Third-Party Risk Management Market

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Third-Party Risk Management Market by Component (Solution (Financial Control, Contract, Operational Risk, Audit, and Compliance) and Service (Professional & Managed)), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2024

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Report Code: TC 7463 Dec, 2019, by marketsandmarkets.com

[184 Pages Report] The global Third-Party Risk Management (TPRM) market size is projected to grow from USD 3.2 billion in 2019 to USD 6.8 billion by 2024, at a CAGR of 15.9% during the forecast period. Factors, such as the increasingly stringent compliance mandates to tackle third-party risks, lack of in-house competencies in the organization across several verticals, and the rising instances of cyberattacks, are expected to work in favor of the Third-Party Risk Management market growth in the near future.

Third-Party Risk Management Market

Based on components, the solution segment is estimated to hold a higher share of the Third-Party Risk Management market in 2019

The component segment mainly comprises solution and services. TPRM solution help organizations identify and reduce the risks that arise while outsourcing a few activities or operations. Various organizations operating in different industries have been considering the implementation of effective solutions to manage their partner ecosystem for minimizing the risks associated with the management of vendors. Moreover, to automate, enhance, and manage the entire risk assessment process for improving transparency and measuring uncertainties, organizations are implementing TPRM solution.

Based on solutions, the compliance management segment is expected to grow at the highest CAGR during the forecast period

The demand for compliance management solutions is increasing due to the growing need to comply with regulatory and reporting requirements. The lack of transparency in financial matters can lead to higher penalties and fines, resulting in huge financial losses. Hence, organizations focus on deploying a system that helps them manage these requirements and ensures compliance-related tasks are completed. Compliance management solutions offered in the Third-Party Risk Management market help businesses understand the type of regulations, policies, as well as obligations, apply to them globally and locally, and assist them in managing different types of risks and compliance regulations.

Third-Party Risk Management Market

Based on regions, North America is expected to account for the majority of the TPRM market share during the forecast period

North America has the presence of several prominent market players, delivering advanced solutions to all the industry verticals in the regions. Apart from this factor, the geographical presence, strategic investments, partnerships, and significant R&D activities are contributing to the hefty deployments of affective solutions. Such factors are expected to fuel the growth of the TPRM industry in North America.

North America is expected to be the most mature region in the Third-Party Risk Management market, as most of the vendors are located in the area. Some of the major vendors operating in the region include RSA, Genpact, MetricStream, Deloitte, BitSight Technologies, ProcessUnity, Venminder, Prevalent, Resolver, NAVEX Global, SAI Global, RapidRatings, Optiv, Aravo, OneTrust, and Galvanize.

Third-Party Risk Management Market Players:

The vendors covered in the TPRM market report include RSA (US), Genpact (US), MetricStream (US), Deloitte (US), KPMG (Netherlands), BitSight Technologies (US), Ernst & Young (UK), PwC (UK), ProcessUnity (US), Venminder (US), Resolver (Canada), NAVEX Global (US), Riskpro (India), SAI Global (US), RapidRatings (US), Optiv (US), Aravo (US), OneTrust (US and UK), Galvanize (Canada), and Prevalent (US). These players have adopted various growth strategies, such as partnerships, new product launches and product enhancements, strategic investments, and acquisitions, to expand their presence in the TPRM market.

Scope of the Third-Party Risk Management Report

Report Metrics	Details
Market size available for years	2017�2024
Base year considered	2018
Forecast period	2019�2024
Forecast units	Value (USD Million)
Segments covered	Component, Solution, Service, Deployment Mode, Organization Size, Vertical, And Region
Geographies covered	North America, Europe, APAC, MEA, and Latin America
Companies covered	20 major vendors, namely, include RSA (US), Genpact (US), MetricStream (US), Deloitte (US), KPMG (Netherlands), BitSight Technologies (US), Ernst & Young (UK), PwC (UK), ProcessUnity (US), Venminder (US), Resolver (Canada), NAVEX Global (US), Riskpro (India), SAI Global (US), RapidRatings (US), Optiv (US), Aravo (US), OneTrust (US and UK), Galvanize (Canada), and Prevalent (US)

This research report categorizes the Third-Party Risk Management market to forecast revenues and analyze trends in each of the following submarkets:

Based on the Component:

Solution
Service

Based on the Solution:

Financial Control Management
Contract Management
Operational Risk Management
Audit Management
Compliance Management
Others (Includes Quality Assurance Management, Information Management, and Relationship Management)

Based on Service:

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

Based on the Deployment Mode:

Cloud
On-premises

Based on Organization Size:

Small and Medium-sized Enterprises (SMEs)
Large Enterprises

Based on Verticals:

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)

Based on the Region:

North America
- US
- Canada
Europe
- UK
- Germany
- Rest of Europe
APAC
- China
- Japan
- India
- Rest of APAC
MEA
- Middle East
- Africa
Latin America
- Brazil
- Mexico
- Rest of Latin America

Recent Developments

In October 2019, Genpact partnered with Tradeshift to focus on combining the company�s digital business platform called Genpact Cora with Business-to-Business (B2B) network technology. The combined solution is designed for customers that wish to link their procurement operations to a global network of buyers and sellers.
In September 2019, BitSight Technologies partnered with ServiceNow, to launch 2 new certified ServiceNow applications, namely, BitSight for Vendor Risk Management and BitSight for Security Incident Response.
In July 2019, KPMG was awarded by the US patent for technology to monitor and report third-party vulnerabilities. As a result, its offerings related to third-party intelligence that monitors and identifies threats to third-party networks in real time would gain a better competitive advantage as compared to its competitors in the TPRM space.
In June 2019, EY acquired Pangea3 Legal Managed Services (LMS) business from Thomson Reuters. This acquisition would strengthen Pangea3 LMS� capabilities in the areas of contract life cycle management, regulatory risk and compliance, and investigations.
In March 2019, RSA introduced new enhancements to its integrated risk management , RSA Archer. Product enhancements, such as automated risk identification and assessment, modern platform for analysis and evaluation, and broad integrations for treatment of cyber risks, are collectively used to extend customers� ability to efficiently and effectively identify, analyze, and treat critical elements of digital risk.

Key Questions Addressed by the Report

What are the opportunities in the Third-Party Risk Management market?
What is the competitive landscape in the market?
What are the restraining factors that will impact the market?
How have TPRM solutions evolved from traditional risk management solutions?
What are the dynamics of the TPRM market?

Frequently Asked Questions (FAQ):

What does Third-Party Risk Management (TPRM) mean?

Third-Party Risk Management is a set of processes to monitor, analyze, and control several functional and operational risks pertaining to a company by any external business entity.

What is Third-Party Risk Management lifecycle?

According to the Office of the Comptroller of the Currency (OCC), Third-Party Risk Management lifecycle primarily includes 5 phases such as, Planning, Due diligence and selection of TPRM solution, Contract negotiation, Ongoing monitoring, and Termination.

What are the Third-Party Risk Management best practices?

Some of the best practices of the Third-Party Risk Management solutions are as follows:

The company must have well-documented policies, programs, and procedures
Organizations must deploy a rigorous set of practices that address each pillar of TPRM
TPRM must ensure adequate credentialed staffing
The company deploying Third-Party Risk Management should foster a supportive board and senior management team

What is the Third-Party Risk Management market size?

The global Third-Party Risk Management (TPRM) market size is projected to grow from USD 3.2 billion in 2019 to USD 6.8 billion by 2024, at a CAGR of 15.9% during the forecast period. Factors, such as the increasingly stringent compliance mandates to tackle third-party risks, lack of in-house competencies in the organization across several verticals, and the rising instances of cyberattacks, are expected to work in favor of the TPRM market growth in the near future.

Why is Third-Party Risk Management important?

Widespread use of mobile devices and penetration of the internet globally have encouraged greater number of operational and functional business processes to become the responsibility of third-party entities. As a result, mitigating third-party risks in an optimized way turn out to be imperative for all the organizations that depend largely on third-party relationships.

What is an example of a third party?

A few examples of third parties include vendors, suppliers, distribution partners, technology partners, customers, and fourth parties. .

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Exclusive indicates content/data unique to MarketsandMarkets and not available with any competitors.

Table of Contents

1 Introduction (Page No. - 20)
    1.1 Objectives of the Study
    1.2 Market Definition
           1.2.1 Inclusions and Exclusions
    1.3 Market Scope
           1.3.1 Market Segmentation
           1.3.2 Regions Covered
    1.4 Years Considered for the Study
    1.5 Currency Considered
    1.6 Stakeholders

2 Research Methodology (Page No. - 24)
    2.1 Research Data
           2.1.1 Secondary Data
                    2.1.1.1 Vendor Selection and Evaluation
                    2.1.1.2 Geographic Analysis
                    2.1.1.3 Analysis of Industry Trends
           2.1.2 Primary Data
                    2.1.2.1 Key Industry Insights
                    2.1.2.2 Breakup of Primaries
    2.2 Data Triangulation
    2.3 Market Size Estimation
           2.3.1 Revenue Estimates
           2.3.2 Bottom-Up Approach
           2.3.3 Top-Down Approach
    2.4 Market Forecast

