Third Party And Supplier Risk Management Software Market
Global Third Party And Supplier Risk Management Software Market Size By Component (Solution, Component), By Deployment (On-Premises, On-Cloud), By Vertical (BFSI, IT And Telecommunication, Healthcare, Government), By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Third Party And Supplier Risk Management Software Market Size And Forecast
Third Party And Supplier Risk Management Software Market size was valued at USD 5.45 Billion in 2024 and is projected to reach USD 15.33 Billion by 2031, growing at a CAGR of 15.8% from 2024 to 2031
To prevent issues like noncompliance or data breaches, third-party and supplier risk management software is responsible for gathering and managing vendor risk data. Such software assesses, keeps track of, and mitigates any risks that can negatively impact the relationship between a seller and their customer companies. Compliance officials as well as supply chain, quality management, and manufacturing managers make use of such software. The former use the program to ensure adherence to internal and general government regulations. However, factory managers can use the software to reduce the possibility of interruption brought on by subpar suppliers.
Global Third Party And Supplier Risk Management Software Market Definition
The process of assessing and managing risks presented to the business, data, operations, and finances by parties other than the own organization is known as third-party risk management (TPRM). Due to the importance of third parties to the company’s strategic and deliberate decisions, location arrangements must be carefully considered throughout the whole sourcing lifecycle.
In addition to saving money, Third-Party & Supplier Risk Management Software technology allows all networked devices able to access apps at any time and from any location. Over on-premises hardware infrastructures, third-party & supplier risk management software has a number of advantages, including quicker deployment, lower cost, scalability, support for mobility, disaster recovery, and lessened maintenance requirements for IT employees.
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Global Third Party And Supplier Risk Management Software Market Overview
TPRM solutions assist businesses in identifying and reducing the risks associated with outsourcing a few tasks or activities. In order to reduce the risks connected with the management of vendors, several firms working in various industries have been exploring the installation of efficient solutions to manage their partner network. Organizations are also employing a TPRM system to automate, enhance, and manage the entire risk evaluation process for improving transparency and measuring uncertainty.
Let's face it, keeping up with all the rules and reports these days is a real headache, which is why everyone's talking about compliance management systems. When financial stuff isn't clear, the penalties can be brutal, hitting you right in the wallet. That's why companies are scrambling to put systems in place that help them manage all these requirements and make sure they're checking all the boxes. And if you're looking for guidance? Check out the Third Party And Supplier Risk Management Software Market recommendations – they can help you figure out what rules you need to follow, both locally and globally, and help you tackle all sorts of risks and compliance challenges. Basically, they help you stay on the right side of the law!
Global Third Party And Supplier Risk Management Software MarketSegmentation Analysis
The Global Third Party And Supplier Risk Management Software Market is Segmented on the basis of Component, Deployment, Vertical, and Geography.
Third Party And Supplier Risk Management Software Market, By Component
Solution
Contract Management
Finance Management
Operational Risk Management
Compliance Management
Audit Management
Component
Professional
Managed
Based on Component, the market is segmented into Solution and Component. The market has been sub-segmented into contract management, finance management, operational risk management, compliance management, and audit management by solution. The market has been sub-segmented into professional and managed Components by component.
Third Party And Supplier Risk Management Software Market, By Deployment
On-Premises
On-Cloud
Basaed on Deployment, the market is segmented into On-Premises and On-Cloud.
Third Party And Supplier Risk Management Software Market, By Vertical
BFSI
IT And Telecommunication
Healthcare
Government
Retail
Manufacturing
Among Others
Based on Vertical, the market is segmented into BFSI, IT And Telecommunication, Healthcare, Government, Retail, And Manufacturing, and Among Others.
Third Party And Supplier Risk Management Software Market, By Geography
North America
Europe
Asia Pacific
Rest of the World
Based on regional analysis, the Global Third Party And Supplier Risk Management Software Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America dominated the market with a significant share in 2019 owing to the early adoption of Third Party & Supplier Risk Management Software solutions. Presence of numerous vendors working using various technologies. Such regions strengthen their market positions.
The European market follows North America owing to the high adoption of Third Party & Supplier Risk Management Software in countries such as Sweden, France, Germany, and Finland. However, APAC is expected to provide significant growth opportunities during the forecast period. The growth in skilled labor and focus provision by SMEs and large enterprises to enter and widen the market by making growth in this region are a few factors driving of Third Party & Supplier Risk Management Software in this region.
Key Players
The “Global Third Party And Supplier Risk Management Software Market” study report will provide treasurable insight with prominence on the global market. The major players in the market are NAVEX Global, BitSight Technologies, SAI Global, Genpact, LogicManager, MetricStream, Resolver, IBM, Optiv Security, Venminder, Galvanize, RapidRatings, RSA Security (Dell), etc. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Key Developments
In May 2021, Prevalent, Inc., the company that takes the pain out of third-party risk management, announced three new third-party risk solutions, bringing procurement and IT security teams together to efficiently scale supplier risk assessments, while decreasing supply chain risks.
In November 2020, HITRUST® announced today the formation of the HITRUST Third-Party Risk Management (TPRM) Council to foster collaboration between companies, third-party vendors, and advisory service firms. The mission of the TPRM Council is to drive efficiencies and effectiveness as it relates to identifying, assessing, and mitigating risk in the complex supply chain ecosystem.
In October 2019, Genpact teamed with Tradeshift to focus on integrating the company’s digital business platform, Genpact Cora, with B2B network technologies. Customers who want to connect their procurement activities to a global network of buyers and sellers would benefit from the combined solution.
In September 2019, AEB launched a risk assessment software solution for supply chain applications. From procurement to sales to shipping, risk assessment software enables convenient online access to all organizations where global trade hazards may develop. This program also ensures that all pertinent data is efficiently recorded and used for risk management automatically.
In September 2019, BitSight Technologies announced a partnership with ServiceNow to launch two new certified ServiceNow applications, BitSight for Vendor Risk Management and BitSight for Security Incident Response.
In July 2019, KPMG was granted a US patent for technology that monitors and reports third-party vulnerabilities. As a result, its third-party intelligence products, which monitor and identify risks to third-party networks in real-time, will have a competitive advantage over its competitors in the TPRM field.
In March 2019, RSA Archer, the company’s integrated risk management system, has been updated. Product enhancements such as automated risk identification and assessment, a modern platform for analysis and evaluation, and broad integrations for the treatment of cyber risks are all used to help customers identify, analyze, and treat critical elements of digital risk more efficiently and effectively.
In March 2019, Riskmethods, a global pioneer in supply chain risk management, and Zurich Insurance Group announced a strategic partnership to provide innovative supply chain risk management services to Zurich’s commercial customers.
By Component, By Deployment, By Vertical, And By Geography.
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