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Demand for a seamless experience and personalized services, along with the growing need of organizations to improve operational efficiency across several verticals, is driving the overall growth of the third-party risk management market.
The global Third-Party Risk Management (TPRM) market size is projected to grow from USD 3.2 billion in 2019 to USD 6.8 billion by 2024, at a CAGR of 15.9% during the forecast period. Technological advancements, along with the rising adoption of advanced electronic devices, are projected to stimulate the growth of the TPRM market during the forecast period. The need to comply with various governance standards and adherence to different policies and regulations is anticipated to surge the use of TPRM solutions across the globe.
By component, the services segment is expected to grow at a higher CAGR than the solution segment during the forecast period.
TPRM services have become a necessity for integrating and managing solutions. The services are categorized into professional and managed services. These services help enterprises by managing and ensuring the smooth functioning of TPRM solution over a time period. The growing virtualization across industries and the adoption of cloud computing is promoting the demand for TPRM solution in various countries. Moreover, TPRM installations are suitable for business entities that are dynamic and usually have more number of suppliers, partners, and vendors.
By service, the professional services segment is estimated to gain a larger market size than the managed services segment in 2019
Services offered by professionals, specialists, or experts to support businesses are known as professional services. These services include design and integration, consulting, and support and maintenance. Professional services play a vital role in the TPRM ecosystem, and service providers in the TPRM market are associated with similar functions. As the nature of these services is complex, service providers must possess high levels of technical skills and expertise for the efficient implementation of professional services.
Asia Pacific TPRM market is expected to register the highest growth rate during the forecast period
APAC has witnessed advanced and dynamic adoption of new technologies and is expected to record the highest CAGR in the global TPRM market during the forecast period. APAC constitutes major economies, such as China, India, and Japan, which are expected to register high growth in the TPRM industry.
Verticals, such as healthcare and life sciences, IT and telecom, and retail and consumer goods, are expected to adopt TPRM solutions at the highest rate in the region. Companies operating in APAC would benefit from the flexible economic conditions, industrialization--motivated policies of the governments, as well as from the growing digitalization, which is expected to have a significant impact on the business community.
- By Company Type: Tier 1 – 25%, Tier 2 – 55%, and Tier 3 – 20%
- By Designation: C-level – 50%, Directors – 30%, and Others – 20%
- By Region: North America – 55%, Europe – 25%, Asia Pacific – 15%, and RoW – 5%
Major TPRM market vendors include RSA (US), Genpact (US), MetricStream (US), Deloitte (US), KPMG (Netherlands), BitSight Technologies (US), Ernst & Young (UK), PwC (UK), ProcessUnity (US), Venminder (US), Resolver (Canada), NAVEX Global (US), Riskpro (India), SAI Global (US), RapidRatings (US), Optiv (US), Aravo (US), OneTrust (US and UK), Galvanize (Canada), and Prevalent (US). The TPRM market study includes an in-depth competitive analysis of these key market players, along with their profiles, recent developments, and key market strategies.
The market study covers the TPRM market size across segments. It aims at estimating the market size and the growth potential of this market across segments by component, solution, service, deployment mode, organization size, vertical, and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall TPRM market and its subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.