Third-Party Risk Management Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Third-Party Risk Management Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Third-Party Risk Management Market size is set to record over 15% CAGR from 2024 to 2032 driven by the surge in technology launches and advancements.

Organizations are increasingly adopting advanced tools and platforms to evaluate and mitigate risks linked to third-party vendors and partners. These technologies enhance capabilities in monitoring compliance, security, and performance. Moreover, ongoing advancements are elevating third-party risk management through the integration of sophisticated analytics, AI, and automation. For example, in March 2024, Aon plc unveiled Partner Risk Insights, a digital platform powered by CoverWallet for streamlining insurance-related third-party risk management for U.S. organizations.

The third-party risk management industry is segmented into component, organization, deployment model, end user, and region.

The market share from the services component segment will record a decent growth rate between 2024 and 2032, fueled by the rising importance of essential tools and solutions for effective risk mitigation. Organizations are now adopting advanced service components, including risk assessment platforms, compliance monitoring tools, and automated reporting systems. Such integrations bolster the capability to evaluate and manage risks tied to external partners and vendors.

In terms of end user, the third-party risk management market from the healthcare segment is anticipated to witness a significant CAGR from 2024-2032, driven by the pressing need for secure and efficient healthcare operations. Healthcare providers are turning to advanced risk management systems to oversee risks from third-party vendors, including IT service providers and suppliers. These systems rigorously assess vendor compliance, security protocols, and contractual commitments for ensuring patient safety and preventing breaches.

Asia Pacific third-party risk management industry size will record a robust CAGR through 2032 spurred by rising demands for corporate governance and accountability. As frameworks evolve to tackle the intricacies of managing external partners and meeting regulatory standards, organizations are better positioned to handle third-party risks. This evolution not only ensures transparency but also upholds stringent accountability standards. Consequently, the commitment of the region to refining risk management practices promises stronger and more resilient business operations.