Source: GlobeNewswire (MIL-OSI)
TOKYO, June 23, 2022 (GLOBE NEWSWIRE) — The Global Vendor Risk Management Market size accounted for USD 5,712 Mn in 2021 and is expected to reach USD 18,820 Mn by 2030 with a considerable CAGR of 14.5% during the forecast timeframe of 2022 to 2030.
Over the years, businesses have begun to outsource important functions to vendors, which can provide both advantages and drawbacks. The COVID-19 outbreak, the cyber-attack, and subsequent ransom breaches have all widened the spectrum of supplier threats. As a result, businesses are increasingly relying on comprehensive vendor risk management software to discover access, analyze, and mitigate security concerns. As a result, the global vendor risk management industry is expected to expand substantially over the prediction period. Rising demand for managing the complicated third-party distribution system, rapidly changing legislative proposals in various countries, and the requirement to properly evaluate and control vendor performance at all stages of the supply chain are driving the vendor risk management market. Furthermore, the most significant impediment to market expansion is many organizations’ reliance on a non-formal and unorganized method for analyzing vendor risks.
Vendor risk management (VRM) refers to the concept of ensuring that the use of service providers and vendors does not pose an unacceptable risk of business disruption or have a negative influence on firm performance. VRM is the monitoring of business associates, intermediaries, or third-party vendors both during and prior to the period of a commercial arrangement. It is a critical component and approaches to employ during the supply chain selection and contract management processes. This system assists enterprises by improving the effectiveness of business solutions, increasing financial or operational efficiencies, cutting total costs, ensuring the availability of expert services, and a variety of other functions.
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|Market||Vendor Risk Management Market|
|Market Size 2021||US$ 5,712 Mn|
|Market Forecast 2030||US$ 18,820 Mn|
|CAGR||14.5% During 2022 – 2030|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Component, By Deployment, By Organization Size, By Vertical, And By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Bit Sight Technologies, Logic Manager, Inc., Resolver, Inc., Metric Stream, IBM Corporation, Optive Security, Inc., LockPath, Genpact Limited, RSA Security LLC, SAI Global, LexisNexis Group, Inc., and Rapid Ratings International, Inc.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
Global Vendor Risk Management Market Growth Aspects
The increased usage of technologies in the workplace improves the effectiveness of vendor risk management. Vendor risk management helps businesses identify and mitigate potential risks of vendors. It is a systematic activity carried out by organizations with each vendor who joins the supply chain operations. VRM protects businesses from threats such as financial impact, operational impact, and legal and cultural loss. Organizations are deploying VRM systems to reduce expenses, remove waste, and avoid breaches through better risk intelligence. In a pandemic situation, the implementation of vendor risk management is emerging because it supports enterprises in identifying critical suppliers so that organizations may readily replace or reinstate dual suppliers to decrease the possibility of failure. However, the endurance of the COVID-19 tragedy will compel organizations to deploy vendor risk management systems in order to reduce the work required to discover essential aspects of vendor performance and critical difficulties when acquiring goods and services from 3rd-party vendors.
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Small and Medium-sized Enterprises are Likely to Grow at a Faster Rate During the Forecast Period
The SMEs segment is expected to grow at a quicker rate during the projection period. SMEs usually aim to create relationships with multiple providers to accomplish their business objectives because they lack an in-house pool of resources. With the increasing need to work with suppliers from diverse geographies, it is vital for small and medium-sized businesses to ensure and reduce the critical risks associated with their vendors. In discovering opportunities in SMEs, cloud-based vendor risk management tools have proved critical. Besides that, Cloud-based vendor risk management solutions are becoming popular among small and medium-sized businesses because they enable SMEs to efficiently and decisively assess and understand both prospective and current vendors, from initial on boarding through ongoing due diligence and monitoring.
Vendor Risk Management Market Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global vendor risk management market. Over the projection period, Asia-Pacific is anticipated to witness the fastest region. The market is expected to be driven by the rapid rise in consumer discretionary income and the expanding number of Small and medium enterprises in India, Japan, South Korea, and Taiwan. Asia-Pacific is likely to be a profitable investment for vendor risk management throughout the forecast period, owing to the region’s untapped prospects and increased commercial expenditure in many industrial verticals. Global corporations have prioritized investigating the Asia-Pacific market through joint ventures with local enterprises, sales representatives, and joint venture partners. During the projection period, this is projected to generate growth prospects for vendor risk management vendors.
Vendor Risk Management Market Segmentation
The global vendor risk management market has been segmented by Acumen Research and Consulting based on component, deployment, enterprise size, and vertical. Based on the component, the market is divided into solutions, and services. Based on deployment, the market split into on-premise, and cloud. Based on enterprise size, the market is classified into large enterprises, and small & medium enterprises. Based on vertical, the market is categorized into BFSI, telecom & IT, healthcare and life sciences, consumer goods and retail, energy and utilities, manufacturing, government, and others.
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Vendor Risk Management Market Players
Some key players covered global in the vendor risk management industry are Bit Sight Technologies, Logic Manager, Inc., Resolver, Inc., Metric Stream, IBM Corporation, Optive Security, Inc., LockPath, Genpact Limited, RSA Security LLC, SAI Global, LexisNexis Group, Inc., and Rapid Ratings International, Inc.
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About Acumen Research and Consulting:
Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact-based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.
Mr. Richard Johnson
Acumen Research and Consulting