3 Executive Summary (Page No. - 36)

4 Premium Insights (Page No. - 40)
    4.1 Attractive Market Opportunities in the Market
    4.2 Third-Party Risk Management Market, By Solution, 2019
    4.3 Market, By Deployment Mode, 2019�2024
    4.4 Market, Top 3 Verticals and Regions, 2019
    4.5 Market, By Organization Size, 2019�2024
    4.6 Market Investment Scenario

5 Market Overview (Page No. - 44)
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
                    5.2.1.1 Need for Economic Management
                    5.2.1.2 Lack of In-House Competencies
                    5.2.1.3 Increasing Adoption of Virtual Applications
                    5.2.1.4 Rising Instances of Cyberattacks
           5.2.2 Restraints
                    5.2.2.1 Dependence on Non-Formal and Manual Business Processes
                    5.2.2.2 Lack of Skilled Professionals
           5.2.3 Opportunities
                    5.2.3.1 Increase in Stringent Regulations and Compliance Requirements
                    5.2.3.2 Increasing Demand for Hybrid Environment
                    5.2.3.3 Technological Advancements, Including Automation, Data Analytics, and Smart Contracts
           5.2.4 Challenges
                    5.2.4.1 Compatibility Issues With Legacy Systems
                    5.2.4.2 Lack of Awareness of TPRM Solutions and Services
    5.3 Use Cases
    5.4 Best Practices in Third-Party Risk Management

6 Third-Party Risk Management Market, By Component (Page No. - 53)
    6.1 Introduction
    6.2 Solutions
           6.2.1 Increasing Cyberattacks to Drive the Adoption of Third-Party Risk Management Solutions
    6.3 Services
           6.3.1 Need for Seamless Experience and Personalized Services to Contribute to the Demand of Third-Party Risk Management Services

7 Market, By Solution (Page No. - 57)
    7.1 Introduction
    7.2 Financial Control Management
           7.2.1 Growing Need to Optimize Operational Efficiency and Meet Financial Expectations Driving the Demand for Financial Control Management Solutions
    7.3 Contract Management
           7.3.1 Increasing Need to Manage Various Attributes of Contracts to Boost the Adoption of Contract Management Solutions
    7.4 Operational Risk Management
           7.4.1 Advanced Capabilities of Operational Risk Management Solutions to Boost Their Growth
    7.5 Audit Management
           7.5.1 Increasing Complexity of Business Operations to Fuel the Adoption of Audit Management Solutions
    7.6 Compliance Management
           7.6.1 Increasing Focus Toward Achieving Financial Transparency to Drive the Adoption of Compliance Management Solutions
    7.7 Others

8 Third-Party Risk Management Market, By Service (Page No. - 65)
    8.1 Introduction
    8.2 Professional Services
           8.2.1 Consulting
                    8.2.1.1 Consulting Services to Play a Crucial Role in Helping Organizations Improve Their TPRM Program
           8.2.2 Integration and Design
                    8.2.2.1 Integration and Design Services to Gain Traction for the Successful Implementation of TPRM Solutions
           8.2.3 Support and Maintenance
                    8.2.3.1 Increasing Adoption of TPRM Solutions to Boost the Demand for Support and Maintenance Services
    8.3 Managed Services
           8.3.1 Managed Services Gaining Popularity as They Help Organizations Meet Compliance Needs

9 Market, By Deployment Mode (Page No. - 72)
    9.1 Introduction
    9.2 Cloud
           9.2.1 Low Cost of Installation, Upgrade, and Maintenance to Boost the Adoption of Cloud-Based Third-Party Risk Management Solutions
    9.3 On-Premises
           9.3.1 Need to Secure In-House Applications, Platforms, and Systems Against Evolving Network-Based Attacks Driving the Adoption of On-Premises Third-Party Risk Management Solutions

10 Third-Party Risk Management Market, By Organization Size (Page No. - 76)
     10.1 Introduction
     10.2 Small and Medium-Sized Enterprises
             10.2.1 Cost Effectiveness to Drive the Adoption of TPRM Solutions Among Small and Medium-Sized Enterprises
     10.3 Large Enterprises
             10.3.1 Growing Need for Securing Data From Vulnerabilities to Fuel the Adoption of Third-Party Risk Management Solutions in Large Enterprises

