Third Party Risk Management Market Report 2025 (Global Edition)

Global Third Party Risk Management Market Report 2025 Market Size Split by Component (Solution, Service), by Industry Verticals (BFSI, IT and Telecom, Healthcare and Life Sciences, Government, Defense...

Third Party Risk Management Market Report Description

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Third Party Risk Management Market Insights Video

Competitive Landscape of the Third Party Risk Management Market

The major firms rapidly adapt new strategies in order to get a competitive advantage and win a sizable market share. To serve a big consumer base and acquire a competitive advantage, the leading third-party risk management industry participants focus on growing creative solutions.

• August 2022, BitSight, a supplier of third-party risk management (TPRM) solutions, has acquired ThirdPartyTrust. BitSight is merging ThirdPartyTrust technology into its current TPRM solutions to provide an end-to-end solution.

(Source:www.bitsight.com/press-releases/bitsight-announces-intent-acquire-thirdpartytrust)

Top Companies Market Share in Third Party Risk Management Industry: (In no particular order of Rank)

• RSA
• Genpact
• MetricStream
• Deloitte
• KPMG
• BitSight
• Ernst & Young
• PwC
• ProcessUnity
• Venminder
• Resolver
• NAVEX Global
• Riskpro
• SAI Global
• RapidRatings
• Optiv
• Aravo
• One Trust
• Galvanize
• Prevalent
• Alyne
• Confidential Data
• Access The Paid Version
• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

North America dominated the market in 2023 and accounted for around 40% of the global revenue

According to Cognitive Market Research, North America dominated the market in 2023 and accounted for around 40% of the global revenue; because of the region's complicated business landscape and rigorous regulatory environment, North America is a prominent driver of the rising third-party risk management industry. Businesses are increasingly using third-party risk management solutions as they recognize the crucial need for comprehensive risk mitigation measures. The demand for comprehensive risk management tools and services adds to the overall growth of the North American third-party risk management industry.

Europe is the fastest-growing category. As organizations prioritize resilience against emerging cyber threats and regulatory compliance, Europe is playing a vital role in the burgeoning third-party risk management sector. Because of the region's numerous industries and complicated business networks, sophisticated risk management measures are being implemented. The increased emphasis on compliance management and data security stimulates demand for new third-party risk management solutions, which contributes to the market's growth and development in Europe.

The current report Scope analyzes Third Party Risk Management Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Switzerland, Luxembourg, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, India, Australia, Singapore, Taiwan, South East Asia, Rest of APAC)
• Latin America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East (Saudi Arabia, Turkey, UAE, Egypt, Qatar, Rest of Middle East)
• Africa (Nigeria, South Africa, Rest of Africa)

The above graph is for illustrative purposes only.

North America Third Party Risk Management Market Analysis

According to Cognitive Market Research, North America held the major market of more than 40% of the global revenue with a market size of USD 2.20 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 15.0% from 2023 to 2030 The region's corporate ecosystem, which is distinguished by complicated supply chains and regulatory regimes, has accelerated the use of third-party risk management solutions. The integration of modern technologies such as artificial intelligence and machine learning for increased risk assessment and monitoring is a significant market sector driving this expansion. As businesses in North America appreciate the crucial need to secure their extended networks, the demand for comprehensive third-party risk management solutions grows. This dynamic landscape provides numerous opportunities for suppliers offering novel tools and services to meet the increasing demands of enterprises in North America managing the intricacies of third-party relationships.

Europe Third Party Risk Management Market Analysis

According to Cognitive Market Research, with a market value of USD 1.65 billion in 2023 and projected to expand at a compound annual growth rate (CAGR) of 15.5% from 2023 to 2030, Europe accounted for the majority of global revenue, accounting for over 30% of the total Because of the region's numerous industries and complicated business networks, appropriate risk management solutions are required. The emphasis on compliance management, where firms seek comprehensive solutions to adhere to severe regulatory standards, is a prominent market sector impacting this expansion. As European businesses appreciate the importance of securing their supply chains and vendor relationships, the demand for enhanced third-party risk management solutions and services grows. This dynamic environment provides an opportunity for providers to create personalized solutions that correspond with the specific compliance and cybersecurity concerns encountered by organizations across Europe, adding to the overall growth of the region's third-party risk management market.

Asia Pacific Third Party Risk Management Market Analysis

According to Cognitive Market Research, Asia Pacific held a considerable market share in 2023, accounting for more than 22% of the global revenue with a market size of USD 1.21 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 19.0% from 2023 to 2030 The Asia Pacific corporate landscape is varied, with extensive supply chains and collaborations, resulting in a greater demand for effective risk management solutions. The integration of cloud-based technology for efficient and scalable risk assessment processes is a significant market segment driving this expansion. As businesses in Asia Pacific appreciate the value of solidifying vendor relationships and preventing data breaches, the demand for comprehensive third-party risk management solutions grows. This creates a substantial opportunity for suppliers who provide creative and scalable solutions targeted to the unique risk management needs of enterprises in Asia Pacific's dynamic and fast-expanding markets.

