Asia-Pacific Third Party Risk Management Market, By Component (Solutions and Services), Deployment Model (On-Premise and Cloud), Organization Size (Small and Medium-Sized Enterprise and Large Enterprise), End User (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), Country (China, Japan, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific) Industry Trends and Forecast to 2028.
Market Analysis and Insights: Asia-Pacific Third Party Risk Management Market
Asia-Pacific third party risk management market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 18.6% in the forecast period of 2021 to 2028 and is expected to reach USD 3,613.53 million by 2028.
Third party risk management refers to risk management concerned with identifying and reducing risks relating to the use of third parties. The discipline is designed to give organizations an understanding of the third parties they use, how they use them, and what safeguards their third parties have in place. Organizations are increasing their dependence on third parties for improved profitability, faster time to market, competitive advantage, and decreased costs. However, third-party relationships come with multiple risks that include strategic risks, operational risks, reputational risks, financial risks, transaction risks, compliance risks, and information security risks, among others. TPRM is the process of identifying, assessing, and controlling these and other risks presented throughout the lifecycle of your relationships with third parties. The third party risk management lifecycle refers to a series of steps that outlines a typical relationship with a third party, such as vendor identification, evaluation and selection, risk assessment, risk mitigation, and monitoring.
The increasing dependence of various organizations on third party vendors acts as a major factor for the Asia-Pacific third party risk management market growth. Increasing emphasis on data governance and privacy by regulatory bodies has boosted the growth of the market. However, lack of awareness and dependence on conventional and manual risk management processes can act as a major restraint for the market's growth. The Asia-Pacific region has witnessed the increasing application of AI and ML technologies for third party due diligence, which opens up opportunities in the market. High initial investment costs can act as a major challenge for the growth of the market.
This Asia-Pacific third party risk management market report provides details of market share, new developments, and product pipeline analysis, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario, contact us for an Analyst Brief; our team will help you create a revenue impact solution to achieve your desired goal.
Asia-Pacific Third Party Risk Management Market Scope and Market Size
Asia-Pacific third party risk management market is segmented into four notable segments based on component, deployment model, organization size, and end user.
- On the basis of component, the Asia-Pacific third party risk management market is segmented into solutions and services. In 2021, the solutions segment is expected to dominate the market. It is an essential component that helps organizations mitigate risk exposures, monitor third-party cybersecurity postures, and analyse potential vulnerabilities. Moreover, the region has witnessed increased adoption of digital solutions in recent years owing to digitalization.
- On the basis of deployment model, the Asia-Pacific third party risk management market is segmented into on premise and cloud. In 2021, the on premise segment is expected to dominate the market as the enterprises prefer edge technologies that provide more flexibility and added security as the server resources are not shared.
- On the basis of organization size, the Asia-Pacific third party risk management market is segmented into small and medium-sized enterprise and large enterprise. In 2021, the large enterprise segment is expected to dominate the market as they are increasingly adopting digital technologies to mitigate financial, regulatory, and compliance risks posed by their vendors.
- On the basis of end user, the Asia-Pacific 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. In 2021, government, aerospace, and defense are expected to dominate the market as these agencies are increasingly involved in adopting digital technologies to gather, analyse and store critical information. Moreover, the end user is actively involved with many third party vendors for outsourcing essential services.
Asia-Pacific Third Party Risk Management Market Country Level Analysis
Asia-Pacific third party risk management market is analysed, and market size information is provided by the country, component, deployment model, organization size, and end user.
The countries covered in the Asia-Pacific third party risk management market report are China, Japan, India, South Korea, Australia, Indonesia, Singapore, Thailand, Malaysia, Philippines, and the Rest of Asia-Pacific.
China is dominating the market in the Asia-Pacific region due to the increasing pace of digitalization in businesses. Digitalization has increased the pace of vendor on boarding. The third party risk management solutions have increased the capability of the enterprises to monitor the third party vendors in real-time and manage risks posed by them. This has increased the demand in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of the Asia-Pacific brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of sales channels are considered while providing forecast analysis of the country data.
Rising Demand of Third Party Risk Management
Asia-Pacific third party risk management market also provides you with detailed market analysis for every country's growth in the industry with sales, components sales, the impact of technological development in the third party risk management, and changes in regulatory scenarios with their support for the Asia-Pacific third party risk management market. The data is available for the historical period 2010 to 2019.
Competitive Landscape and Asia-Pacific Third Party Risk Management Market Share Analysis
Asia-Pacific third party risk management market competitive landscape provides details by the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to the Asia-Pacific third party risk management market.
The major players covered in the Asia-Pacific third party risk management report are RSA Security LLC, MetricStream, Deloitte Touche Tohmatsu Limited, KPMG International, Genpact, Resolver Inc., NAVEX Global, Inc., SAI Global Compliance, Inc., Rapid Ratings International Inc., Optiv Security Inc., PwC, OneTrust, LLC, Alyne GmbH, Ernst & Young Global Limited, IBM Corporation, BitSight Technologies, among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product developments are also initiated by the companies worldwide, which also accelerate the growth of the Asia-Pacific third party risk management market.
For instances,
- In June 2021, Resolver Inc. announced a partnership with Ascent, an AI-based solution that automatically generates a customer’s regulatory obligations and updates them as regulations change. Accordingly, the guesswork out of which obligations are critical to an organization were streamlined by harnessing the power of Resolver’s Compliance Management solution. This allowed Resolver Inc.’s customers to leverage Ascent’s AI-based technology to automatically deliver a complete set of obligations targeted to their organization’s specific needs
- In August 2020, NAVEX Global, Inc. announced a partnership with Crowe LLP to offer customers a complete Integrated Risk Management (IRM) solution powered by NAVEX Global, Inc.’s leading IRM software, Lockpath. This enabled Crowe’s certified professionals to achieve their strategic risk and compliance objectives with an overall lower cost of deployment. This enhanced the company’s ability to offer customers maximum value from their investments in IRM technology
Partnership, joint ventures, and other strategies enhance the company's market share with increased coverage and presence. It also benefits the organization to improve their offering for third party risk management through an expanded range of sizes.
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