This report describes and explains the third-party risk management market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
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.
Growth in the historic period resulted from the increase in usage of 5G technology, increasing digitalization and increasing internet penetration. Factors that negatively affected growth in the historic period were adoption barriers.
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.
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.
Growth in the historic period resulted from the increase in usage of 5G technology, increasing digitalization and increasing internet penetration. Factors that negatively affected growth in the historic period were adoption barriers.
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.
Table of Contents
1 Executive Summary
6 Market Characteristics
7 Major Market Trends
8 Third-Party Risk Management Market - Macro Economic Scenario
9 Global Market Size and Growth
10 Global Third-Party Risk Management Market Segmentation
11 Third-Party Risk Management Market, Regional and Country Analysis
12 Asia-Pacific Market
13 Western Europe Market
14 Eastern Europe Market
15 North America Market
16 South America Market
17 Middle East Market
18 Africa Market
19 Competitive Landscape and Company Profiles
20 Other Major and Innovative Companies
23 Key Mergers and Acquisitions
24 Opportunities and Strategies
25 Third-Party Risk Management Market, Conclusions and Recommendations
26 Appendix
Executive Summary
Third-Party Risk Management Global Market Opportunities and Strategies to 2033 provides the strategists; marketers and senior management with the critical information they need to assess the global third-party risk management market as it emerges from the COVID-19 shut down.Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis
Description
Where is the largest and fastest-growing market for third-party risk management? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The third-party risk management market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider third-party risk management market; and compares it with other markets.
The report covers the following chapters:
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by component, by deployment type, by organization size and by end-user.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario - The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the third-party risk management market.
- Global Market Size and Growth - Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional and Country Analysis - Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by component, by deployment type, by organization size and by end-user in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth - Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major and Innovative Companies Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
- Competitive Dashboard - Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities and Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations - This section includes recommendations for third-party risk management providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
1) By Component: Solution; Services2) By Deployment Type: Cloud-Based; On-Premises
3) By Organization Size: Small and Medium Enterprises; Large Enterprises
4) 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
Key Companies Mentioned: PricewaterhouseCoopers (PwC); Ernst & Young Global Limited; Deloitte Touche Tohmatsu Ltd.; KPMG International Limited; RSA Security LLC.
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; third-party risk management indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
- PricewaterhouseCoopers (PwC)
- Ernst & Young Global Limited
- Deloitte Touche Tohmatsu Ltd.
- KPMG International Limited
- RSA Security LLC.
- Protiviti Inc.
- NAVEX Global Inc.
- BitSight Technologies Inc.
- MetricStream Inc.
- One Trust LLC.
- KPMG India
- Riskpro India Ventures Pvt Limited
- VComply Inc
- Crowe Japan
- Sompo Holdings Inc
- Protiviti Australia
- MetricStream UK Ltd
- Resolver and Riskonnect Inc
- Aravo Solutions UK Ltd
- ProcessUnity
- Sberbank Rossii PAO
- Positive Technologies
- Bitdefender
- Gazprombank
- VTB Bank
- Alfa-Bank
- Rosbank
- Promsvyazbank PJSC
- Comarch
- Asseco Poland SA
- PZU SA
- Raiffeisen Bank International AG
- Ransilvania S.A
- UniCredit S.p.A
- MTS Bank
- Genpact
- Cisco Systems
- Prevalent Inc
- Morphus
- ProcessUnity, Inc
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 306 |
| Published | June 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 5.2 Billion |
| Forecasted Market Value ( USD | $ 23.9 Billion |
| Compound Annual Growth Rate | 16.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 40 |