South America Third Party Risk Management Market Analysis

According to Cognitive Market Research, Latin America accounted for more than 5% of the global third-party risk management revenue in 2023 with a market size of USD 0.28 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 17.0% from 2023 to 2030 The third-party risk management market in Latin America is continuously rising, driven by a growing understanding among businesses of the crucial need for comprehensive risk mitigation methods. Because of the region's complicated business climate and different industries, there is a greater emphasis on forging external alliances. The adoption of third-party risk management solutions by financial institutions and healthcare companies, where regulatory compliance is a top priority, is a significant market sector driving this rise. The demand for comprehensive risk management systems is increasing as Latin American organizations prioritize resilience against cyber attacks and regulatory scrutiny. This trend presents an opportunity for providers to offer bespoke solutions that address the unique issues faced by Latin American enterprises, promoting the continuous growth of the third-party risk management industry.

Middle East Third Party Risk Management Market Analysis

According to Cognitive Market Research, the Middle East and Africa accounted for more than 3% of the global revenue in 2023 with a market size of USD 0.17 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 17.1% from 2023 to 2030 The region's growing corporate environment and tight regulatory frameworks encourage the use of comprehensive risk management solutions. The increasing need for third-party risk management solutions in the energy and healthcare industries, where the security of sensitive data and regulatory compliance are essential concerns, is a notable market segment driving this rise. As businesses in the Middle East and Africa seek robust tools to manage and monitor third-party relationships, the region's third-party risk management market is poised to expand further, providing opportunities for vendors to offer tailored solutions addressing the specific risk management needs of organizations in this dynamic landscape.

Third Party Risk Management Market Analysis

Third Party Risk Management Component Segment Analysis

According to Cognitive Market Research, solutions held the major market share over the forecast period. Advanced and scalable risk management solutions are in great demand as businesses face rising complexities in vendor relationships and cybersecurity risks. The development and implementation of personalized, efficient, and technology-driven solutions that effectively manage the growing difficulties associated with third-party engagements and mitigate possible hazards are driving market expansion.

Service is the fastest-growing category over the forecast period. As businesses negotiate complicated ecosystems and increase cybersecurity concerns, dedicated risk detection and mitigation services become critical. Service providers who provide comprehensive and customized solutions contribute considerably to the market's growth. Their experience in managing third-party risks satisfies the changing needs of organizations, fostering the market for third-party risk management to develop indefinitely.

• Solution

• Financial Control Management
• Contract Management
• Operational Risk Management
• Audit Management
• Compliance Management
• Others

• Service

• Managed Services
• Professional Services

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Third Party Risk Management Industry. Request a Free Sample PDF!

Third Party Risk Management Industry Verticals Segment Analysis

According to Cognitive Market Research, BFSI holds a prominent market share. The BFSI industry is one of the most important in any global economy. Because the BFSI is interconnected with every other economic institution in an area, its safety, security, and data protection are critical concepts for the government and private market participants providing these services. Third-party systems, processes, and personnel must be properly evaluated in order to provide the highest safety and security to the BFSI sector.

IT and telecom are the fastest-growing categories over the forecast period. As enterprises emphasize cybersecurity in their complex digital ecosystems, the market for third-party risk management is thriving in the IT and telecom sectors. These industries are increasingly relying on third-party risk management solutions to assure data integrity and regulatory compliance as digital transformation programs proliferate. The increasing integration of these solutions within the IT and telecommunications sectors promotes the overall growth of the third-party risk management industry.

• BFSI
• IT and Telecom
• Healthcare and Life Sciences
• Government
• Defense
• and Aerospace
• Retail and Consumer Goods
• Manufacturing
• Energy and Utilities
• Others

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Third Party Risk Management Deployment Mode Segment Analysis

According to Cognitive Market Research, cloud holds a prominent market share. Cloud computing solutions are less expensive, more remote, and easier to use than on-premises third-party risk management. They necessitate less infrastructure, lowering firms' operational and maintenance costs. Cloud platforms are a popular market choice due to their compatibility with the majority of smart connected devices and operating systems. Technological improvements that have enabled market participants to introduce cloud platforms with improved features will also drive market expansion over the forecast period.

On-premises are the fastest-growing category over the forecast period. The adoption of on-premises solutions is driving growth in the third-party risk management industry. On-premises deployments of third-party risk management are preferred by businesses seeking greater control over data security and compliance. This method enables enterprises to manage and monitor risks locally while adhering to specific security criteria. On-premises solution demand contributes to the overall growth of the third-party risk management market.

• Cloud
• On-premises

Third Party Risk Management Organization Size Segment Analysis

According to Cognitive Market Research, large enterprises hold a prominent market share. Third-party risk management services are costly due to the companies' considerable commitment of resources. Furthermore, purchasing third-party risk management services necessitates substantial upfront investments. Major capital spending can be ascribed to major organizations' dominance, which have deep finances to carry out in-house third-party risk management or outsource it to other companies.

Small and medium-sized enterprises (SMEs) are the fastest-growing category over the forecast period and are expanding due to rising usage among Small and Medium-sized Enterprises (SMEs). Recognizing the significance of comprehensive risk mitigation methods, small and medium-sized enterprises (SMEs) are turning to specialized solutions to negotiate complex vendor relationships and cybersecurity concerns. As awareness rises and personalized products become more available, SMEs contribute considerably to the third-party risk management market's expanding footprint.

• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises

Author's Detail

Swasti Dharmadhikari

Research associate at Cognitive Market Research

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Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.

Author's Conclusion