USD 5.35 Bn growth expected in Third-Party Risk Management Market — North America to occupy significant market share – QNT Press Release


NEW YORK, Sept. 16, 2022 /PRNewswire/ — The “Third-Party Risk Management Market by Component, Deployment, and Geography – Forecast and Analysis 2022-2026” report has been added to Technavio’s offering. The report expects the market size to grow by USD 5.35 billion between 2021 and 2026. However, the growth momentum is expected to decelerate at a CAGR of 16.89% during the forecast period. North America will emerge as the dominant market, occupying 41% of the global market share. The implementation of stricter regulations to improve the transparency of over-the-counter (OTC) derivatives and reduce the risk associated with derivatives markets by the EMIR is creating huge opportunities for vendors operating in the region. Download PDF Sample Report

Market Dynamics

The benefits associated with third-party risk management is driving the growth of the market. In addition, the rise in the adoption of cloud-based third-party risk management and a growing number of alliances and partnerships will contribute to the growth of the market . On the other hand, the threat from open-source risk management software will reduce the growth opportunities for vendors.

Company Profiles

The third-party risk management market report includes information on the product launches, sustainability, and prospects of leading vendors including Aravo Solutions Inc., BitSight Technologies Inc., Deloitte Touche Tohmatsu Ltd., Diligent Corp., Ernst and Young Global Ltd., Genpact Ltd., KPMG International Ltd., Kroll LLC, MetricStream Inc., NAVEX Global Inc., OneTrust LLC, Optiv Security Inc., Prevalent Inc., PricewaterhouseCoopers LLP, ProcessUnity Inc., Riskpro India Ventures Pvt. Ltd., RSA Security LLC, SAI Global Pty. Ltd., Venminder Inc., and Rapid Ratings International Inc.

Competitive Analysis

The global third-party risk management market is fragmented. Vendors are providing various solutions and services under third-party risk management. Vendors are also adopting various strategies such as partnerships and product development to remain competitive. To succeed in this market, vendors must focus on tackling data security and privacy issues, the threat from open-source software, and the changing regulatory environment.

The report includes the competitive analysis, which analyzes and evaluates the position of companies based on their industry position score and market performance score. Some of the factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc. Request Sample Report Here

Market Segmentation By Component
  • By component, the market is classified into solution and service.
  • The market growth in the solutions segment will be significant over the forecast period.
  • The segment is driven by the availability of various vendors offering a wide range of third-party risk management solutions.
Market Segmentation by Deployment
  • By deployment, the market is analyzed across cloud and on-premise segments.
  • The market will observe strong growth in the cloud segment during the forecast period.
Market Segmentation by Region
  • By geography, the market is classified as North America, EuropeAPAC, South Americaand the Middle East and Africa. North America will have the largest share of the market.
  • The need to comply with various regulations is driving the growth of the third-party risk management market in APAC.
Related Reports:

Third-Party Risk Management Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Decelerate at a CAGR of 16.89%

Market growth 2022-2026

USD 5.35 billion

Market structure

Fragmented

YoY growth (%)

18.52

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 41%

Key consumer countries

US, China, Germany, UK, and France

Full story available on Benzinga.com



Source link

Recommended For You

About the Author: News Center