IT vendor risk management market is anticipated to grow at a significant CAGR of 14.8% during the forecast period. The market growth is attributed to factors such as growing regulatory compliance, growing cyber-attacks, technological advancements, growing cloud adoption by organizations, and the need to continuously monitor vendor performance among others. Apart from this growing competition and global economic uncertainties have pushed industries to outsource operations to reduce costs. A vendor risk management program is a systematic approach to identifying, assessing, and mitigating risks posed by third-party vendors. It helps organizations to protect their sensitive data, such as personally identifiable information (PII), protected health information (PHI), and intellectual property, from data breaches, data leaks, and cyber-attacks. By reducing the frequency and severity of these incidents, vendor risk management programs can help to ensure business continuity.
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The IT vendor risk management market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). Among all regions, North America holds a prominent share in the global vendor risk management market owing to factors such as an increasing due to growing number of cyber-attacks, growing regulatory compliance requirements, and increased awareness of vendor risk management among business organizations. For instance, in June 2023, Federal Deposit Insurance Corporation (FDIC), Federal bank regulatory agencies today issued final joint guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology companies. The final guidance describes principles and considerations for banking organizations’ risk management of third-party relationships. The final guidance covers risk management practices for the stages in the life cycle of third-party relationships: planning, due diligence and third-party selection, contract negotiation, ongoing monitoring, and termination.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global IT Vendor Risk Management Market Report Segment
By Deployment Type
- On-Premises
- Cloud-Based
By Organization Size
- Small and Medium Enterprises (SMES)
- Large Enterprises
By Industry Vertical
- BFSI
- Telecommunications and Information Technology (IT)
- Healthcare
- Government
- Consumer Goods and Retail
- Others (Energy and Utilities, Education)
Global IT Vendor Risk Management Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global IT vendor risk management market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for solid growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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