Third Party Risk Management Market Foreseen to reach USD 27.2 BN by 2032

Value Market Research's report on the global Third Party Risk Management market anticipates the market growth to reach a CAGR of 16.9% during 2024-2032 and is expected to reach USD 27.2 BN by 2032.            

The Global Third-Party Risk Management market is propelled by the rising complexity of business ecosystems and an increasing dependence on external partners. As organizations expand their networks and collaborations, the need to manage risks associated with third-party relationships becomes paramount. The TPRM market is witnessing a surge in demand as businesses recognize the importance of mitigating potential threats to data security, regulatory compliance, and overall operational resilience. Factors such as the rising frequency of cyber attacks, stringent regulatory requirements, and the recognition of TPRM as a strategic business function contribute to the market's positive outlook. The integration of AI and ML further enhances the effectiveness of TPRM solutions in identifying, assessing, and mitigating risks in real-time. Additionally, the COVID-19 pandemic has pushed the digital transformation efforts of many organizations, fostering a greater need for robust TPRM strategies to secure sensitive information in an evolving threat landscape. As businesses continue to prioritize risk management and regulatory compliance, the Global Third Party Risk Management market is expected to experience sustained growth in the coming years.

The report, titled Global Third Party Risk Management Market Report By Component (Solution, Service) By Solution (Financial Control Management, Contract Management, Operational Risk Management, Audit Management, Compliance Management, Others (Includes Quality Assurance Management, Information Management, and Relationship Management) By End-user Industry ( BFSI, IT and Telecom, Healthcare and Life Sciences, Government, Defense, and Aerospace, Retail and Consumer Goods, Manufacturing, Energy and Utilities, Others (Includes Education, Travel and Hospitality, Transportation and Logistics, and Media and Entertainment) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2023-2032 initiates with a market introduction, presenting key market statistics, and concludes with regional revenue or volume analysis along with a competitor analysis. By scrutinizing trends from previous years, the report provides a thorough understanding of the market dynamics. Additionally, the study delves into geopolitical trends, enhancing the authenticity and reliability of the research findings.

Market segmentation is based on:

Component, the Third Party Risk Management market is split into Subsegments: Solution, Service.

Solution, the Third Party Risk Management market is split into Subsegments: Financial Control Management, Contract Management, Operational Risk Management, Audit Management, Compliance Management, Others (Includes Quality Assurance Management, Information Management, and Relationship Management).

End-user Industry, the Third Party Risk Management market is split into Subsegments: BFSI, IT and Telecom, Healthcare and Life Sciences, Government, Defense, and Aerospace, Retail and Consumer Goods, Manufacturing, Energy and Utilities, Others (Includes Education, Travel and Hospitality, Transportation and Logistics, and Media and Entertainment).

North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa are the regions covered in the report. This geographical section of the report highlights the share of the revenue/volume spread globally. 

Players Profiled In the Report:

Genpact, RSA, MetricStream, KPMG, Deloitte, Ernst & Young, BitSight Technologies, PwC, Resolver, Venminder, ProcessUnity, NAVEX, RapidRatings, Riskpro, SAI Global, Optiv, Aravo, Galvanize, OneTrust, and Prevalent.

 

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