11 Market, By Vertical (Page No. - 80)
     11.1 Introduction
     11.2 Banking, Financial Services, and Insurance
             11.2.1 Need to Keep Up With Changing Regulatory Environment Driving the Adoption of Third-Party Risk Management Solutions in the BFSI Vertical
     11.3 IT and Telecom
             11.3.1 Need to Effectively Manage Compliance and Risk Programs Driving the Adoption of Third-Party Risk Management Solutions in the IT and Telecom Vertical
     11.4 Healthcare and Life Sciences
             11.4.1 Need to Enhance Performance of Services Driving the Adoption of Third-Party Risk Management Solutions in the Healthcare and Life Sciences Vertical
     11.5 Government, Aerospace, and Defense
             11.5.1 Need to Comply With Federal Directives and Operational Mandates Driving the Adoption of Third-Party Risk Management Solutions in the Government, Aerospace, and Defense Sector
     11.6 Retail and Consumer Goods
             11.6.1 Need to Reduce Operational Cost and Enhance Profit Margins Driving the Adoption of Third-Party Risk Management Solutions in the Retail and Consumer Goods Vertical
     11.7 Manufacturing
             11.7.1 Need for Effective Risk Management to Drive the Adoption of Third-Party Risk Management Solutions in the Manufacturing Vertical
     11.8 Energy and Utilities
             11.8.1 Need to Set Up Proactive Policies to Comply With Directives Driving the Adoption of Third-Party Risk Management Solutions in the Energy and Utilities Vertical
     11.9 Others

12 Third-Party Risk Management Market, By Region (Page No. - 90)
     12.1 Introduction
     12.2 North America
             12.2.1 United States
                       12.2.1.1 Increasing Need for Secure and Comprehensive Partner Network to Boost the Adoption of TPRM Solutions in the US
             12.2.2 Canada
                       12.2.2.1 Growing Data Security Concerns and Regulations to Fuel the Adoption of TPRM Solutions in Canada
     12.3 Europe
             12.3.1 United Kingdom
                       12.3.1.1 Growing Complexity of Regulations to Fuel the Adoption of TPRM Solutions in the UK
             12.3.2 Germany
                       12.3.2.1 Advancement Toward Digitalization Approach to Boost the Growth of TPRM Market in Germany
             12.3.3 Rest of Europe
     12.4 Asia Pacific
             12.4.1 China
                       12.4.1.1 Emergence of Mobile Technologies, Cloud Computing, and Increased Automation to Bolster the Growth of TPRM Market in China
             12.4.2 Japan
                       12.4.2.1 Growing Trend of Industrialization and Modernization Driving the Growth of TPRM Market in Japan
             12.4.3 India
                       12.4.3.1 High It Spending and Stable Government Support for Implementing the Latest Technologies to Fuel the Growth of TPRM Market in India
             12.4.4 Rest of Asia Pacific
     12.5 Middle East and Africa
             12.5.1 Middle East
                       12.5.1.1 Growing Need to Provide Robust Third-Party Ecosystem Driving the Growth of TPRM Market in the Middle East
             12.5.2 Africa
                       12.5.2.1 TPRM to be the Next Step of Advancement for Improving Operations and Services in Africa
     12.6 Latin America
             12.6.1 Brazil
                       12.6.1.1 Growing Focus of Financial Institutions on the Integration of TPRM Solutions to Drive the Market Growth in Brazil
             12.6.2 Mexico
                       12.6.2.1 Increased Productivity By Using TPRM Solutions to Boost the Market Growth in Mexico
             12.6.3 Rest of Latin America

13 Competitive Landscape (Page No. - 137)
     13.1 Introduction
     13.2 Competitive Leadership Mapping
             13.2.1 Visionary Leaders
             13.2.2 Dynamic Differentiators
             13.2.3 Innovators
             13.2.4 Emerging Companies
     13.3 Competitive Scenario
             13.3.1 New Product Launches and Product Enhancements
             13.3.2 Partnerships and Collaborations
             13.3.3 Mergers and Acquisitions

14 Company Profiles (Page No. - 144)
     14.1 Introduction
(Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
     14.2 RSA
     14.3 Genpact
     14.4 MetricStream
     14.5 Deloitte
     14.6 KPMG
     14.7 BitSight
     14.8 Ernst & Young
     14.9 PwC
     14.10 ProcessUnity
     14.11 Venminder
     14.12 Resolver
     14.13 NAVEX Global
     14.14 Riskpro
     14.15 SAI Global
     14.16 RapidRatings
     14.17 Optiv
     14.18 Aravo
     14.19 OneTrust
     14.20 Galvanize
     14.21 Prevalent
     14.22 Alyne

*Details on Business Overview, Products & Services, Key Insights, Recent Developments, SWOT Analysis, MnM View Might Not be Captured in Case of Unlisted Companies.

