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  • By 2024 Third-Party Risk Management Market expected to reach $6.8 billion, at a CAGR of 15.9%

    (I-SoftwareNews.Com, February 05, 2020 ) According to a market research report "Third-Party Risk Management Market by Component (Solution (Financial Control, Contract, Operational Risk, Audit, and Compliance) and Service (Professional & Managed)), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, the global Third-Party Risk Management (TPRM) market size is projected to grow from USD 3.2 billion in 2019 to USD 6.8 billion by 2024, at a CAGR of 15.9% during the forecast period.

    The major factors driving the market include the increasing adoption of virtual applications; technological advancements, including automation, data analytics, and smart contracts; and soaring need to counter fraudulent activities in several verticals.

    Browse and in-depth TOC on “Third-Party Risk Management Market”
    126 - Tables
    46 - Figures
    182 – Pages

    Download PDF Brochure@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=222423768

    Based on solutions, the financial control segment is estimated to lead the Third-Party Risk Management Market in 2019

    Financial control management can be defined as a system that manages and limits the financial effects of the budget on user operations in such a way that it aligns the user toward the achievement of goals related to finances. Organizations depend on several vendors, which poses operational and credit risks for organizations. Financial control management solutions help reduce an organization’s operational costs while managing and selecting a third-party or any vendor.

    Better financial control provides better auditing and detection of fraudulent activities. Financial control management solutions provide managers with a proper view of the cash flow and better cost optimization for various business processes to increase the business output. Financial control management assists users to maintain and assess its debt collection period and the creditors payment period.

    Based on verticals, the BFSI vertical is expected to dominate the TPRM market size during the forecast period

    BFSI is one of the major adopters of TPRM solutions. It has been a highly regulated and competitive vertical that always focuses on delivering enhanced customer experience. The changing ways of the BFSI vertical are operating, increasing digitalization, and adopting advanced technologies have exposed this industry to different types of risks. The need to keep up with the changing regulatory environment and penalties associated with non-compliance has changed the way how risk is viewed and managed. These factors, coupled with the increasing challenges, such as cyber threats, third-party risks, and regulatory compliances, are expected to fuel the demand for TPRM solutions in the BFSI vertical.

    Speak To Analyst@ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=222423768

    North America is expected to hold the highest Third-Party Risk Management Market share during the forecast period

    North America is the largest revenue contributor to the TPRM industry, as the growth in the region is being driven by the rising internet penetration and increasing adoption of cloud-based and IoT applications across verticals. Countries in North America are well-established economies, which enable investments in advanced technologies.

    The demand for Third-Party Risk Management services is expected to increase in enterprises, as the adoption of solutions is growing across North America. Various organizations operating in different industrial domains across the US and Canada have been considering the implementation of effective solutions to manage their partner ecosystem for minimizing the risks associated with the management of third-parties.
    Market Players

    The major vendors covered in the TPRM market include RSA (US), Genpact (US), MetricStream (US), Deloitte (US), KPMG (Netherlands), BitSight Technologies (US), Ernst & Young (UK), PwC (UK), ProcessUnity (US), Venminder (US), Resolver (Canada), NAVEX Global (US), Riskpro (India), SAI Global (US), RapidRatings (US), Optiv (US), Aravo (US), OneTrust (US and UK), Galvanize (Canada), and Prevalent (US).

    About MarketsandMarkets™

    MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

    Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

    MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

    Contact:
    Mr. Shelly Singh
    MarketsandMarkets™ INC.
    630 Dundee Road
    Suite 430
    Northbrook, IL 60062
    USA : 1-888-600-6441
    sales@marketsandmarkets.com
    Content Source: https://www.marketsandmarkets.com/PressReleases/third-party-risk-management.asp




    MarketsandMarkets™

    Mr. Shelly Singh

    1-888-600-6441

    raviraj.tak@marketsandmarkets.com

    Source: EmailWire.Com

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