According to the new market research report "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", The vendor risk management market size is expected 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.
Increasing trend of outsourcing various business operations and risk assessment of vendors are major drivers of the vendor risk management market. Moreover, it is increasingly important for enterprises to identify and mitigate these risks to achieve their business goals and sustain in the intense competition.
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Rapid adoption of vendor risk management solutions, owing to strong and well-established economies, is expected to make North America the largest regional market.
In the US and Canada, organizations are rapidly adopting and willing to invest in emerging technologies, such as analytics, big data, and cloud platforms. North America has the first-mover advantage of adopting new technologies, such as smartphones and cloud platform. Moreover, there is an increasing demand among enterprises to reduce the risk associated while managing various vendors and increase productivity in the region. Companies willingly invest in North America. The factors driving the growth of the vendor risk management market in North America are stable economy, technology enhancements, and optimized infrastructure costs.
The BFSI vertical is expected to hold the largest market size during the forecast period.
The BFSI vertical includes commercial banks, insurance companies, non-banking financial companies, stock brokerage firms, and payment gateway providers. This vertical deals with critical financial data; hence, it is a good contributor in the vendor risk management market. Due to continuous changes in compliances, companies need to update new compliances or rules set by the governments. Vendor risk management solutions for the BFSI vertical help financial and insurance companies in the audits and financial control of the organizations.
The large enterprises segment is expected to gain a larger market share during the forecast period.
Organizations with more than 1,000 employees are categorized as large enterprises. Large enterprises have their customers across various regions and hold high market shares, technical expertise, and effective business strategies. Large enterprises control many different systems at a higher level of complexity. The market size of the vendor risk management market is larger in the large enterprises segment. The number of solution vendors catering to large enterprises is growing, as large enterprises spend significant amount in vendor risk assessment and financial control while managing multiple vendors.
Major vendors 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).
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