Risk management has been a top priority among organizations owing to increase in cyber-attacks and breach during the industrial revolution. Cyber invasion has increased since companies have started outsourcing elements of their business module. This increased frequency of outsourcing has augmented the probability of attacks and breaches, resulting in heightening demand for vendor risk management tools. For instance, in 2019, a cyber-attack was discovered on an American debt collection firm American Medical Collection Agency, which impacted more than three dozens of its client and more than 0.5 billion patients, making this incident the largest health data breach of the year, which has resulted in the rising need of adoption of vendor risk management market across the globe.

Artificial intelligence helps in preventing any breaches that might occur within a network without the need for human intervention. An American based software firm Oracle is proving an AI-powered solution to enterprises that aid them in managing risk associated within their network. Most of the risk management companies are automating their risk management tools to enhance the speed, scalability and collaboration to minimize any risk. The evolution of cloud technology is promoting software vendors to deploy the software with ease and is reducing maintenance cost. More importantly, users do not have to shell out a significant portion of their revenue for maintaining their IT infrastructure. With the incorporation of blockchain technology, there is a possibility of changing the structure of vendor risk management market. The use of digital ledgers is expected to provide a tamper-proof system that is vital in vendor risk management.  Such technological advancements are expected to further drive the demand vendor risk management market in the near future.

The detailed research study provides the qualitative and quantitative analysis of vendor risk management. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

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Vendor Risk Management Market Share in 2018, By Region

Key Findings of the Report: 

• In terms of revenue, North America vendor risk management market is expected to reach US$ 2371.65 Mn by 2022.
• On the basis of enterprise size, the small and medium enterprise segment is expected to witness highest CAGR over the forecast period owing to increasing adoption of cloud-based solutions across SME’s as it offers scalability, flexibility, and lower cost.
• On the basis of industry vertical, banking financial and insurance is expected to witness the highest CAGR over the forecast period owing to the increase of outsourcing elements in the business model and the need of protecting them against possible breaches.
• Some of the players operating in the voice assistant application 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.

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
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America