The global Third-Party Risk Management (TPRM) market is experiencing significant growth, driven by increasing regulatory requirements, rising cybersecurity threats, and the expanding reliance on third-party vendors across industries. Organizations are adopting TPRM solutions to mitigate risks related to data breaches, compliance violations, financial fraud, and operational disruptions. The integration of artificial intelligence (AI), machine learning (ML), and automation in risk assessment processes is further enhancing the efficiency of third-party risk management solutions. In addition, industries such as healthcare, BFSI, IT, and manufacturing are increasingly prioritizing vendor risk management due to heightened data privacy concerns and stricter regulations.
Global Third-Party Risk Management Market is valued at USD 6.69 billion by 2023 and is expected to reach USD 25.83 billion in 2031, with a growing CAGR of 18.5% during the forecast period 2024 to 2031.
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Below are the Top Third-Party Risk Management Companies with a Significant Market Share:
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Rank
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Company
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Overview
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Product Portfolio
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Sales Geographical Coverage
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Developments
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1.
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Ernst & Young Global Limited
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EY offers advanced risk assessment frameworks, due diligence solutions, and AI-driven analytics to help businesses manage vendor risks, regulatory compliance, and cybersecurity threats. The company’s expertise in financial audits, fraud prevention, and risk consulting makes it a key player in managing third-party risks across industries.
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Americas, Middle East and Africa, Asia-Pacific, and Europe
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In April 2021, Ernst & Young Global Limited announced the strengthening of its partnership with RSA Security LLC, a company focused on risk management and cyber security. The alliance aimed at helping enterprises to accelerate their operational and IT risk transformation through the combined capabilities of Ernst & Young and Archer which is a RSA business focused on integrated risk management solutions.
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2.
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One Trust, LLC
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OneTrust is a leading provider of privacy, security, and third-party risk management solutions powered by automation and AI. Its Third-Party Risk Management (TPRM) platform helps businesses assess vendor risks, automate due diligence processes, and comply with global regulations such as GDPR, CCPA, and ISO 27001.
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Americas, Asia-Pacific, and Europe
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In September 2021, OneTrust, LLC announced the acquisition of Tugboat Logic, a technology platform that simplifies and automates information security assurance and audit readiness for dozens of security frameworks. The company plans to accelerate Tugboat Logic’s growth globally and into adjacent OneTrust offerings, including privacy, ethics and compliance, ESG, third-party risk, and data governance.
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3.
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Deloitte
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Deloitte utilizes AI, machine learning, and advanced analytics to provide insights into supplier risks, financial stability, and operational resilience, helping businesses enhance supply chain security and regulatory adherence. The firm’s TPRM services include vendor risk assessments, compliance monitoring, and regulatory risk mitigation.
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Americas, Middle East and Africa, Asia-Pacific, and Europe
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In August 2021, Deloitte Touche Tohmatsu Limited announced the acquisition of aeCyberSolutions, the industrial cybersecurity business of Applied Engineering Solutions. This helped the company to enhance its experience in industrial cybersecurity and IoT related to cybersecurity. With the acquisition the company was able to expand its capabilities and offerings in the cyber threat risk management.
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4.
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KPMG International
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KPMG provides third-party risk management (TPRM) services focused on vendor assessments, fraud detection, and cybersecurity risk mitigation. The company’s risk intelligence solutions leverage data analytics and automation to help organizations identify high-risk suppliers, monitor regulatory compliance, and improve governance frameworks.
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Navigating Third Party Risk
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Americas, Middle East and Africa, Asia-Pacific, and Europe
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In September 2018, KPMG International announced its alliance with Alibaba Cloud, the cloud computing arm of Alibaba Group. The alliance aimed to provide digital transformation to businesses across multiple industries initially in Asia-Pacific and Europe. Alibaba Cloud’s strong cloud computing and artificial intelligence capabilities complemented the KPMG’s global network and global enterprise solutions such as risk management to help clients expand into the market.
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5.
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Genpact
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Genpact specializes in AI-driven third-party risk management solutions designed to streamline compliance and risk assessment for enterprises. Its TPRM platform integrates AI, automation, and predictive analytics to evaluate supplier risks, detect compliance gaps, and manage financial and operational risks.
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Third Party Risk Manager
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Americas, Middle East and Africa, Asia-Pacific, and Europe
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In August 2021, Genpact announced the expansion in Japan via the opening of a new delivery center in Fukuoka under Genpact Japan K.K. (Chiyoda-ku, Tokyo), the Japanese subsidiary of Genpact. The new delivery center provided additional flexible sourcing options and high-quality services to the company’s clients. This helped the company to expand its global footprint.
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Conclusion
The global Third-Party Risk Management market is poised for continued expansion as organizations across industries recognize the critical need to manage vendor-related risks. The adoption of AI-driven analytics, cloud-based risk management platforms, and automated compliance solutions will further drive market growth. While implementation challenges persist, increasing regulatory scrutiny and the rising threat of cyberattacks will push businesses to invest in comprehensive TPRM strategies. Key industry players are focusing on innovation, partnerships, and scalable solutions to cater to evolving risk landscapes, ensuring long-term market growth and adoption.
