- The market is witnessing significant demand across industries such as banking, healthcare, retail, and information technology due to increasing complexities in vendor ecosystems
- The rise in data privacy regulations such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) is prompting organizations to adopt robust third-party risk management (TPRM) platforms
- North America dominated the third-party risk management market with the largest revenue share of 41.2% in 2024, driven by increasing cybersecurity concerns, regulatory compliance requirements, and the widespread adoption of digital transformation across industries
- Asia-Pacific region is expected to witness the highest growth rate in the global third-party risk management market, driven by rising awareness around third-party risks, growing cross-border trade, and the adoption of cloud-based risk management solutions among emerging economies such as India, China, and Southeast Asian nations
- The solutions segment accounted for the largest revenue share of 62.5% in 2024, driven by the increasing demand for centralized platforms that streamline vendor risk assessments, automate compliance monitoring, and ensure due diligence. Enterprises are leveraging comprehensive risk management software to consolidate third-party data and generate actionable insights, particularly in highly regulated industries such as banking and healthcare
