Global Third Party Risk Management Market - Industry Trends and Forecast to 2031
The global third party risk management market is expected to reach USD 25,825.39 million by 2031 from USD 6,686.85 million in 2023, growing with a CAGR of 18.5% in the forecast period of 2024 to 2031.
Market SegmentationGlobal Third Party Risk Management Market, By Component (Solution and Services), Deployment Model (On-Premise and Cloud), Organization Size (Large Enterprises and Small and Medium-Sized enterprises), End User (Government, Aerospace and Defense, Banking, Financial Services, and Insurance, Manufacturing, IT and Telecom, Energy and Utilities, Retail and Consumer Goods, Healthcare and Life Sciences, and Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, and Rest of Middle East and Africa) – Industry Trends and Forecast to 2031
Overview of Global Third Party Risk Management Market Dynamics :
Driver• Surge in cyberattacks and ransomware
Restraint• Constant changes in compliance laws and regulations
Challenge
• Lack of skilled employees to perform and manage risk assessments
Market PlayersThe key market players operating in the global third party risk management market are listed below:
• Ernst & Young Global Limited
• OneTrust, LLC.
• Deloitte
• KPMG International
• Genpact
• MITRATECH
• Aravo Solutions, Inc.
• BitSight Technologies, Inc.
• IBM Corporation
• MetricStream
• NAVEX Global, Inc.
• Optiv Security Inc.
• Prevalent, Inc
• ProcessUnity, Inc.
• Rapid Ratings International, Inc.
• PwC
• Resolver Inc.
• RSA Security LLC
• SAI360 Inc.
• Venminder, Inc