In the latest report from Emergen Research, the market research report discusses the global Vendor Risk Management market in depth, and each of the major market segments is examined in depth. In addition to market information, the report provides industry statistics, regional market revenue shares, gross profits, production & distribution costs, and product portfolios related to the global Vendor Risk Management market. There are also a number of factors influencing industry revenue growth identified in the report, including drivers, opportunities, trends, restraints, challenges, demand and supply ratios, production and consumption patterns, stringent regulatory frameworks, as well as a multitude of other micro- and macro-economic factors.
Increasing incidents of data breaches in the healthcare sector creates high demand for VRM solutions. The largest healthcare data breaches revealed in 2021, each affected over one million patients, totaling over 22.64 million patients. Given that runner-up incident claimed 1.2 million breach victims, the year saw some of the most significant cybersecurity consequences in healthcare history. Four of the top ten most serious incidents were directly caused by vendors. Severity of reported incidents this year highlights sector’s continued issues with vendors, supply chain, and overall attack complexity, which creates a high demand for VRM solutions in the health care sector.
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As technology moves toward more cloud-hosted or shared settings, understanding security measures, policies, and procedures that are associated with hosting environments or how data is managed is essential. Any organization that does not have a plan in place to monitor third-party vendor risk has possible and unknown high risks. A more in-depth due-diligence approach can identify vulnerabilities that could harm organizations in the long run. If a vendor fails to meet their own compliance standards or fails to comply with industry regulations, it has a direct impact on the business. Additionally, compliance risk, strategic risk, financial risk, operational risk, and reputation risk are all common concerns associated with the business. A potential unintended consequence could be direct consumer objections as a result of a third-party breach or data loss. Growing number of third-party vendors and increasing threats of data breach is expected to drive revenue growth for the market during the forecast period.
The market is spread across several key geographical regions, and the report covers the regional analysis as well as the production, consumption, revenue, and market share in those regions for the forecast period of 2020-2027. The regions include North America, Latin America, Europe, Asia Pacific, and Middle East and Africa.
Comprehensive Regional Analysis Covers the Following Regions:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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The report offers a comprehensive analysis of the competitive landscape of the market through extensive profiling of the key competitors. The section on the competitive analysis covers product portfolio, company overview, production and manufacturing capacity, financial standing, revenue and gross profit margins, and market position. It also sheds light on the mergers and acquisitions, joint ventures, collaborations, and partnerships occurring in the market.
Key Players Profiled in the Report are:
- BitSight Technologies Inc.
- SAI Global
- IBM Corporation
- Rapid Ratings International Inc.
- ProcessUnity Inc.
- LogicManager Inc.
- Aravo Solutions Inc.
- ACL Services Ltd.
- Bitsight Technologies
- NAVEX Global Inc.
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Solution Outlook (Revenue, USD Billion; 2019-2030)
- Vendor Information Management
- Contract Management
- Compliance Management
- Financial Control
- Audit Management
- Quality Assurance Management
Services Outlook (Revenue, USD Billion; 2019-2030)
- Professional Services
- Deployment and Integration
- Support and Maintenance
- Managed Services
Deployment Outlook (Revenue, USD Billion; 2019-2030)
Organization Size Outlook (Revenue, USD Billion; 2019-2030)
- Small and Medium-Sized Enterprises (SMEs)
- Large Enterprises
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Banking, Financial Services and Insurance (BFSI)
- Healthcare and Life Science
- IT & Telecom
- Energy & Utility
- Aerospace & Defense
The report provides a comprehensive analysis in an organized manner in the form of tables, graphs, charts, figures, and diagrams. The organized data paves the way for thorough examination and research of the current and future outlook of the market. The report further offers a thorough SWOT and Porter’s Five Forces analysis to impart a better understanding of the competitive landscape of the Vendor Risk Management market.
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Some Key Highlights from the Report:
- The North America market accounted for largest revenue share in the global vendor risk management market in 2021 due to rising number of security breaches and increasing need for efficient vendor ecosystem management in countries across the region, especially in the U.S. and Canada. For example, a seven-year data breach at Florida Healthy Kids Corporation (FHKC) that resulted from one of its vendors failing to address several vulnerabilities in its website affected over 3.5 million online applications and enrollees.
- On 07 June 2022, MetricStream, a U.S based integrated risk management service provider and global non-profit think tank and community OCEG officially disclosed the findings of joint investigation on GRC Readiness for Rapid Change in 2022. According to the survey, many firms struggle to manage volume and velocity of risks because they lack coordinated procedures and visibility. Visibility, common standards, and centralized GRC strategy are necessary for risk readiness and resilience.
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