Europe Vendor Risk Management Market Size, Share & Industry Trends Analysis Report By End-use, By Deployment (Cloud and On-premises), By Organization Size, By Solution, By Country and Growth Forecast, 2022 - 2028

The Europe Vendor Risk Management Market is expected to witness market growth of 14.3% CAGR during the forecast period (2022-2028).

The expanding number of third-party vendors in large and small businesses, rapidly changing legislation across different areas, and the need to regularly monitor and analyze vendor performance is the key factors driving market expansion. Organizations devote a significant amount of time and effort to evaluating vendors who provide products and services that meet their business requirements.

Vendor risk management solutions shorten the process of identifying essential vendor performance metrics and evaluating vendors based on product or service delivery, timeliness, and quality. Vendor risk management systems can help companies uncover and identify important issues while acquiring third-party products and services if the company works with several vendors.

While social distancing was the norm, the coronavirus (COVID-19) pandemic had a tremendous impact on digital transformation, generating a direct requirement for banks to engage with their customers through digital channels, such as platforms and apps. Since the beginning of the pandemic, the number of digital users has climbed by 23%. Banks are under increasing competitive pressure as a result of new technology breakthroughs. Banks will have to respond to shifts in client behavior, which will require more efficient and convenient online services.

The Germany market dominated the Europe Vendor Risk Management Market by Country in 2021, and is expected to continue to be a dominant market till 2028; thereby, achieving a market value of $1,054.9 million by 2028. The UK market is expected to witness CAGR of 13.3% during (2022-2028). Additionally, The France market is expected to experience CAGR of 15.1% during (2022-2028).

Based on End-use, the market is segmented into Manufacturing, BFSI, Telecom & IT, Retail & Consumer Goods, Healthcare, Energy & Utilities, Government, and Others. Based on Deployment, the market is segmented into Cloud and On-premises. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Solution, the market is segmented into Financial Control, Compliance Management, Contract Management, Vendor Information Management, Quality Assurance Management, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include BitSight Technologies, Inc., RSA Security LLC (Symphony Technology Group), Genpact Limited, NAVEX Global, Inc. (Lockpath), MetricStream, Inc., Rapid Ratings International, Inc., Quantivate, Inc., SAI Global Pty Limited (Intertek Group plc), ProcessUnity, Inc., Optiv Security, Inc.

Scope of the Study

Market Segments Covered in the Report:

By End-use

• Manufacturing
• BFSI
• Telecom & IT
• Retail & Consumer Goods
• Healthcare
• Energy & Utilities
• Government
• Others

By Deployment

• Cloud
• On-premises

By Organization Size

• Large Enterprises
• Small & Medium Enterprises

By Solution

• Financial Control
• Compliance Management
• Contract Management
• Vendor Information Management
• Quality Assurance Management
• Others

By Country

• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe

Key Market Players

List of Companies Profiled in the Report:

• BitSight Technologies, Inc.
• RSA Security LLC (Symphony Technology Group)
• Genpact Limited
• NAVEX Global, Inc. (Lockpath)
• MetricStream, Inc.
• Rapid Ratings International, Inc.
• Quantivate, Inc.
• SAI Global Pty Limited (Intertek Group plc)
• ProcessUnity, Inc.
• Optiv Security, Inc.

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