Global Third Party Risk Management Market is Expected to Grow at 17.8% CAGR in the Forecast Period of 2021 to 2028

The Global Third Party Risk Management Market is forecasted to grow at 17.8% CAGR with factors such as a surge in cyberattacks and ransomware and increasing dependence of various organizations on third party vendors.

The global third party risk management market has shown an exceptional penetration in countries such as the U.S. due to increasing emphasis on data governance and privacy by regulatory bodies. However, lack of awareness and dependence on conventional and manual risk management processes can act as a major restraint for the global third party risk management market.

Global Third Party Risk Management Market Scenario

According to Data Bridge Market Research, the global third party risk management market in North America has the highest market share, followed by Europe and Asia-Pacific. The market leader is Ernst & Young Global Limited in the global third party risk management market, which accounts for an estimated market share of approximately 12.71%. The company has gained outstanding sales by providing third party risk management products.

For instance,

  • In April 2021, Ernst & Young Global Limited announced the strengthening of its partnership with RSA Security LLC, a company that is 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 an RSA business focused on integrated risk management solutions. This enabled the company to offer their client scalable operational risk and cybersecurity transformation programs for their risk management and cybersecurity strategies such as third party risks

Third Party Risk Management Market Trends Impacting the Market

Now the question is which other regions Ernst & Young Global Limited, OneTrust, LLC, and Deloitte Touche Tohmatsu Limited are targeting? Data Bridge Market Research has forecasted a large growth in the global third party risk management market. The market leaders are targeting China and Japan to be their next pocket revenue for 2021.

The global third party risk management market is becoming more competitive every year with companies such as Ernst & Young Global Limited, OneTrust, LLC, and Deloitte Touche Tohmatsu Limited. They are the market leaders for the global third party risk management market. The Data Bridge Market Research new reports highlight the major growth factors and opportunities in the global third party risk management market.

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Global Third Party Risk Management Market Developments in 2021

  • In June 2021, OneTrust, LLC announced the launch of Third-Party Risk Management for Ethics and Compliance professionals. This enabled automated screening, due diligence, risk management, and ongoing monitoring of key risks arising from the scope, activities, location, and individuals present in that third party relationship and helped ethics and compliance teams fully understand and manage third-party risk. With this, the company was able to address the challenges with integration and automation, ultimately reducing the ethical and compliance risks associated with third parties
  • In July 2021, Deloitte Touche Tohmatsu Limited announced the strategic alliance with Saviynt, a leading provider of enterprise cloud identity solutions. Accordingly, Saviynt provided its technology platform as a managed service with Deloitte Networks. This delivered Saviynt's identity governance, privileged access, and access risk analytics capabilities to organizations as a managed service through Deloitte's Digital Identity+ Platform. This partnership enabled the company to bring together innovative technology and deep experience for providing strategic business solutions to clients

Scope of the Global Third Party Risk Management Market

All country-based analysis of the global third party risk management market is further analyzed based on maximum granularity into further segmentation. On the basis of component, the global third party risk management market is segmented into solutions and services. On the basis of deployment model, the global third party risk management market is segmented into on-premise and cloud. On the basis of organization size, the global third party risk management market is segmented into small and medium-sized enterprise and large enterprise. On the basis of end user, the global third party risk management market is segmented into banking, financial services and insurance, IT and telecom, healthcare and life sciences, government aerospace and defense, retail and consumer goods, manufacturing, energy and utilities, and others.

To know more about the study https://www.databridgemarketresearch.com/reports/global-third-party-risk-management-market

Key Pointers Covered in Global Third Party Risk Management Market Industry Trends and Forecast to 2028

  • Market Size
  • Market Standards and Changes
  • Market Trials in Different Regions
  • Market Requirements in Different Regions
  • Market Shares in Different Regions
  • Recent Developments for Market Competitors
  • Recent Market Value for Different regions
  • Sales Data for Market Competitors
  • Market Key Vendors and Disruptors Study

Key Market Competitors Covered in the Report

  • Ernst & Young Global Limited
  • OneTrust, LLC
  • Deloitte Touche Tohmatsu Limited
  • KPMG International
  • Genpact
  • Alyne GmbH
  • Aravo Soutions, Inc.
  • BitSight Technologies
  • IBM Corporation
  • MetricStream
  • NAVEX Global, Inc.
  • Optiv Security Inc.
  • Prevalent, Inc.
  • ProcessUnity, Inc.
  • PwC
  • Rapid Ratings International Inc.
  • Resolver Inc.
  • RSA Security LLC
  • SAI Global Compliance, Inc.
  • Venminder, Inc.

Above are the key players covered in the report. To know about more an exhaustive list of third party risk management companies’, contact us https://www.databridgemarketresearch.com/toc/?dbmr=global-third-party-risk-management-market

Research Methodology: Global Third Party Risk Management Market

Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or can drop down your inquiry.

The key research methodology used by the DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market timeline analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, top to bottom analysis, and vendor share analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Primary Respondents

  • Demand Side: Product Developers, Designers, IT Professionals, Compliance Officers, Vendor IT Security Managers, IT Auditors/Assessors, IS Auditors/Professionals, among others.
  • Supply Side: Service Providers, Third Party Risk Management Companies, Software Providers, Marketing Managers, Logistics Managers, C-Level Executives, and Market Intelligence, among others.

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