MarketResearchReports.biz has announced the addition of a report, titled “Vendor Risk Management Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026”. The in-depth study on the global vendor risk management market offers a critical assessment of the current outlook and the prevailing competitive dynamics, key adoption trends in various end-industries, and promising investment pockets. The study takes a closer look at the prevailing regulatory framework that may change the intensity of competition considerably in the near future.
The drive for vendor risk management stems from the need for a comprehensive plan for managing potential business uncertainties and risk policies for third-party vendors for outsourced businesses. There is a rising demand for vendor risk management for managing compliance guidelines and contract stipulations. A good vendor risk management is imperative for those companies engaged in outsourcing IT products and services to third party vendors. This is a key factor likely to fuel the rapid growth of the makjet. The growing role of vendor risk management for managing complex vendor ecosystem in highly regulated industries has imparted a big impetus to the expansion of the vendor risk management market.
The rising adoption of automated systems for vendor assessments by third party suppliers in developed and developing countries is expected to boost the vendor risk management market. Evolution of multifaceted vendor ecosystems has also positively shaped the market dynamic in recent years. In addition, rapidly evolving security architectures and governance strategies in relation to third-party suppliers who own sensitive enterprise data is also fueling the need for vendor risk management solutions. The growing need for outsourcing products and services by businesses in industries such as life sciences, health care, and banking, financial services, and insurance (BFSI) is a key factor also propelling the growth of the market.
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Over the past few years, the vendor risk management market has witnessed the rising popularity of cloud-based solutions among small- and medium-scale enterprises. This has imparted a robust impetus to the market’s growth. The popularity is attributed to the cost advantages cloud-based solutions tend to have over on-premise solutions. Rising investment in advanced data technologies such as in cloud platforms and big data, particularly in developed countries, is expected to aid in the rapid expansion of the market in the next few years.
However, several enterprises in developing regions maybe unaware of the benefits of vendor risk management. This is likely to be a potential to the growth of the vendor risk management market. Nevertheless, numerous countries of Asia Pacific are expected to present promising growth avenues to providers of these solutions. Some of the key players aiming for sizeable stakes in the vendor risk management market are Genpact Limited, IBM Corporation, Relational Security Corporation (Rsam), MetricStream, Inc., LogicManager, Inc., BWise B.V., and LexisNexis Group, Inc.