Managing External Risk in an Interconnected World: Exploring the Third-Party Risk Management Market
Third-party relationships have become critical yet vulnerable links across global business ecosystems. The worldwide third-party risk management (TPRM) market size is projected to grow from $7.5 billion in 2021 to $24.25 billion by 2030 at a CAGR of 15.8%. TPRM enables organizations to effectively identify, assess, and mitigate risks arising from vendors, suppliers, partners, and other external parties.
Market Overview:
Third-party risk management is the process of analyzing and controlling risks associated with business relationships with external entities. Key capabilities include:
- Inventory management – Registering and classifying third-parties
- Assessment – Due diligence, financial viability, security, regulatory checks
- Monitoring and auditing – Tracking for issues and performance
- Risk analysis – Identification, evaluation, and prioritizing risks
- Mitigation – Developing risk treatment and termination plans
- Reporting and analytics – Dashboards providing visibility into third-party relationships
An effective TPRM program provides insights to manage third-party risks while maximizing business opportunities.
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Key Market Segments:
The TPRM market is segmented by component, deployment, organization size, industry vertical, and region:
- Components: Software and services
- Deployment: On-premise and cloud-based
- Organization Size: SMEs and large enterprises
- Verticals: BFSI, healthcare, IT & telecom, government, others
- Region: North America, Europe, APAC, MEA, Latin America
Key Market Drivers:
- Rising dependence on third-party providers for core operations
- Increasing regulations related to vendor risk management
- Growing data security and privacy concerns with third-party access
- Need to avoid business disruptions and operational risks
- Lack of visibility into subcontractor relationships of third-parties
Key Companies:
Leading TPRM vendors include:
- BitSight
- Galvanize
- MetricStream
- OneTrust
- RapidRatings
- Riskonnect
- SAI Global
- Resolver
- RSA
- Venminder
Regional Insights:
North America held the largest market share in 2021. Asia Pacific is anticipated to witness significant growth over the forecast period due to rising technology adoption in China, India, Australia and other Southeast Asian countries.
Latest Industry News:
- SAP acquires cloud compliance and risk management provider Ruum
- MetricStream receives growth investment from Goldman Sachs
- RapidRatings announces integration with SAP’s Ariba solutions
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Frequently Asked Questions:
- What is the global third-party risk management market size?
- Valued at USD 8.68 billion in 2022, projected to reach USD 24.25 billion by 2030 growing at a CAGR of 15.8%.
- What are the key capabilities of TPRM solutions?
- Inventory management, risk assessment, monitoring and auditing, risk analysis, and reporting.
- Who are the top TPRM vendors?
- BitSight, Galvanize, MetricStream, OneTrust, RapidRatings, RSA.
- What is driving the adoption of third-party risk management?
- Rising third-party dependencies, regulations, data security risks, need for avoiding disruptions.
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