, AND INSURANCE 94
- 9.3.1 LARGE ENTERPRISES 94
- 9.3.2 SMALL AND MEDIUM-SIZED ENTERPRISES 95
- 9.4 MANUFACTURING 95
- 9.4.1 LARGE ENTERPRISES 95
- 9.4.2 SMALL AND MEDIUM-SIZED ENTERPRISES 95
- 9.5 IT AND TELECOM 96
- 9.5.1 LARGE ENTERPRISES 96
- 9.5.2 SMALL AND MEDIUM-SIZED ENTERPRISES 96
- 9.6 ENERGY AND UTILITIES 97
- 9.6.1 LARGE ENTERPRISES 97
- 9.6.2 SMALL AND MEDIUM-SIZED ENTERPRISES 97
- 9.7 RETAIL AND CONSUMER GOODS 98
- 9.7.1 LARGE ENTERPRISES 98
- 9.7.2 SMALL AND MEDIUM-SIZED ENTERPRISES 98
- 9.8 HEALTHCARE AND LIFE SCIENCES 99
- 9.8.1 LARGE ENTERPRISES 99
- 9.8.2 SMALL AND MEDIUM-SIZED ENTERPRISES 99
- 9.9 OTHERS 100
- 9.9.1 LARGE ENTERPRISES 100
- 9.9.2 SMALL AND MEDIUM-SIZED ENTERPRISES 100
10 GLOBAL THIRD PARTY RISK MANAGEMENT MARKET, BY REGION 101
- 10.1 OVERVIEW 102
- 10.2 NORTH AMERICA 105
- 10.2.1 U.S. 109
- 10.2.2 CANADA 113
- 10.2.3 MEXICO 117
- 10.3 EUROPE 121
- 10.3.1 U.K. 126
- 10.3.2 GERMANY 131
- 10.3.3 FRANCE 136
- 10.3.4 ITALY 141
- 10.3.5 SPAIN 146
- 10.3.6 NETHERLANDS 151
- 10.3.7 SWITZERLAND 156
- 10.3.8 TURKEY 161
- 10.3.9 RUSSIA 166
- 10.3.10 BELGIUM 171
- 10.3.11 REST OF EUROPE 176
- 10.4 ASIA-PACIFIC 177
- 10.4.1 CHINA 182
- 10.4.2 JAPAN 187
- 10.4.3 INDIA 192
- 10.4.4 SOUTH KOREA 197
- 10.4.5 AUSTRALIA 202
- 10.4.6 SINGAPORE 207
- 10.4.7 INDONESIA 212
- 10.4.8 THAILAND 217
- 10.4.9 MALAYSIA 222
- 10.4.10 PHILIPPINES 227
- 10.4.11 REST OF ASIA-PACIFIC 232
- 10.5 MIDDLE EAST & AFRICA 233
- 10.5.1 U.A.E. 238
- 10.5.2 SAUDI ARABIA 242
- 10.5.3 ISRAEL 246
- 10.5.4 EGYPT 250
- 10.5.5 SOUTH AFRICA 254
- 10.5.6 REST OF MIDDLE EAST & AFRICA 258
- 10.6 SOUTH AMERICA 259
- 10.6.1 BRAZIL 264
- 10.6.2 ARGENTINA 268
- 10.6.3 REST OF SOUTH AMERICA 272
11 GLOBAL THIRD PARTY RISK MANAGEMENT MARKET: COMPANY LANDSCAPE 273
- 11.1 COMPANY SHARE ANALYSIS: GLOBAL 273
- 11.2 COMPANY SHARE ANALYSIS: NORTH AMERICA 274
- 11.3 COMPANY SHARE ANALYSIS: EUROPE 275
- 11.4 COMPANY SHARE ANALYSIS: ASIA-PACIFIC 276
12 SWOT ANALYSIS 277
13 COMPANY PROFILE 278
- 13.1 ERNST & YOUNG GLOBAL LIMITED 278
- 13.1.1 COMPANY SNAPSHOT 278
- 13.1.2 COMPANY SHARE ANALYSIS 278
- 13.1.3 SERVICES PORTFOLIO 279
- 13.1.4 RECENT DEVELOPMENTS 279
- 13.2 DELOITTE 281
- 13.2.1 COMPANY SNAPSHOT 281
- 13.2.2 COMPANY SHARE ANALYSIS 281
- 13.2.3 SERVICE PORTFOLIO 282
- 13.2.4 RECENT DEVELOPMENTS 282
- 13.3 ONETRUST, LLC 284
- 13.3.1 COMPANY SNAPSHOT 284
