Third Party Risk Management Market Competition Analysis 2031

The increase in cyber and digital risks is one of the major factor driving demand for third-party risk management solutions across the world. Additionally, enterprises are moving towards continuous monitoring supported by technology solution, this leads the way for growth of global third-party risk management. Organizations are relying on third-party vendors to efficiently perform and manage their critical operations, it results in driving the market of third-party risk management solutions.

Despite the increased complexity of enterprises’ third-party ecosystem, many companies have shown a little approach towards third-party risk management approach but in recent years, we have seen new approaches to third-party risk management have emerged. This leads to fuel the global market of third-party risk management solutions.

Third-party risk management solutionsare widely getting preferred among the key end-use industries such as life sciences & health care, and banking, financial services, & insurance (BFSI). The demand for more developments in new and advanced technologies have further led to rise third-party risk management solutions market across globe.

Third Party Risk Management: Drivers for Market Demand

The concern for protecting private data is likely to garner demand in the global third-party risk management market. The increase in involvements of third parties in IT systems and data sharing models has further led to financial risks, this also contributes to the growth of global third-party risk management market. Enterprises having third-party relationships with contractors and distributers get exposed to different type of risks and this need to control those risks is anticipated to augment the market in next few years. Due to outdated processes, organizations still rely on spreadsheets to support their third-party management program, the adoption of the updated risk-management solution is further impelling the need for third-party risk management solutions.

Due to an increased reliance on third parties, there is a dependency on third parties to maximize revenue and deliver critical processes, this is one of the major factor hampering the growth of third-party risk management market.

• According to Finextra, Mirato, an Israeli firm has introduced a third-party risk management solution platform with AI-driven, to orchestrate and automate the third-party risk management lifecycle through monitoring.

Competition Landscape

Key players such as

• RSA Security LLC
• Genpact
• Cisco Systems
• Deloitte
• KPMG
• BitSight
• Alyne GmbH
• Prevalent Inc.

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What strategies are the Key Players adopting for Increasing their Market Share in the Third Party Risk Management?

The companies involved in the services and solutions of third-party risk management solutionsare continuously focusing on research and development for increasing their market share in the global third-party managementmarket.

• In May 2020, Aravo Solutions Inc., a third party risk and management company collaborated with DisasterAWARE to help organizations build better supply chain resilience.
• In July 2020, OneTrust, a third-party risk management company, introduced two new tools GRC Audit Management and Policy Management. Now, enterprises can substantiate consistent security and operational controls across their marketplaces.
• In July2020, ProcessUnity powered by RapidRatings, a solution provider of cloud-based applications for risk and compliance management, introduced ProcessUnity VFI (Vendor Financial Intelligence) to enhance third-party risk management programs.

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