15 Appendix (Page No. - 177)
     15.1 Discussion Guide
     15.2 Knowledge Store: Marketsandmarkets� Subscription Portal
     15.3 Available Customizations
     15.4 Related Reports
     15.5 Author Details

List of Tables (126 Tables)

Table 1 Market Ecosystem: Vendor Selection and Evaluation Criteria
Table 2 Revenue and Share Estimates for Selected Vendors in the Market
Table 3 Third-Party Risk Management Market Size and Growth Rate, 2017�2024 (USD Million, Y-O-Y %)
Table 4 Top 10 Key Concerns of Third-Party Relationships
Table 5 Major Third-Party Risk Management-Associated Regulations and Guidelines
Table 6 Market: use Cases
Table 7 10 Best Practices to Reach Desired Maturity Levels in Third-Party Risk Management
Table 8 Market Size, By Component, 2017�2024 (USD Million)
Table 9 Solutions: Market Size, By Region, 2017�2024 (USD Million)
Table 10 Services: Market Size, By Region, 2017�2024 (USD Million)
Table 11 Third-Party Risk Management Market Size, By Solution, 2017�2024 (USD Million)
Table 12 Financial Control Management: Market Size, By Region, 2017�2024 (USD Million)
Table 13 Contract Management: Market Size, By Region, 2017�2024 (USD Million)
Table 14 Operational Risk Management: Market Size, By Region, 2017�2024 (USD Million)
Table 15 Audit Management: Market Size, By Region, 2017�2024 (USD Million)
Table 16 Compliance Management: Market Size, By Region, 2017�2024 (USD Million)
Table 17 Others: Market Size, By Region, 2017�2024 (USD Million)
Table 18 Market Size, By Service, 2017�2024 (USD Million)
Table 19 Professional Services: Third-Party Risk Management Market Size, By Type, 2017�2024 (USD Million)
Table 20 Professional Services: Market Size, By Region, 2017�2024 (USD Million)
Table 21 Consulting Market Size, By Region, 2017�2024 (USD Million)
Table 22 Integration and Design Market Size, By Region, 2017�2024 (USD Million)
Table 23 Support and Maintenance Market Size, By Region, 2017�2024 (USD Million)
Table 24 Managed Services: Market Size, By Region, 2017�2024 (USD Million)
Table 25 Market Size, By Deployment Mode, 2017�2024 (USD Million)
Table 26 Cloud: Market Size, By Region, 2017�2024 (USD Million)
Table 27 On-Premises: Market Size, By Region, 2017�2024 (USD Million)
Table 28 Third-Party Risk Management Market Size, By Organization Size, 2017�2024 (USD Million)
Table 29 Small and Medium-Sized Enterprises: Market Size, By Region, 2017�2024 (USD Million)
Table 30 Large Enterprises: Market Size, By Region, 2017�2024 (USD Million)
Table 31 Market Size, By Vertical, 2017�2024 (USD Million)
Table 32 Banking, Financial Services, and Insurance: Market Size, By Region, 2017�2024 (USD Million)
Table 33 IT and Telecom: Market Size, By Region, 2017�2024 (USD Million)
Table 34 Healthcare and Life Sciences: Market Size, By Region, 2017�2024 (USD Million)
Table 35 Government, Aerospace, and Defense: Market Size, By Region, 2017�2024 (USD Million)
Table 36 Retail and Consumer Goods: Market Size, By Region, 2017�2024 (USD Million)
Table 37 Manufacturing: Market Size, By Region, 2017�2024 (USD Million)
Table 38 Energy and Utilities: Third-Party Risk Management Market Size, By Region, 2017�2024 (USD Million)
Table 39 Others: Market Size, By Region, 2017�2024 (USD Million)
Table 40 Market Size, By Region, 2017�2024 (USD Million)
Table 41 North America: Market Size, By Component, 2017�2024 (USD Million)
