Vendor Risk Management Market Expands with Solution Segment at a robust CAGR of 16.82%

The increasing global vendor risk management market is driven by growing awareness of vendor-related risks, regulatory compliance requirements during the forecast period 2027-2031.

According to TechSci Research report, “Global Vendor Risk Management Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2021-2031, The Global Vendor Risk Management Market will grow from USD 9.98 Billion in 2025 to USD 25.36 Billion by 2031 at a 16.82% CAGR. The Global Vendor Risk Management (VRM) Market is experiencing substantial growth and evolution, driven by the imperative need for organizations to effectively manage the myriad of risks posed by their vendor networks. VRM is a strategic approach that involves assessing, monitoring, and mitigating risks originating from third-party vendors and suppliers. This market's expansion is underpinned by several key factors.

Firstly, the digital transformation sweeping across industries has dramatically expanded vendor networks and their intricacies. Modern organizations increasingly rely on external partners for critical goods and services, necessitating a robust VRM framework to ensure security, compliance, and reliability within these vital relationships.

Secondly, the global regulatory landscape is witnessing a tightening grip, with stringent requirements related to data privacy, cybersecurity, and supply chain transparency. VRM solutions have become indispensable for organizations seeking to navigate these complex compliance mandates, offering automation of assessments and reporting to demonstrate adherence.

Thirdly, high-profile data breaches and supply chain disruptions have heightened awareness of the risks lurking within vendor networks. Organizations now proactively seek VRM solutions to identify, assess, and mitigate potential risks, thereby safeguarding their brand reputation and financial stability.

Fourthly, the adoption of cloud-based VRM platforms is on the rise, offering scalability, accessibility, and real-time monitoring capabilities. Cloud-based solutions empower organizations to efficiently manage vendor risks across diverse geographical locations, enhancing overall operational resilience.

Lastly, large enterprises stand out as dominant players in the VRM market due to their extensive vendor ecosystems, complex operations, and stringent regulatory compliance requirements. Nevertheless, small and medium-sized enterprises (SMEs) are increasingly recognizing the value of VRM in protecting their business interests, thereby fueling the market's growth.

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The global vendor risk management market is segmented into type, deployment mode, organization size, end user industry, and region. Based on type, the market is segmented into solution, services. Based on deployment mode, the market is segmented into cloud, on-premises. Based on organization size, the market is segmented into small and medium-sized enterprises, large enterprises. Based on end user industry, the market is segmented into BFSI, telecom & IT, manufacturing, others. Based on region, the market is further bifurcated into North America, Asia-Pacific, Europe, South America, Middle East & Africa.

Based on organization size, large enterprise dominated in the global vendor risk management market in 2022. Large enterprises often have intricate vendor ecosystems with a multitude of suppliers, subcontractors, and partners. Managing and assessing the risks associated with these diverse relationships is a Herculean task that necessitates advanced VRM solutions.

Large enterprises are subject to an array of regulations and compliance requirements, which vary by industry and jurisdiction. Ensuring that vendors adhere to these standards is vital to avoid legal penalties and reputational damage. VRM solutions help automate compliance assessments and reporting.

Large enterprises frequently engage in high-value transactions and contracts with their vendors. The financial stakes are significant, and any disruption or failure in the vendor network can have substantial financial repercussions. VRM helps identify and mitigate financial risks.

Large enterprises have established brands and reputations to uphold. A vendor's actions or failures can impact the enterprise's reputation. VRM allows for proactive risk identification and mitigation to safeguard the company's image.

Large enterprises typically have the financial resources and dedicated personnel to implement comprehensive VRM programs. They can invest in advanced VRM software, hire specialized risk analysts, and allocate resources for vendor assessments and due diligence.

Many large enterprises operate on a global scale, which means they must contend with risks that span different regions, cultures, and legal systems. VRM solutions equipped with global risk assessment capabilities are essential in these scenarios.

Key market players in the global Vendor Risk Management market are: -

• BitSight Technologies, Inc.
• RSA Security LLC
• MetricStream, Inc.
• SAI Global Holdings Limited
• Rsam, Inc.
• IBM Corporation
• Genpact Limited
• LockPath, Inc.
• Rapid Ratings International, Inc.
• Resolver, Inc.

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“The Global Vendor Risk Management (VRM) Market is witnessing rapid growth as organizations recognize the critical importance of mitigating risks associated with their vendor networks. VRM involves assessing, monitoring, and mitigating risks posed by third-party vendors and suppliers. Key drivers include the expanding digital landscape, tightening regulatory requirements, and the need to safeguard against data breaches and supply chain disruptions. Cloud-based VRM solutions are gaining popularity, enabling organizations to efficiently manage risks across geographic boundaries. Large enterprises dominate the market, but small and medium-sized enterprises are increasingly adopting VRM to protect their interests. The VRM market is poised for continued expansion, driven by evolving risk landscapes and regulatory pressures.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Vendor Risk Management Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Solution, Services), By Deployment Mode (Cloud, On-Premises), By Organization Size (Small and Medium-Sized Enterprises, Large Enterprises), By End User Industry (BFSI, Telecom & IT, Manufacturing, Others), By Region, and By Competition, 2021-2031F,” has evaluated the future growth potential of Global Vendor Risk Management Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Vendor Risk Management Market.

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