Vendor Risk Management Market

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

Report Code: TC 6021 Feb, 2018, by marketsandmarkets.com

[122 Pages Report] MarketsandMarkets expects the global vendor risk management market to grow from USD 2.97 Billion in 2016 to 6.50 Billion by 2022. The global managed services market will grow 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.

Objectives of the Study:

The main objective of this report is to define, describe, and forecast the vendor risk management market by component, deployment mode, organization size, vertical, and region. The report provides detailed information regarding the major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the growth of the market. The report forecasts the market size with respect to 5 main regions: North America, Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), and Latin America. The report profiles key players and comprehensively analyzes their core competencies. This report also tracks and analyzes competitive developments such as mergers and acquisitions, new product developments, and Research and Development (R&D) activities in the market.

The research methodology used to estimate and forecast the vendor risk management market begins with the collection and analysis of data on key vendor product offerings and business strategies from secondary sources, such as IT service providers, technology providers, press releases, investor presentations of companies; and white papers, technology journals, certified publications, and articles from recognized authors, directories, and databases. The vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the total market size of the market from the revenue of the key market solution and service providers. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives.

Vendor Risk Management Market

To know about the assumptions considered for the study, download the pdf brochure

Industry Ecosystem

The major solution and service providers in the vendor risk management market include 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).

Key Target Audience

  • Vendor risk management solution and service providers
  • System integrators
  • Application developers
  • Hardware vendors
  • Consulting firms
  • Research organizations
  • Resellers and distributors

Scope of the Report

The research report categorizes the vendor risk management market to forecast the revenues and analyze the trends in each of the following submarkets:

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

By Deployment Type

  • On-premises
  • Cloud

By Organization Size

  • SMEs
  • Large Enterprises

By Vertical

  • BFSI
  • Telecom and IT
  • Consumer Goods and Retail
  • Healthcare and Life Sciences
  • Manufacturing
  • Energy and Utilities
  • Government
  • Others (Education and Media & Entertainment)

By Region

  • North America
  • Europe
  • Middle East and Africa (MEA)
  • Asia Pacific (APAC)
  • Latin America

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

  • Product matrix which gives a detailed comparison of the product portfolio of each company

Geographic Analysis

  • Further breakdown of the North American vendor risk management market into countries
  • Further breakdown of the European market into countries
  • Further breakdown of the APAC market into countries
  • Further breakdown of the MEA market into countries
  • Further breakdown of the Latin American market into countries

Company Information

  • Detailed analysis and profiling of additional market players

The vendor risk management market is expected to grow from USD 3.29 Billion in 2017 to USD 6.50 Billion by 2022, at a CAGR of 14.6% during the forecast period, owing to the increasing need for efficiently managing complex third-party ecosystem. The fast changing regulations across countries are also expected to contribute to the growth of market. Moreover, enterprises consider vendor risk management as an integral part of their risk management processes to mitigate the critical operational and reputational risks.

Fast changing government regulations have encouraged enterprises to adopt vendor risk management solutions to verify whether their critical vendors comply with the government regulations. The BFSI companies deal critical data and thus need to comply with stringent regulations to maintain the confidentiality and authenticity of the data. To comply with these stringent government regulations, BFSI companies need to critically analyze the risks associated from third-party vendors. This is one of the key aspects that have contributed to the large adoption vendor risk management solutions and services by the BFSI vertical. The BFSI vertical has been a major contributor in terms of the revenue generated in the vendor risk management market.

The compliance management solution is estimated to dominate the vendor risk management solution segment in 2017. Governments have been continuously upgrading regulations to protect critical data. The fast-changing compliances have encouraged enterprises to adopt compliance management solutions to assess their vendors and mitigate the risks of breaching regulations.

Vendor Risk Management Market

North America is expected to hold the largest market size and dominate the vendor risk management market from 2017 to 2022. The region has a high concentration of BFSI, telecom and IT, and healthcare and life sciences companies that largely contribute to the adoption of vendor risk management solutions and services. However, the APAC region is expected to provide high growth opportunities for the providers of vendor risk management solutions. This can be majorly attributed to the increasing commercial investments by companies in developing countries.

Major solution and service providers in the vendor risk management market include 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). These players have adopted various growth strategies, such as new product launches, product upgradations, and partnerships with technology companies to maintain their position in the global market.

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 Vendor Risk Management Market, By Organization Size (Page No. - 45)
    8.1 Introduction
    8.2 Small and Medium-Sized Enterprises
    8.3 Large Enterprises

