North America Vendor Risk Management Market Size, Share & Industry Trends Analysis Report By End-use, By Deployment (Cloud and On-premises), By Organization Size, By Solution, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The North America Vendor Risk Management Market would witness market growth of 14.2% CAGR during the forecast period (2022-2028).
To secure business continuity, support the entire supply chain process, and assure timely delivery of products and services to their consumers, large enterprises frequently rely on a large number of vendors. Assessing the various hazards and risks provided by vendors is necessary for resolving these crucial challenges. Vendor risk management systems prioritize each risk and streamline the organization's risk response activities. The selection of specialized activities is one of the prospects for the vendor risk management industry to expand. These solutions help ease the organization's efforts to limit the risks connected with vendor evaluation.
The uncertainty, probability, and impact of numerous threats to a company's bottom line and capacity to deliver goods and services on the schedule are the focus of vendor risk management. Companies can use risk management to plan for unanticipated hazards posed by third-party vendors and suppliers. VRM programs ensure that third-party products, IT suppliers, and service providers do not cause business disruption, financial loss, or reputational harm.
Various banks and financial organizations in the United States had data leaks in January 2019 as a result of a third-party vendor's error; the data leak was caused by Ascension misconfiguring a server where digital versions of paper financial documents were stored. As a result, a database with over 24 million credit reports containing sensitive client information might be accessed. Additionally, due to advanced technological developments in the fields of machine learning, AI, cloud, and IoT, growth of end-user industries such as healthcare, BFSI, and others, increasing levels of investments, and a growing emphasis on data security, the vendor risk management market in the region is proliferating.
The US market dominated the North America Vendor Risk Management Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $5,539.1 million by 2028. The Canada market would showcase a CAGR of 16.8% during (2022 - 2028). Additionally, The Mexico market is exhibiting a CAGR of 15.7% 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 U.S., Mexico, Canada, and Rest of North America.
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.
Scope of the Study
Market Segments Covered in the Report:
- Telecom & IT
- Retail & Consumer Goods
- Energy & Utilities
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
- Financial Control
- Compliance Management
- Contract Management
- Vendor Information Management
- Quality Assurance Management
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- 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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