- 13.3.2 COMPANY SHARE ANALYSIS 284
- 13.3.3 SOLUTION PORTFOLIO 285
- 13.3.4 RECENT DEVELOPMENTS 285
- 13.4 GENPACT 287
- 13.4.1 COMPANY SNAPSHOT 287
- 13.4.2 REVENUE ANALYSIS 287
- 13.4.3 COMPANY SHARE ANALYSIS 288
- 13.4.4 SERVICE PORTFOLIO 288
- 13.4.5 RECENT DEVELOPMENT 288
- 13.5 KPMG INTERNATIONAL 290
- 13.5.1 COMPANY SNAPSHOT 290
- 13.5.2 COMPANY SHARE ANALYSIS 290
- 13.5.3 SERVICES PORTFOLIO 291
- 13.5.4 RECENT DEVELOPMENT 291
- 13.6 ARAVO SOLUTIONS, INC. 292
- 13.6.1 COMPANY SNAPSHOT 292
- 13.6.2 PRODUCT PORTFOLIO 292
- 13.6.3 RECENT DEVELOPMENTS 292
- 13.7 BITSIGHT TECHNOLOGIES 294
- 13.7.1 COMPANY SNAPSHOT 294
- 13.7.2 SOLUTION PORTFOLIO 294
- 13.7.3 RECENT DEVELOPMENTS 295
- 13.8 IBM CORPORATION 297
- 13.8.1 COMPANY SNAPSHOT 297
- 13.8.2 REVENUE ANALYSIS 297
- 13.8.3 SOLUTION PORTFOLIO 298
- 13.8.4 RECENT DEVELOPMENT 298
- 13.9 METRICSTREAM 300
- 13.9.1 COMPANY SNAPSHOT 300
- 13.9.2 PRODUCT PORTFOLIO 300
- 13.9.3 RECENT DEVELOPMENTS 301
- 13.10 MITRATECH 303
- 13.10.1 COMPANY SNAPSHOT 303
- 13.10.2 PRODUCT PORTFOLIO 303
- 13.10.3 RECENT DEVELOPMENTS 303
- 13.11 NAVEX GLOBAL, INC. 305
- 13.11.1 COMPANY SNAPSHOT 305
- 13.11.2 SOLUTION PORTFOLIO 305
- 13.11.3 RECENT DEVELOPMENTS 306
- 13.12 OPTIV SECURITY INC. 308
- 13.12.1 COMPANY SNAPSHOT 308
- 13.12.2 SERVICE PORTFOLIO 308
- 13.12.3 RECENT DEVELOPMENTS 309
- 13.13 PREVALENT, INC 310
- 13.13.1 COMPANY SNAPSHOT 310
- 13.13.2 PRODUCT PORTFOLIO 310
- 13.13.3 RECENT DEVELOPMENTS 311
- 13.14 PROCESSUNITY, INC. 312
- 13.14.1 COMPANY SNAPSHOT 312
- 13.14.2 SOLUTION PORTFOLIO 312
- 13.14.3 RECENT DEVELOPMENTS 313
- 13.15 PWC 315
- 13.15.1 COMPANY SNAPSHOT 315
- 13.15.2 SOLUTION PORTFOLIO 315
- 13.15.3 RECENT DEVELOPMENT 316
- 13.16 RAPID RATINGS INTERNATIONAL, INC. 317
- 13.16.1 COMPANY SNAPSHOT 317
- 13.16.2 SOLUTION PORTFOLIO 317
- 13.16.3 RECENT DEVELOPMENT 318
- 13.17 RESOLVER INC. 319
- 13.17.1 COMPANY SNAPSHOT 319
- 13.17.2 PRODUCT PORTFOLIO 319
- 13.17.3 RECENT DEVELOPMENTS 320
- 13.18 RSA SECURITY LLC 322
- 13.18.1 COMPANY SNAPSHOT 322
- 13.18.2 PRODUCT PORTFOLIO 322
- 13.18.3 RECENT DEVELOPMENTS 323
- 13.19 SAI360 INC. 324
- 13.19.1 COMPANY SNAPSHOT 324
- 13.19.2 SOLUTION PORTFOLIO 324
- 13.19.3 RECENT DEVELOPMENTS 325
- 13.20 VENMINDER, INC 326
- 13.20.1 COMPANY SNAPSHOT 326
- 13.20.2 PRODUCT PORTFOLIO 326
- 13.20.3 RECENT DEVELOPMENTS 327
14 QUESTIONNAIRE 328
15 RELATED REPORTS 331