Table 42 North America: Market Size, By Solution, 2017�2024 (USD Million)
Table 43 North America: Market Size, By Service, 2017�2024 (USD Million)
Table 44 North America: Market Size, By Professional Service, 2017�2024 (USD Million)
Table 45 North America: Market Size, By Deployment Mode, 2017�2024 (USD Million)
Table 46 North America: Market Size, By Organization Size, 2017�2024 (USD Million)
Table 47 North America: Market Size, By Vertical, 2017�2024 (USD Million)
Table 48 North America: Market Size, By Country, 2017�2024 (USD Million)
Table 49 United States: Third-Party Risk Management Market Size, By Component, 2017�2024 (USD Million)
Table 50 United States: Market Size, By Deployment Mode, 2017�2024 (USD Million)
Table 51 United States: Market Size, By Organization Size, 2017�2024 (USD Million)
Table 52 Canada: Market Size, By Component, 2017�2024 (USD Million)
Table 53 Canada: Market Size, By Deployment Mode, 2017�2024 (USD Million)
Table 54 Canada: Market Size, By Organization Size, 2017�2024 (USD Million)
Table 55 Europe: Market Size, By Component, 2017�2024 (USD Million)
Table 56 Europe: Market Size, By Solution, 2017�2024 (USD Million)
Table 57 Europe: Market Size, By Service, 2017�2024 (USD Million)
Table 58 Europe: Market Size, By Professional Service, 2017�2024 (USD Million)
Table 59 Europe: Third-Party Risk Management Market Size, By Deployment Mode, 2017�2024 (USD Million)
Table 60 Europe: Market Size, By Organization Size, 2017�2024 (USD Million)
Table 61 Europe: Market Size, By Vertical, 2017�2024 (USD Million)
Table 62 Europe: Market Size, By Country, 2017�2024 (USD Million)
Table 63 United Kingdom: Market Size, By Component, 2017�2024 (USD Million)
Table 64 United Kingdom: Market Size, By Deployment Mode, 2017�2024 (USD Million)
Table 65 United Kingdom: Market Size, By Organization Size, 2017�2024 (USD Million)
Table 66 Germany: Market Size, By Component, 2017�2024 (USD Million)
Table 67 Germany: Market Size, By Deployment Mode, 2017�2024 (USD Million)
Table 68 Germany: Third-Party Risk Management Market Size, By Organization Size, 2017�2024 (USD Million)
Table 69 Rest of Europe: Market Size, By Component, 2017�2024 (USD Million)
Table 70 Rest of Europe: Market Size, By Deployment Mode, 2017�2024 (USD Million)
Table 71 Rest of Europe: Market Size, By Organization Size, 2017�2024 (USD Million)
Table 72 Asia Pacific: Market Size, By Component, 2017�2024 (USD Million)
Table 73 Asia Pacific: Market Size, By Solution, 2017�2024 (USD Million)
Table 74 Asia Pacific: Market Size, By Service, 2017�2024 (USD Million)
Table 75 Asia Pacific: Market Size, By Professional Service, 2017�2024 (USD Million)
Table 76 Asia Pacific: Third-Party Risk Management Market Size, By Deployment Mode, 2017�2024 (USD Million)
Table 77 Asia Pacific: Market Size, By Organization Size, 2017�2024 (USD Million)
Table 78 Asia Pacific: Market Size, By Vertical, 2017�2024 (USD Million)
Table 79 Asia Pacific: Market Size, By Country, 2017�2024 (USD Million)
Table 80 China: Market Size, By Component, 2017�2024 (USD Million)
Table 81 China: Market Size, By Deployment Mode, 2017�2024 (USD Million)
Table 82 China: Market Size, By Organization Size, 2017�2024 (USD Million)
Table 83 Japan: Market Size, By Component, 2017�2024 (USD Million)
Table 84 Japan: Market Size, By Deployment Mode, 2017�2024 (USD Million)
