Vendor Risk Management Market 2021 Covid 19 Impact on Top countries data Analysis by Industry Size, Share, Future Trends, Price, Company Overview, Growth, Development and Forecast 2030

In a recent published report, Kenneth Research has updated the market report for Vendor Risk Management Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Vendor Risk Management Market products.

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The Vendor Risk Management Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.

Market Scenario

Organizations are witnessing high competition due to the advancement of technology which enhances profitability by increasing their customer base. Additionally, to provide quality of service as well as maximize their profit margin, business entities are lowering their operational costs by partnering with third-party vendors who mostly manage critical business operations. Increase in third-party vendors increases the risk of disruptions in business operations as well as enhance potential threats of cyber-attacks. In the light of this factor, vendor management becomes critically important. 

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Thus, Vendor Risk Management (VRM) solutions allow business entities to prevent third-party vendors from unacceptable disruption and negative impact on business performance. VRM technology facilitates the organization to evaluate, monitor and manage the risk exposure from third-party suppliers (TPSs) offering IT products and services, or accessing the enterprise information.

Evolution of innovative technology has led to business collaborations and increase in off-shore outsourcing and suppliers of networks which eventually increases the level of regulatory risks. On the flip side, business entities without a centralized contract repository witness inconsistent versions of contracts deposited in different repositories within functional departments of organization. This ambiguity leads to inconsistencies that creates noncompliance which increases the expenditure budget. Such ambiguities can pose as one of the hindering factors for the growth of VRM market over the next few years.The Global Vendor Risk Management Market, 2017-2023 (USD Billion).The global vendor risk management market was valued USD 2.50 billion in 2017 and is expected to reach approximately USD 7.58 billion by 2023 growing with 18% CAGR over the forecast period 2017-2023.

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Key Players

Some of the key players of vendor risk management market  include IBM Corporation (U.S.), MetricStream (U.S.), Lockpath Inc. (U.S.), Logic Manager (U.S.), Rsam (U.S.), BitSight Technologies (U.S.), RSA (U.S.), Genpact (U.S.), Resolver (Canada), SAI Global (Australia), Optiv (U.S.), Quantivate (U.S.), BWise Internal Control (The Netherlands), RapidRatings (U.S.), ProcessUnity (U.S.), and VendorInsight (U.S.).

Segmentation

The vendor risk management market is differentiated by component, deployment, organization size, and end-user.By component, the Vendor Risk Management market is sub-segmented as solutions and services. On the basis of services, the market is sub-segmented into professional services and managed services. The professional services are further segregated into consulting services, implementation services, and maintenance & support services. The solutions are segregated as policy & procedure management, monitoring & performance management, assessment management, compliance management, contract management, quality management, and others.On the basis of organization type, the market is segregated into large enterprise and small & medium enterprise. Furthermore, on the basis of deployment, the market is sub-divided into on-cloud and on-premises.

By end-user, the market is sub-divided into IT & telecom, BFSI, manufacturing, energy & power, healthcare, transportation & logistics, government, and others (media & entertainment and education).

Regional Analysis

Geographically, the vendor risk management market is segmented into four different regions namely North America, Asia Pacific, Europe, and the Rest of the World.

North America is expected to have significant growth in the vendor risk management market. The  United States and Canada are leading the market in the region. The growth is due to high-level expertise in the cloud deployment of vendor risk management. Asia Pacific is also anticipated to be the fastest growing region in the vendor risk management market over the forecast period. India, Japan, South Korea, and China are the leading countries owing to a rapid increase in collaboration with third-party vendors for managing security services for BFSI and Telecom sector. Furthermore, Europe is expected to have a substantial growth in the market owing to robust technological infrastructure.

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