The Asia Pacific Vendor Risk Management Market would witness market growth of 15.8% CAGR during the forecast period (2022-2028).
Due to increased exposure and constantly changing rules, the requirement for vendor risk management for compliance management, vendor information management, and financial control is fast expanding in the BFSI industry. For example, the Office of the Comptroller of the Currency (OCC) issued guidance in May 2020 that addresses specific types of third parties such as cloud service providers, data aggregators, fintech companies, and subcontractors, as well as the regulations that must be followed when doing business with them.
Businesses have started delegating key jobs to their vendors, which has both advantages and disadvantages. Many recent instances, such as the COVID-19 pandemic, the Colonial Pipeline attack, the SolarWinds cyber-attack, and other ransomware breaches, have widened the scope of vendor threats. To identify, assess, mitigate, and decrease the impact of dangers, businesses are increasingly turning to comprehensive vendor risk management solutions. As a result, the international market is expected to grow significantly over the next several years.
On May 19, the State Council released the "Made in China 2025" plan, the country's first ten-year action plan focused on manufacturing. The plan envisioned a "three-step" approach to transform China into a global manufacturing force by 2049, the 100th anniversary of the People's Republic of China's founding. Enhancing manufacturing innovation, integrating technology and industry, bolstering the industrial base, fostering Chinese brands, implementing green manufacturing, promoting breakthroughs in ten key sectors, advancing manufacturing restructuring, boosting service-oriented manufacturing and manufacturing-related service industries, and internationalizing manufacturing have all been identified as priorities.
The China market dominated the Asia Pacific Vendor Risk Management Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,128.8 million by 2028. The Japan market is anticipated to grow at a CAGR of 15.1% during (2022 - 2028). Additionally, The India market is estimated to witness a CAGR of 16.6% during (2022 - 2028).
Based on End-use, the market is segmented into Manufacturing, BFSI, Telecom & IT, Retail & Consumer Goods, Healthcare, Energy & Utilities, Government, and Others. Based on Deployment, the market is segmented into Cloud and On-premises. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Solution, the market is segmented into Financial Control, Compliance Management, Contract Management, Vendor Information Management, Quality Assurance Management, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Vendor Risk Management Market is Projected to reach USD 17.5 Billion by 2028, at a CAGR of 14.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include BitSight Technologies, Inc., RSA Security LLC (Symphony Technology Group), Genpact Limited, NAVEX Global, Inc. (Lockpath), MetricStream, Inc., Rapid Ratings International, Inc., Quantivate, Inc., SAI Global Pty Limited (Intertek Group plc), ProcessUnity, Inc., Optiv Security, Inc.
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