North America Third Party Risk Management Market is forecasted to grow at 18.1% with factor such as surge in cyberattacks and ransomware and increasing dependence of various organizations on third party vendors.
Third party risk management market has shown an exceptional penetration in countries such as U.S. due to increasing emphasis on data governance and privacy by regulatory bodies. Surge in the third party supply chain breaches is boosting the growth in developed countries. In developing countries, rising emphasis on research and development activities is creating opportunity for the North America third party risk management market.
Third Party Risk Management Market Scenario
According to Data Bridge Market Research, the market for North America third party risk management in U.S. has the highest market share followed by Canada and Mexico. Market leaders are Ernst & Young Global Limited and OneTrust, LLC which accounts an estimated market share of approximately 10% to 30% in the North America market. The company has gained outstanding sale 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 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. This enabled the company to offer their client with scalable operational risk and cybersecurity transformation programs for their risk management and cybersecurity strategies such as third party risks.
- 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 North Americaly and into adjacent OneTrust offerings, including privacy, ethics and compliance, ESG, third-party risk, and data governance.
Trends Impacting the Market
Now the question is which other regions Ernst & Young Global Limited and OneTrust, LLC are targeting? Data Bridge Market Research has forecasted a large growth in North America third party risk management market and the market leaders targeting China and Japan to be their next pocket revenue for 2021.
The third party risk management are becoming more competitive every year with companies Ernst & Young Global Limited and OneTrust, LLC as they are the market leaders for third party risk management. The Data Bridge Market Research new reports highlight the major growth factors and opportunities in the third party risk management market.
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Third party risk management Market Development in 2021
- In June 2021, OneTrust, LLC announced 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 that arise from the scope, activities, location, and individuals present in that third party relationship and helped ethics and compliance teams to 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.
Scope of the Third party risk management Market
All country based analysis of North America third party risk management market is further analyzed based on maximum granularity into further segmentation. On the basis of component, the North America third party risk management market is segmented into solutions and services. On the basis of deployment model, the North America third party risk management market is segmented into on-premise and cloud. On the basis of organization size, the North America third party risk management market is segmented into small and medium-sized enterprises and large enterprises. On the basis of end user, the North America 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.
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Key Pointers Covered in 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
- RSA Security LLC
- MetricStream
- KPMG International
- Deloitte Touche Tohmatsu Limited
- BitSight Technologies
- ProcessUnity, Inc.
- Genpact
- Venminder, Inc.
- Resolver, Inc.
- NAVEX North America, Inc.
- SAI North America Compliance, Inc.
- Rapid Ratings International Inc.
- Optiv Security Inc.
- PwC
- Aravo Soutions, Inc.
- OneTrust, LLC
- Prevalent, Inc.
- Alyne GmbH
- Ernst & Young North America Limited
- IBM Corporation
Above are the key players covered in the report, to know about more and exhaustive list of third party risk management companies’, contact us https://www.databridgemarketresearch.com/toc/?dbmr=north-america-third-party-risk-management-market
Research Methodology: North America Third party risk management Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed 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 enquiry.
The key research methodology used by 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 time line 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: Managers, Directors, Government, Healthcare Companies, Healthcare Professionals, Banking, Financial Services, and Insurance Professionals
- 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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