North America Third Party Risk Management Market, By Component (Solutions and Services), Deployment Model (On-Premise and Cloud), Organization Size (Small and Medium-Sized Enterprise and Large Enterprise), End User (Banking, Financial Services and Insurance, IT and Telecom, Healthcare and Life Sciences, Government, Aerospace and Defence, Retail and Consumer Goods, Manufacturing, Energy and Utilities and Others), Country (U.S., Canada, Mexico) Industry Trends and Forecast to 2028.
Market Analysis and Insights:
North America third party risk management market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 18.1% in the forecast period of 2021 to 2028 and is expected to reach USD 5,096.05 million by 2028. A surge in cyberattacks and ransomware is acting as major factors for the growth of the North America third party risk management market.
Third party risk management refers to risk management concerned with identifying and reducing risks relating to the use of third parties. The discipline is designed to give organizations an understanding of the third parties they use, how they use them, and what safeguards their third parties have in place. Organizations are increasing their dependence on third parties for improved profitability, faster time to market, competitive advantage, and decreased costs. However, third-party relationships come with multiple risks that include strategic risks, operational risks, reputational risks, financial risks, transaction risks, compliance risks, and information security risks, among others. TPRM is the process of identifying, assessing, and controlling these and other risks presented throughout the lifecycle of your relationships with third parties. The third party risk management lifecycle refers to a series of steps that outlines a typical relationship with a third party, such as vendor identification, evaluation and selection, risk assessment, risk mitigation, and monitoring.
The increasing dependence of various organizations on third party vendors acts as a major factor for the North America third party risk management market growth. Increasing emphasis on data governance and privacy by regulatory bodies has boosted the growth of the market. However, lack of awareness and dependence on conventional and manual risk management processes can act as a major restraint for the market's growth. The North American region has witnessed the increasing application of AI and ML technologies for third party due diligence, which opens up opportunities in the market. High initial investment costs can act as a major challenge for the growth of the market.
This North America third party risk management market report provides details of market share, new developments, and product pipeline analysis, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an Analyst Brief; our team will help you create a revenue impact solution to achieve your desired goal.
North America Third Party Risk Management Market Scope and Market Size
North America third party risk management market is segmented based on component, deployment model, organization size, and end user. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of component, North America third party risk management market is segmented into solutions and services. In 2021, solutions segment is expected to dominate the market, as third party risk management solutions helps to reduce the risk of data breaches and increase the efficiency of cybersecurity scaling initiatives, in the countries such as U.S. and Canada.
- On the basis of deployment model, North America third party risk management market is segmented into computer on premise and cloud. In 2021, on premises segment is expected to dominate the market, due to the increased presence of on premises third party management solutions in the regions.
- On the basis of organization size, North America third party risk management market is segmented into small and medium-sized enterprises and large enterprises. In 2021, large enterprise segment is expected to dominate the market owing to factors, large enterprises in the North America region majorly relies on third parties and has huge adoption amongst the large enterprises.
- On the basis of end user, North America third party risk management market is segmented into banking, financial services and insurance, IT and telecom, healthcare and life sciences, government aerospace and defense, retail and consumer goods, manufacturing, energy and utilities and others. In 2021, government, aerospace, and defense is expected to dominate the market as effective risk management is essential for North America government, aerospace, and defense agencies and has crucial important data.
North America Third Party Risk Management Market Country Level Analysis
North America third party risk management market is analysed, and market size information is provided by the country, component, deployment model, organization size, and end user.
The countries covered in the North America third party risk management market report are the U.S., Canada and Mexico.
The U.S. accounted for maximum share in the third party risk management market due to presence of large number of dominating and local players in the country and growing adoption of technological innovations regarding third-party risk management solutions.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of North American brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of sales channels are considered while providing forecast analysis of the country data.
Rising Demand of Third Party Risk Management
The North America third party risk management market also provides you with detailed market analysis for every country's growth in the industry with sales, components sales, the impact of technological development in third party risk management, and changes in regulatory scenarios with their support for the North America third party risk management market. The data is available for the historical period 2011 to 2019.
Competitive Landscape and North America Third Party Risk Management Market Share Analysis
The North America Third party risk management market competitive landscape provides details by the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, North America presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points are only related to the companies’ focus on the North America third party risk management market.
The major players covered in the North America third party risk management report are RSA Security LLC, KPMG International, Deloitte Touche Tohmatsu Limited, BitSight Technologies, ProcessUnity, Inc., Genpact, Venminder, Inc., Resolver Inc., NAVEX Global, Inc., SAI Global Compliance, Inc., Rapid Ratings International Inc., Optiv Security Inc., PwC, Aravo Soutions, Inc., OneTrust, LLC, Prevalent, Inc., Alyne GmbH, Ernst & Young Global Limited, IBM Corporation, and others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product developments are also initiated by the companies worldwide, which are also accelerating the growth of the North America third party risk management market.
For instances,
- In September 2021, Venminder, Inc. announced the launch of new SIG Lite 2022 and SIG Core 2022 into their third party risk management platform. 2022 SIG was being updated to align with the evolving regulatory and threat environment. This enabled the company to streamline the questionnaire process for both third-party risk professionals and the vendors completing them. This enhanced the company’s offering of standardized assurance to its customers
- In November 2020, Rapid Ratings International Inc. announced the expansion and enhancement of the FHR Network. This innovative and secure membership platform gives private company suppliers the ability to share their financial health ratings. Through the FHR network, the third party suppliers were enabled to communicate and collaborate effectively, consistently, and transparently. The FHR Network gave them expanded capabilities that help suppliers communicate their exposures and opportunities discretely and securely. This enhanced the company’s risk management platform
Partnership, joint ventures, and other strategies enhance the company's market share with increased coverage and presence. It also benefits the organization to improve their offering for third party risk management through an expanded range of sizes.
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