Table 85 Japan: Third-Party Risk Management Market Size, By Organization Size, 2017�2024 (USD Million)
Table 86 India: Market Size, By Component, 2017�2024 (USD Million)
Table 87 India: Market Size, By Deployment Mode, 2017�2024 (USD Million)
Table 88 India: Market Size, By Organization Size, 2017�2024 (USD Million)
Table 89 Rest of Asia Pacific: Market Size, By Component, 2017�2024 (USD Million)
Table 90 Rest of Asia Pacific: Market Size, By Deployment Mode, 2017�2024 (USD Million)
Table 91 Rest of Asia Pacific: Third-Party Risk Management Market Size, By Organization Size, 2017�2024 (USD Million)
Table 92 Middle East and Africa: Market Size, By Component, 2017�2024 (USD Million)
Table 93 Middle East and Africa: Market Size, By Solution, 2017�2024 (USD Million)
Table 94 Middle East and Africa: Market Size, By Service, 2017�2024 (USD Million)
Table 95 Middle East and Africa: Market Size, By Professional Service, 2017�2024 (USD Million)
Table 96 Middle East and Africa: Market Size, By Deployment Mode, 2017�2024 (USD Million)
Table 97 Middle East and Africa: Market Size, By Organization Size, 2017�2024 (USD Million)
Table 98 Middle East and Africa: Market Size, By Vertical, 2017�2024 (USD Million)
Table 99 Middle East and Africa: Third-Party Risk Management Market Size, By Sub-Region, 2017�2024 (USD Million)
Table 100 Middle East: Market Size, By Component, 2017�2024 (USD Million)
Table 101 Middle East: Market Size, By Deployment Mode, 2017�2024 (USD Million)
Table 102 Middle East: Market Size, By Organization Size, 2017�2024 (USD Million)
Table 103 Africa: Market Size, By Component, 2017�2024 (USD Million)
Table 104 Africa: Market Size, By Deployment Mode, 2017�2024 (USD Million)
Table 105 Africa: Market Size, By Organization Size, 2017�2024 (USD Million)
Table 106 Latin America: Third-Party Risk Management Market Size, By Component, 2017�2024 (USD Million)
Table 107 Latin America: Market Size, By Solution, 2017�2024 (USD Million)
Table 108 Latin America: Market Size, By Service, 2017�2024 (USD Million)
Table 109 Latin America: Market Size, By Professional Service, 2017�2024 (USD Million)
Table 110 Latin America: Market Size, By Deployment Mode, 2017�2024 (USD Million)
Table 111 Latin America: Third-Party Risk Management Market Size, By Organization Size, 2017�2024 (USD Million)
Table 112 Latin America: Market Size, By Vertical, 2017�2024 (USD Million)
Table 113 Latin America: Market Size, By Country, 2017�2024 (USD Million)
Table 114 Brazil: Market Size, By Component, 2017�2024 (USD Million)
Table 115 Brazil: Market Size, By Deployment Mode, 2017�2024 (USD Million)
Table 116 Brazil: Third-Party Risk Management Market Size, By Organization Size, 2017�2024 (USD Million)
Table 117 Mexico: Market Size, By Component, 2017�2024 (USD Million)
Table 118 Mexico: Market Size, By Deployment Mode, 2017�2024 (USD Million)
Table 119 Mexico: Market Size, By Organization Size, 2017�2024 (USD Million)
Table 120 Rest of Latin America: Market Size, By Component, 2017�2024 (USD Million)
Table 121 Rest of Latin America: Market Size, By Deployment Mode, 2017�2024 (USD Million)
Table 122 Rest of Latin America: Third-Party Risk Management Market Size, By Organization Size, 2017�2024 (USD Million)
Table 123 Evaluation Criteria
Table 124 New Product Launches and Product Enhancements, 2018�2019
Table 125 Partnerships and Collaborations, 2018�2019
Table 126 Mergers and Acquisitions, 2018�2019

List of Figures (46 Figures)

Figure 1 Global Third-Party Risk Management Market: Research Design
Figure 2 Sample Secondary Data: Geographic Analysis
Figure 3 Sample Secondary Data: Europe
Figure 4 Sample Secondary Data: Industry Analysis
Figure 5 Sample Secondary Data: Top Areas of Third-Party Engagement Risk
Figure 6 Market Size Estimation Methodology: Approach 1
Figure 7 Market Size Estimation Methodology: Approach 2
Figure 8 Factor Analysis for Market Trend and Forecast
Figure 9 Services Segment to Witness a Higher Growth During the Forecast Period
Figure 10 North America to Account for the Highest Market Share in 2019
Figure 11 Fastest-Growing Segments of the Third-Party Risk Management Market
Figure 12 Increasing Demand for TPRM Solutions and Services and Growing Adoption By Small and Medium-Sized Enterprises to Fuel the Growth of Market
Figure 13 Financial Control Management Segment to Account for the Highest Market Share in 2019
Figure 14 On-Premises Segment to Account for a Higher Market Share During the Forecast Period
Figure 15 Banking, Financial Services, and Insurance Vertical and North America Region to Account for the Highest Market Shares in 2019
Figure 16 Small and Medium-Sized Enterprises Segment to Grow at a Higher CAGR During the Forecast Period
Figure 17 Asia Pacific to Emerge as the Best Market for Investments in the Next 5 Years
Figure 18 Drivers, Restraints, Opportunities, and Challenges: Third-Party Risk Management Market
Figure 19 Services Segment to Grow at a Higher CAGR During the Forecast Period
Figure 20 Compliance Management Segment to Record the Highest CAGR During the Forecast Period
Figure 21 Managed Services Segment to Record a Higher CAGR During the Forecast Period
Figure 22 Consulting Services Segment to Record the Highest CAGR During the Forecast Period
Figure 23 Cloud Deployment Mode to Grow at a Higher CAGR During the Forecast Period
Figure 24 Small and Medium-Sized Enterprises Segment to Grow at a Higher CAGR During the Forecast Period
Figure 25 Healthcare and Life Sciences Vertical to Register the Highest CAGR During the Forecast Period
Figure 26 North America to Account for the Largest Market Size During the Forecast Period
Figure 27 Asia Pacific to be an Attractive Market for Investments
Figure 28 North America: Third-Party Risk Management Market Snapshot
Figure 29 Solutions Segment to Account for a Larger Market Size in North America During the Forecast Period
Figure 30 Compliance Management Segment to Grow at the Highest CAGR in Europe During the Forecast Period
Figure 31 Asia Pacific: Market Snapshot
Figure 32 Consulting Segment to Have the Largest Market Size in Asia Pacific During the Forecast Period
Figure 33 Cloud Segment to Grow at a Higher CAGR in Middle East and Africa During the Forecast Period
Figure 34 Services Segment to Grow at a Higher CAGR in Latin America During the Forecast Period
Figure 35 Third-Party Risk Management Market (Global), Competitive Leadership Mapping, 2018
Figure 36 Key Developments By the Leading Players in the Third-Party Risk Management Market During 2018�2019
Figure 37 RSA: SWOT Analysis
Figure 38 Genpact: Company Snapshot
Figure 39 Genpact: SWOT Analysis
Figure 40 MetricStream: SWOT Analysis
Figure 41 Deloitte: Company Snapshot
Figure 42 Deloitte: SWOT Analysis
Figure 43 KPMG: Company Snapshot
Figure 44 KPMG: SWOT Analysis
Figure 45 Ernst & Young: Company Snapshot
Figure 46 PwC: Company Snapshot

The study involved 4 major activities in estimating the current size of the Third-Party Risk Management (TPRM) market. Exhaustive secondary research was done to collect information on the TPRM market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain using primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the size of the segments and subsegments of the market.

Secondary Research

In the secondary research process, various secondary sources, such as Hoovers, Bloomberg BusinessWeek, and Dun & Bradstreet, have been referred to identify and collect information for this study. These secondary sources included annual reports, press releases and investor presentations of companies, whitepapers, certified publications and articles by recognized authors, gold standard and silver standard websites, regulatory bodies, trade directories, and databases.

Primary Research

The TPRM market comprises several stakeholders, Managed Service Providers (MSPs), System Integrators (SIs), government organizations, legal agencies, distribution partners, fourth parties, Value-Added Resellers (VARs), chief compliance officers, procurement managers, risk officers, ethics directors, procurement directors, purchasing managers, third-party managers, vendor managers, oversight officers, operations officers, anti-corruption and anti-bribery heads, supply chain managers, auditors, due diligence heads, training staff, Enterprise Risk Management (ERM), privacy specialists, financial controllers, audit officers, and business resiliency specialists. The demand side of the market consists of financial institutions, investors, and insurance companies. The supply side includes TPRM solutions providers. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakdown of the primary respondents:

Third-Party Risk Management Market

To know about the assumptions considered for the study, download the pdf brochure

Third-Party Risk Management Market Size Estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the TPRM market. These methods were also used extensively to estimate the size of various segments in the market. The research methodology used to estimate the market size includes the following:

Key players in the TPRM market have been identified through extensive secondary research.
The industry�s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall TPRM market size using the market size estimation processes as explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Report Objectives

To determine and forecast the global TPRM market by component, solution, service, deployment mode, organization size, vertical, and region from 2019 to 2024, and analyze the various macroeconomic and microeconomic factors that affect the market growth
To forecast the size of the market segments with respect to 5 main regions, namely, North America; Europe; Asia Pacific (APAC); Middle East and Africa (MEA); and Latin America
To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall TPRM market
To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the TPRM market

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company�s specific needs. The following customization options are available for the report:

Geographic Analysis

Further breakdown of the Europe Third-Party Risk Management market includes the Rest of Europe includes France, Nordic countries, and Benelux.
Further breakdown of the Asia Pacific TPRM market includes South Korea, Australia, Philippines, Indonesia, and Singapore.
Further breakdown of the Latin America TPRM market includes Colombia, Chile, and Argentina.