DUBLIN--(BUSINESS WIRE)--The "Vendor Risk Management Market by Solution (Compliance Management, Audit Management, Financial Control, Quality Assurance Management), Service, Deployment Type, Organization Size, Industry Vertical, and Region - Global Forecast to 2022" report has been added to ResearchAndMarkets.com's offering.
The Vendor Risk Management Market Size is Expected to Grow from USD 3.29 Billion in 2017 to USD 6.50 Billion By 2022, at an Estimated CAGR of 14.6%.
North America is estimated to hold the largest market share in 2017, while APAC is expected to grow at the highest CAGR. APAC is expected to be a lucrative market for vendor risk management market during the forecast period, considering the untapped opportunities and increasing commercial investment in different industry verticals in the region.
Multinational companies have been emphasizing on exploring the APAC market by entering the region through partnerships with local companies, channel partners, and technology partners. This is expected to provide growth opportunities for vendor risk management vendors during the forecast period.
An increasing need for managing complex third-party ecosystem, the fast-changing regulations across different geographies, and the need to correctly monitor and analyze vendor performance at various stages of supply chain are driving the vendor risk management market. The major restraining factor for the growth of the market is many organizations' dependence on non-formal and manual process to assess vendor risks.
The compliance management solution segment is expected to dominate the vendor risk management solutions segment in 2017. The solutions have been in high demand in the highly regulated industry verticals, such as BFSI and healthcare and life sciences, where the companies are dependent on various vendors to carry out their critical operations. The compliance management solutions help companies maintain the mutually agreed terms and conditions for business processes, thus ensuring enterprises to reduce the risks associated with their third-party vendors.
The SMEs segment is expected to grow at a higher CAGR during the forecast period. SMEs often prefer to form partnerships with multiple vendors to serve their business objectives, as SMEs lack the in-house resource pool. With the increasing need to partner with different vendors across geographies, it becomes essential for SMEs to ensure and mitigate the critical risks associated with their vendors. Cloud-based vendor risk management solutions have played a vital role in exploring opportunities in SMEs.
Due to the limited budget, SMEs mostly prefer cloud-based solutions over on-premises solutions, and this adoption trend is expected to accelerate in the years to come, enabling the cloud deployment type to have a considerable market size during the forecast period.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Vendor Risk Management Market, By Component
7 Vendor Risk Management Market, By Deployment Type
8 Vendor Risk Management Market, By Organization Size
9 Vendor Risk Management Market, By Industry Vertical
10 Vendor Risk Management Market, By Region
11 Competitive Landscape
12 Company Profiles
- Nasdaq BWise
- SAI Global
For more information about this report visit https://www.researchandmarkets.com/research/d8ltw4/vendor_risk?w=4