About Vendor Risk Management
Vendor risk management (VRM) is the process of ensuring that the use of service providers and IT suppliers does not create an unacceptable potential for business disruption or a negative impact on business performance. VRM technology supports enterprises that must assess, monitor and manage their risk exposure from third-party suppliers (TPSs) that provide IT products and services, or that have access to enterprise information. The VRM market will continue to evolve and mature, supporting businesses in navigating the complex risk landscape associated with third-party vendors. By leveraging innovative technologies and best practices, businesses can ensure a secure and compliant supply chain, optimize their operations
Attributes | Details |
---|
Study Period | 2018-2029 |
Base Year | 2023 |
Unit | Value (USD Million) |
The vendors in this market are majorly focusing on developing innovative services in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Vendor Risk Management market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
BitSight Technologies (United States), RSA (United States), Resolver (Canada),, SAI Global (Australia), Genpact (United States), LockPath (United States), MetricStream (United States), BWise (Netherlands), Rsam (United States) and IBM (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Optiv (United States), Quantivate (United States), RapidRatings (United States), ProcessUnity (United States), LogicManager (United States) and VendorInsight (United States).
Segmentation Overview
AMA Research has segmented the market of Global Vendor Risk Management market by Type (Solutions and Services), Application (BFSI, Telecom and IT, Consumer Goods and Retail, Healthcare and Life Sciences, Manufacturing, Energy and Utilities, Government and Others) and Region.
On the basis of geography, the market of Vendor Risk Management has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment Mode, the sub-segment i.e. On-premises will boost the Vendor Risk Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Enterprise Size, the sub-segment i.e. SMEs will boost the Vendor Risk Management market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Advancement in Technology
Market Growth Drivers:
Need for the Efficient Management of Complex Vendor Ecosystems, Automated Questionnaire Generation and Vendor Selection and View the Risk Levels Associated With Various Tasks
Challenges:
Penetration in Highly Regulated Industries and Solution Integration With Other Applications
Restraints:
Dependence on Non-Formal and Manual Processes By Many Organizations
Opportunities:
Streamline the Vendor Risk Assessment Process and Better Financial and Compliance Control
Market Leaders and their expansionary development strategies
In October 2023, The Shared Assessments Program (SAP) partners with VRM platforms to integrate standardized vendor risk assessments, promoting efficiency and streamlining audits across multiple organizations
In November 2023, OneTrust releases "Vendor Intelligence Center," a centralized hub for managing all aspects of VRM, from due diligence and onboarding to ongoing monitoring and remediation
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Software Developers, Raw Material Suppliers, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.