Third-Party Risk Management Market Size Worth $14.33 Billion By 2030 | CAGR: 14.8%

The global third-party risk management market size is expected to reach USD 14.33 billion by 2030, according to a new study by Polaris Market Research. The report “Third-Party Risk Management Market Share, Size, Trends, Industry Analysis Report, By Component (Solution, Service); By Solution; By Service; By Deployment Mode; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

With the dominance of branded products and the rising prevalence of diseases in the region, North America dominated the market in terms of revenue in 2021. The rise of malware and cyber fraud will directly encourage the demand for third-party threat control solutions. Cyberattacks were regarded as the fifth worst danger in 2020, but they have since come to be expected in both the public and private sectors.

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This dangerous industry is expected to keep growing in 2022, with IoT cyberattacks alone expected to rise by 2030. According to the World Economic Forum's 2020 Global Risk Report, the rate of detection (or prosecution) in the United States is as low as 0.05 percent. Third-party risk management is a subset of risk management that focuses on identifying and reducing risks related to the use of third parties.

The discipline's goal is to give organizations the knowledge they need to comprehend the third parties they interact with, how they work with them, and the security precautions those third parties have in place. Businesses are relying on third parties more and more to boost profitability, reduce time to market, gain a competitive edge, and reduce expenses.

Data breaches are happening more often in all types of organizations. Centralized data safety and security solutions are receiving significant investment from large enterprises. This has increased the industry's potential for growth. A fast increase in the use of cloud-based data platforms to manage and mitigate difficulties with data theft and cyber security is boosting the industry's growth pace.

Other significant market drivers throughout the projection period include growing urbanization, industrialization, and the growing requirement to derive in-depth insights from expanding data quantities and perform benchmarking. Additionally, it is projected that increasing enterprise investment in data storage facilities, combined with rising demand for streamlined access to organizational data from departmental silos, will fuel the third-party threat control industry.

Third-Party Risk Management Market Report Highlights

• Professional services sector is expected to grow during the forecast period. This growth is attributed to the simplicity of implementation, aggressive price points, robust security measures, and new integrated technologies.
• Cloud sector accounted for the largest market share over the forecast period due to high-speed secure transfers and multi-layered software that boosts productivity and analyzes potential threats are the driving forces behind the expansion of huge businesses.
• North America is expected to grow at a significant CAGR over the projected period on account of fast acting insulin demand in the region is being driven by quick digitization, increasing integration of cutting-edge technology, and rising cyberattacks with sophisticated data breaches.
• The global market is highly competitive owing to the existence of large market players with global presence including RSA, Genpact, MetricStream, Deloitte, KPMG, Bit Sight Technologies, Ernst & Young, PwC, Process Unity, Ven minder, Resolver, NAVEX Global.

Polaris Market Research has segmented the third-party risk management market report based on product type, application, type, distribution channel and region:

Third-Party Risk Management, Component Type Outlook (Revenue - USD Billion, 2022 - 2030)

• Solution
• Service

Third-Party Risk Management, Solution Outlook (Revenue - USD Billion, 2022 - 2030)

• Financial Control
• Contract
• Operational Risk
• Audit
• Compliance
• Others
• Quality Assurance Management
• Information Management
• Relationship Management

Third-Party Risk Management, Service Outlook (Revenue - USD Billion, 2022 - 2030)

• Professional
• Consulting
• Integration and Design
• Support and Maintenance
• Managed

Third-Party Risk Management, Deployment Mode Outlook (Revenue - USD Billion, 2022 - 2030)

• Cloud
• On-Premises

Third-Party Risk Management, Regional Outlook (Revenue - USD Billion, 2022 - 2030)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa