$23.9 BN Third-Party Risk Management Global Market Opportunities and Strategies 2024-2033: Advanced Cybersecurity Platforms, AI Functionalities, Innovative Digital Platforms

Dublin, Nov. 22, 2024 (GLOBE NEWSWIRE) — The “Third-Party Risk Management Global Market Opportunities and Strategies to 2033” report has been added to ResearchAndMarkets.com’s offering.

The global third-party risk management market reached a value of nearly $5.2 billion in 2023, having grown at a compound annual growth rate (CAGR) of 11.7% since 2018. The market is expected to grow from $5.2 billion in 2023 to $11.4 billion in 2028 at a rate of 17%. The market is then expected to grow at a CAGR of 16.1% from 2028 and reach $23.9 billion in 2033.

Going forward, the increase in cyber-attacks, rising automation industry, strong economic growth in emerging markets and growing demand for e-commerce will drive the market. Factors that could hinder the growth of the third-party risk management market in the future include constant changes in compliance laws and regulations.

The third-party risk management market is segmented by component into solution and services. The solution market was the largest segment of the third-party risk management market segmented by component, accounting for 63.6% or $3.3 billion of the total in 2023. Going forward, the services segment is expected to be the fastest growing segment in the third-party risk management market segmented by component, at a CAGR of 18% during 2023-2028.

The third-party risk management market is segmented by deployment type into cloud-based and on-premises. The cloud-based market was the largest segment of the third-party risk management market segmented by deployment type, accounting for 69.5% or $3.6 billion of the total in 2023. Going forward, the cloud-based segment is expected to be the fastest growing segment in the third-party risk management market segmented by deployment type, at a CAGR of 17.7% during 2023-2028.

The third-party risk management market is segmented by organization size into small and medium enterprises and large enterprises. The large enterprises market was the largest segment of the third-party risk management market segmented by organization size, accounting for 68.6% or $3.6 billion of the total in 2023. Going forward, the small and medium enterprises segment is expected to be the fastest growing segment in the third-party risk management market segmented by organization size, at a CAGR of 17.8% during 2023-2028.

The third-party risk management market is segmented by end-user into banking, financial services and insurance, IT and telecom, healthcare and life sciences, government, retail and consumer goods, manufacturing, energy and power and other end-users. The manufacturing market was the largest segment of the third-party risk management market segmented by end-user, accounting for 24.5% or $1.3 billion of the total in 2023. Going forward, the banking, financial services and insurance segment is expected to be the fastest growing segment in the third-party risk management market segmented by end-user, at a CAGR of 21.3% during 2023-2028.

North America was the largest region in the third-party risk management market, accounting for 35% or $1.8 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the third-party risk management market will be Asia-Pacific and Eastern Europe, where growth will be at CAGRs of 19.6% and 16.7% respectively. These will be followed by Western Europe and North America, where the markets are expected to grow at CAGRs of 16.6% and 16.2% respectively.

The global third-party risk management market is concentrated, with large players operating in the market. The top ten competitors in the market made up to 45.2% of the total market in 2022. PricewaterhouseCoopers (PwC) was the largest competitor with a 20.46% share of the market, followed by Ernst & Young Global Limited with 15.16%, Deloitte Touche Tohmatsu Ltd. with 7.20%, KPMG International Limited with 1.16%, RSA Security LLC with 0.43%, Protiviti Inc. with 0.26%, NAVEX Global Inc. with 0.26%, BitSight Technologies Inc. with 0.11%, MetricStream Inc. with 0.11% and One Trust LLC. with 0.09%.

The top opportunities in the third-party risk management market segmented by component will arise in the solution segment, which will gain $3.7 billion of global annual sales by 2028. The top opportunities in the third-party risk management market segmented by deployment type will arise in the cloud-based segment, which will gain $4.5 billion of global annual sales by 2028. The top opportunities in the third-party risk management market segmented by organization size will arise in the large enterprises segment, which will gain $4.1 billion of global annual sales by 2028. The top opportunities in the third-party risk management market segmented by end-user will arise in the manufacturing segment, which will gain $1.5 billion of global annual sales by 2028. The third-party risk management market size will gain the most in the USA at $1.8 billion.

Market-trend-based strategies for the third-party risk management market include focus on launch of innovative digital platforms for third-party risk management by major companies, focus on integration of advanced AI functionalities in third-party risk management solutions by leading vendors, focus on launch of innovative vendor risk management solutions by third-party risk management companies, focus on innovative technologies and focus on introduction of advanced cybersecurity platforms.

Player-adopted strategies in the third-party risk management market include focus on strategic acquisitions, focus on enhancing consulting services through strategic partnerships and focus on launching new solutions to better serve the industry.

To take advantage of the opportunities, the analyst recommends the third-party risk management companies to focus on digital platforms for enhanced risk management, focus on AI integration for enhanced risk management, focus on innovative technologies, focus on advanced cybersecurity platforms for competitive advantage, focus on cloud-based solutions for rapid growth, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, continue to use B2B promotions, focus on small and medium enterprises and focus on retail and consumer goods, and banking, financial services and insurance sectors.

Key Attributes:

Major Market Trends

• Launch of Innovative Digital Platforms for Third-Party Risk Management by Major Companies
• Integration of Advanced AI Functionalities in Third-Party Risk Management Solutions by Leading Vendors
• Launch of Innovative Vendor Risk Management Solutions by Third-Party Risk Management Companies
• Innovative Technologies Driving Growth in Third-Party Risk Management Market
• Introduction of Advanced Cybersecurity Platforms by Third-Party Risk Management by Key Players

Competitive Landscape and Company Profiles

• PricewaterhouseCoopers LLP (PwC)
• Ernst & Young Global Limited
• Deloitte Touche Tohmatsu Ltd.
• KPMG International Limited
• RSA Security LLC

Other Major and Innovative Companies

• Protiviti Inc
• NAVEX Global Inc.
• BitSight Technologies Inc.
• MetricStream Inc
• One Trust LLC
• Dun & Bradstreet Corporation
• Genpact Ltd.
• SAI Global Compliance Inc.
• Galvanize Inc.
• Dow Jones Risk & Compliance
• Resolver Inc
• Rapid Ratings International Inc.
• Optiv Security Inc.
• ProcessUnity Inc.
• Venminder Inc.

Key Mergers and Acquisitions

• FluidOne Acquired SureCloud
• CrowdStrike Holdings Acquired Flow Security
• Archer Technologies Acquired Flisk
• BitSight Acquired ThirdPartyTrust
• Riskonnect Acquired Sword GRC
• OneTrust Acquired Shared Assessments

Markets Covered:

• By Component: Solution; Services
• By Deployment Type: Cloud-Based; On-Premises
• By Organization Size: Small and Medium Enterprises; Large Enterprises
• By End-User: Banking; Financial Services and Insurance; IT and Telecom; Healthcare and Life Sciences; Government; Retail and Consumer Goods; Manufacturing; Energy and Power; Other End-Users

For more information about this report visit https://www.researchandmarkets.com/r/71nbq8

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• Global Third-Party Risk Management Market