The market report titled Vendor Risk Management Market has recently been added by Absolute Markets Insights to its extensive repository and the data can be used to gain penetrative insights into the businesses. The case study thus addresses the present market scenario and historical developments of the market. The global Vendor Risk Management sector has been scrutinized with regards to key elements such as products or services, applications, end-users, and technologies. Moreover, the case study has been gauged on the basis of primary and secondary research methodologies.
Furthermore, with the help of different analysis tools such as SWOT analysis and Porter’s five analysis accurate knowledge of Vendor Risk Management market has been presented to readers. Graphical presentation techniques such as ample graph, tables, charts, and pictures have also been used while curating the report. The report has been created precisely by gauging intricate market aspects and is presented to readers for an effective market study.
Top Key Players includes in Vendor Risk Management Market: BitSight Technologies, BWise, Genpact, IBM Corporation, LockPath, Inc., LogicManager, Inc., MetricStream Inc., Optiv Security Inc., ProcessUnity, Inc. Quantivate, LLC, RapidRatings, Resolver Inc., RSA Security LLC., Rsam, SAI Global Pty Limited, VendorInsight, SecurityScorecard, ServiceNow, Inc., UpGuard, Inc., Venminder, Inc, and OneTrust, LLC. amongst others.
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In 2018, large enterprises contributed for the maximum revenue generation of the total market share. These large enterprises generally prefer deploying the software on their local servers due to the looming security concerns in cloud-based systems. However, small enterprises, are seeing significant growth in the future, as small enterprises create a lot of unstructured data and due to which they use cloud-based solutions that offer scalability. Vendor risk management market finds increasing participation from many industry verticals including banking and financial services (BFSI), manufacturing, healthcare, IT and telecom, retail, energy and government amongst others to manage their outsourcing risk.
Around 29% of the market revenue is contributed from the BFSI industry, as banks and other financial institutions are heavily using vendor risk management tool to fulfil their regulatory obligation. For instance, the FHL bank, an upcoming bank based in the United States, announced partnership with Process Unity to manage cybersecurity and information risk management. In terms of revenue, North America vendor risk management market was valued at USD 1397.43 Mn in 2020, growing at a CAGR of 14.48% over the forecasted period (2021-2030). The growing demand for efficient management of vendor ecosystems and their associated risks levels is one of the primary reasons for this phenomenon growth in North American region.
Global Vendor Risk Management Market
By Offerings
Solution
Compliance Management
Audit Management
Financial Control
Quality Assurance Management
Services
By Deployment
On-premises
Cloud
By Vertical
BFSI
IT and Telecom
Retail
Healthcare
Manufacturing
Energy
Government
Others (Education and Media & Entertainment)
By Organization Size
Large Enterprises
SMEs
By Region:
North America
Europe
Asia Pacific
Middle East and Africa
Latin America
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