9 Market By Industry 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, 2015–2022 (USD Million)
Table 3 Solutions: Market Size By Type, 2015–2022 (USD Million)
Table 4 Vendor Information Management Market Size, By Region, 2015–2022 (USD Million)
Table 5 Contract Management Market Size, By Region, 2015–2022 (USD Million)
Table 6 Financial Control Market Size, By Region, 2015–2022 (USD Million)
Table 7 Compliance Management Market Size, By Region, 2015–2022 (USD Million)
Table 8 Audit Management Market Size, By Region, 2015–2022 (USD Million)
Table 9 Quality Assurance Management Market Size, By Region, 2015–2022 (USD Million)
Table 10 Services: Market Size By Type, 2015–2022 (USD Million)
Table 11 Professional Services Market Size, By Type, 2015–2022 (USD Million)
Table 12 Consulting Market Size, By Region, 2015–2022 (USD Million)
Table 13 Support and Maintenance Market Size, By Region, 2015–2022 (USD Million)
Table 14 Deployment and Integration Market Size, By Region, 2015–2022 (USD Million)
Table 15 Managed Services Market Size, By Region, 2015–2022 (USD Million)
Table 16 Vendor Risk Management Market Size, By Deployment Type, 2015–2022 (USD Million)
Table 17 On-Premises: Market Size By Region, 2015–2022 (USD Million)
Table 18 Cloud: Market Size By Region, 2015–2022 (USD Million)
Table 19 Market Size By Organization Size, 2015–2022 (USD Million)
Table 20 Small and Medium-Sized Enterprises: Market Size By Region, 2015–2022 (USD Million)
Table 21 Large Enterprises: Market Size By Region, 2015–2022 (USD Million)
Table 22 Vendor Risk Management Market Size, By Industry Vertical, 2015–2022 (USD Million)
Table 23 Banking, Financial Services, and Insurance: Market Size By Region, 2015–2022 (USD Million)
Table 24 Telecom and IT: Market Size By Region, 2015–2022 (USD Million)
Table 25 Manufacturing: Market Size By Region, 2015–2022 (USD Million)
Table 26 Consumer Goods and Retail: Market Size By Region, 2015–2022 (USD Million)
Table 27 Government: Market Size By Region, 2015–2022 (USD Million)
Table 28 Healthcare and Life Sciences: Market Size By Region, 2015–2022 (USD Million)
Table 29 Energy and Utilities: Market Size By Region, 2015–2022 (USD Million)
Table 30 Others: Market Size By Region, 2015–2022 (USD Million)
Table 31 Vendor Risk Management Market Size, By Region, 2015–2022 (USD Million)
Table 32 North America: Market Size By Component, 2015–2022 (USD Million)
Table 33 North America: Market Size By Solution, 2015–2022 (USD Million)
Table 34 North America: Market Size By Service, 2015–2022 (USD Million)
Table 35 North America: Market Size By Professional Service, 2015–2022 (USD Million)
Table 36 North America: Market Size By Deployment Type, 2015–2022 (USD Million)
Table 37 North America: Market Size By Organization Size, 2015–2022 (USD Million)
Table 38 North America: Market Size By Industry Vertical, 2015–2022 (USD Million)
Table 39 Europe: Vendor Risk Management Market Size, By Component, 2015–2022 (USD Million)
Table 40 Europe: Market Size By Solution, 2015–2022 (USD Million)
Table 41 Europe: Market Size By Service, 2015–2022 (USD Million)
Table 42 Europe: Market Size By Professional Service, 2015–2022 (USD Million)
Table 43 Europe: Market Size By Deployment Type, 2015–2022 (USD Million)
Table 44 Europe: Market Size By Organization Size, 2015–2022 (USD Million)
Table 45 Europe: Market Size By Industry Vertical, 2015–2022 (USD Million)
Table 46 Asia Pacific: Vendor Risk Management Market Size, By Component, 2015–2022 (USD Million)
Table 47 Asia Pacific: Market Size By Solution, 2015–2022 (USD Million)
Table 48 Asia Pacific: Market Size By Service, 2015–2022 (USD Million)
Table 49 Asia Pacific: Market Size By Professional Service, 2015–2022 (USD Million)
Table 50 Asia Pacific: Market Size By Deployment Type, 2015–2022 (USD Million)
Table 51 Asia Pacific: Market Size By Organization Size, 2015–2022 (USD Million)
Table 52 Asia Pacific: Market Size By Industry Vertical, 2015–2022 (USD Million)
Table 53 Middle East and Africa: Vendor Risk Management Market Size, By Component, 2015–2022 (USD Million)
Table 54 Middle East and Africa: Market Size By Solution, 2015–2022 (USD Million)
Table 55 Middle East and Africa: Market Size By Service, 2015–2022 (USD Million)
Table 56 Middle East and Africa: Market Size By Professional Service, 2015–2022 (USD Million)
Table 57 Middle East and Africa: Market Size By Deployment Type, 2015–2022 (USD Million)
Table 58 Middle East and Africa: Market Size By Organization Size, 2015–2022 (USD Million)
Table 59 Middle East and Africa: Market Size By Industry Vertical, 2015–2022 (USD Million)
Table 60 Latin America: Vendor Risk Management Market Size, By Component, 2015–2022 (USD Million)
Table 61 Latin America: Market Size By Solution, 2015–2022 (USD Million)
Table 62 Latin America: Market Size By Service, 2015–2022 (USD Million)
Table 63 Latin America: Market Size By Professional Service, 2015–2022 (USD Million)
Table 64 Latin America: Market Size By Deployment Type, 2015–2022 (USD Million)
Table 65 Latin America: Market Size By Organization Size, 2015–2022 (USD Million)
Table 66 Latin America: Market Size By Industry Vertical, 2015–2022 (USD Million)
Table 67 Market Ranking for the Vendor Risk Management Market, 2017
Table 68 New Product Launches/Upgradations, 2015–2017
Table 69 Business Expansions, 2017
Table 70 Acquisitions, 2016–2017
Table 71 Partnerships, 2015–2017


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 Vendor Risk Management Market in 2017
Figure 15 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, 2015–2017
Figure 27 Market Evaluation Framework
Figure 28 Genpact: Company Snapshot
Figure 29 IBM: SWOT Analysis


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Report Code
TC 6021
Published ON
Feb, 2018
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