The Latin America, Middle East and Africa Vendor Risk Management Market would witness market growth of 17.7% CAGR during the forecast period (2022-2028).
Vendors and third-party suppliers are responsible for roughly two-thirds of security breaches, according to statistics. Cyber security risks, ransomware intrusions, rising disinformation efforts, and other data privacy issues are prompting businesses to seek risk mitigation solutions, such as vendor risk management, which is driving the market. Furthermore, supervising the operations of various vendors appears to be a time-consuming task for many enterprises around the world. As a result, using vendor risk management solutions enables them to assess vendor risks, identify major issues, and greatly increase the production rate.
To strengthen their position in the international VRM market, top suppliers are focused on developing new solutions and services while also improving their present product range. One of the solution providers, LockPath, for example, integrated its Keylight Platform with Security Scorecard's security rating platform in November 2017.
Brazil, which is predominantly located in the Southern Hemisphere, has the Western Hemisphere's second-largest economy (US$1.45 trillion in 2020) and population (211 million inhabitants). Brazil's geographical expanse is larger than the continental United States, and the economic climate varies greatly from region to region. Over the next few years, Brazil's manufacturing competitiveness is likely to improve.
The Brazil market dominated the LAMEA Vendor Risk Management Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $340.4 million by 2028. The Argentina market is experiencing a CAGR of 18.4% during (2022 - 2028). Additionally, The UAE market is exhibiting a CAGR of 17.4% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Vendor Risk Management Market is Predict to reach $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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