Vendor Risk Management Market Insights, Trends | Global Industry Report, 2022| MarketsandMarkets™
Vendor risk management solutions are adopted by companies across the globe, due to the increasing number of business outsourcing to third-parties and the growing need to counter the risks arising from vendors. Hence, the providers of vendor risk management solutions, with advancements in the Software-as-a-Service (SaaS) technology, are enhancing their solutions to boost their revenue growth from SMEs as well. Strategic partnership is an important growth strategy adopted by the key market players to develop new services and gain traction in the vendor risk management market. MarketsandMarkets expects the vendor risk management market to grow from USD 3.29 Billion in 2017 to USD 6.50 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.6% during the forecast period.
Vendor risk management solutions consist of vendor information management, contract management, financial control, compliance management, audit management, and quality assurance management. Major vendors of vendor risk management solutions 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 partnerships, collaborations, agreements, mergers and acquisitions, and new product developments, to grow in the vendor risk management market.
RSA (US), with a significant presence in the vendor risk management market, is aspiring to become the top market provider of vendor risk management solutions focusing on supply chain risk management and compliance management. In April 2016, RSA upgraded RSA Archer GRC for nurturing successful risk and compliance programs. In May 2017, RSA launched a series of updates for its RSA SecurID Access solution to provide safe access for any user, anywhere, anytime.
MetricStream (US) is another top player in the vendor risk management market. The company provides various solutions, such as enterprise risk management, internal audit management, IT risk management, operational risk management, compliance management, and business continuity management. In April 2017, MetricStream launched M7 platform and apps for risk, compliance, audit, IT security, third-party management, and other GRC professionals.
Related Reports:
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
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