Global Third-party Risk Management Market Research Report: by Component (Solution (Finance Management, Compliance Management, Audit Management, Operational Risk Management), Services (Professional, Managed)), By Deployment (On-premise, On-cloud), By Organization Size (SMEs, Large Enterprises), By Vertical (BFSI, Healthcare, Government, IT and Telecommunication, Retail, Manufacturing), by Region (North America, Europe, Asia-Pacific, Middle East, and Africa, South America) - Forecast till 2027Market SummaryThe Global Enterprise Third-Party Risk Management Market was valued at USD 2.85 billion in 2018 and is estimated to reach USD 8.18 billion by 2027 growing at a CAGR of 16.87% during the forecast period 2020–2027.
Market Research Future (MRFR) has segmented the third-party risk management market on the basis of component, deployment, organization size, vertical, and region.By component the third-party risk management market has been segmented into solution and service.
By solution, the market has been sub-segmented into finance management, contract management, compliance management, operational risk management, and audit management.
Among solutions, finance management is dominating the solutions market due to the increasing adoption of advanced solutions by organizations in order to optimize their operational efficiency.
Among these, currently, on-cloud is dominating the market and is expected to witness a faster CAGR during the forecast period due to its benefits over on-premise solutions such as low budget required for developing IT infrastructure and easy deployment and accessibility.By organization size, the market has been segmented into small- and medium-sized enterprises and large enterprises.
Among these, the large enterprise segment is currently dominating the market due to the increasing need to safeguard the huge volume of sensitive information present on-premise as well as on cloud platforms.