Published Date: 28-Jul-22
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According to a new report, published by KBV research, The Global Vendor Risk Management Market size is expected to reach $17.5 billion by 2028, rising at a market growth of 14.8% CAGR during the forecast period.
The Contract Management market has high growth rate of 15.8% during (2022 - 2028). Contract management, also known as contract lifecycle management (CLM), is the process of overseeing contracts from inception through completion, as well as contract termination or renewal. Contract management is the process of overseeing contract formulation, execution, and analysis in order to improve an organization's operational and financial performance while lowering financial risk.
The Large Enterprises market acquired the maximum revenue share in Global Vendor Risk Management Market by Organization Size in 2021, achieving a market value of $10.4 billion by 2028. This is because large organizations have to deal with many 3rd party vendors and therefore require vendor risk management solutions on a regular basis.
The On-premises market segment is showcasing a CAGR of 13.5% during (2022 - 2028). The main advantage of on-premises deployment is the added security provided to the data of the client. That’s why many large enterprises prefer on-premises deployment.
The Manufacturing market is leading the Global Vendor Risk Management Market by End-use in 2021, achieving a market value of $4.1 billion by 2028. Manufacturers want the best vendor and supplier risk management solutions to help them identify and mitigate possible risks before they cause havoc. Working with these third-party organizations exposes producers to a variety of hazards, including supply failure, quality risk, and cost or pricing leak, Cybersecurity risk, and so on.
The North America market dominated the Global Vendor Risk Management Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $7.7 billion by 2028. The Europe market would exhibit a CAGR of 14.3% during (2022 - 2028). Additionally, The Asia Pacific market is showcasing a CAGR of 15.8% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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 Organization Size
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