The Europe Vendor Risk Management Market would witness market growth of 14.3% CAGR during the forecast period (2022-2028).
The expanding number of third-party vendors in large and small businesses, rapidly changing legislation across different areas, and the need to regularly monitor and analyze vendor performance is the key factors driving market expansion. Organizations devote a significant amount of time and effort to evaluating vendors who provide products and services that meet their business requirements.
Vendor risk management solutions shorten the process of identifying essential vendor performance metrics and evaluating vendors based on product or service delivery, timeliness, and quality. Vendor risk management systems can help companies uncover and identify important issues while acquiring third-party products and services if the company works with several vendors.
While social distancing was the norm, the coronavirus (COVID-19) pandemic had a tremendous impact on digital transformation, generating a direct requirement for banks to engage with their customers through digital channels, such as platforms and apps. Since the beginning of the pandemic, the number of digital users has climbed by 23%. Banks are under increasing competitive pressure as a result of new technology breakthroughs. Banks will have to respond to shifts in client behavior, which will require more efficient and convenient online services.
The Germany market dominated the Europe Vendor Risk Management Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,054.9 million by 2028. The UK market would witness CAGR of 13.3% during (2022 - 2028). Additionally, The France market would experience CAGR of 15.1% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Vendor Risk Management Market will Hit $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.
By End-use
By Deployment
By Organization Size
By Solution
By Country
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