Middle East and Africa 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 (South Africa, Saudi Arabia, U.A.E., Egypt, Israel, Rest of the Middle East and Africa) Industry Trends and Forecast to 2028.
Middle East and Africa 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 16.7% in the forecast period of 2021 to 2028 and is expected to reach USD 1,605.38 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.
A surge in the third party supply chain breaches acts as a major factor for the Middle East and Africa third party risk management market growth. Businesses have accelerated their pace of digitalization, and this has boosted the growth of the market. However, constant changes in compliance laws and regulations can act as a major restraint for the market's growth. The Middle East and Africa region has witnessed increasing use of cloud environments for business applications, opening up opportunities in the market. Lack of skilled employees to perform and manage risk assessments can act as a major challenge for the market's growth.
This Middle East and Africa third party risk management market report provide 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.
Middle East and Africa 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 Middle East and Africa third party risk management market is segmented into solutions and services. In 2021, the solutions segment is expected to dominate the market as organizations increasingly rely on dedicated solutions for business operations such as risk management. Digitalization and AI technology embedded solutions are increasingly adopted for active third party risk management.
- On the basis of deployment model, the Middle East and Africa 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 organizations prefer on premise servers for security reasons. They provide immediate access to data for backups and disaster recovery.
- On the basis of organization size, the Middle East and Africa 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 by increasing its budget allocation for cyber security and risk management. Moreover, they are investing in dedicated third party risk management solutions for proactive monitoring.
- On the basis of end user, the Middle East and Africa 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 government, aerospace, and defense agencies rely on digital solutions for digital transformation. The public sector works under strict compliances and regulations and is actively involved in managing their third parties to follow the same.
Middle East and Africa Third Party Risk Management Market Country Level Analysis
Middle East and Africa 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 Middle East and Africa third party risk management market report are U.A.E., Saudi Arabia, Israel, Egypt, South Africa, and the Rest of the Middle East and Africa.
U.A.E. dominates the market in the Middle East and Africa region due to the increasing pace of digitalization in businesses. Digitalization has led to the streamlining of processes and has given vendors access to company networks and platforms. This has increased the demand for third party risk management solutions 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 Middle East and African 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
The Middle East and Africa third party risk management market also provide you with detailed market analysis for every country's growth in the industry with sales, components sales, the impact of technological development in third party risk management, and changes in regulatory scenarios with their support for the Middle East and Africa third party risk management market. The data is available for the historical period 2010 to 2019.
Competitive Landscape and Middle East and Africa Third Party Risk Management Market Share Analysis
Middle East and Africa third party risk management market competitive landscape provide 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 Middle East and Africa third party risk management market.
The major players covered in the Middle East and Africa third party risk management report are BitSight Technologies, Deloitte Touche Tohmatsu Limited, KPMG International, RSA Security LLC, MetricStream, Genpact, NAVEX Global, Inc., SAI Global Compliance, Inc., PwC, Prevalent, Inc., Alyne GmbH, Ernst & Young Global Limited, IBM Corporation 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 are also accelerating the growth of the Middle East and Africa third party risk management market.
- In September 2021, MetricStream announced that a multi-national insurance services company had selected its suite of products to enable an automated, consistent, and agile approach to end-to-end compliance management. Accordingly, the firm leveraged the cloud-based MetricStream GRC platform and products to holistically manage compliance processes, ranging from regulatory change management, regulatory compliance management, policy management, and enterprise risk management and issue management. The company was able to provide the organization with agility by engaging all the lines of defense in GRC
- In June 2021, RSA Security LLC announced the partnership with Janeiro Digital, an enterprise software company specializing in applications based on Solid decentralized architecture protocols. Accordingly, the company will provide Janeiro Digital with security and trust to decentralized web applications. With this, the company was able to offer an opportunity to rethink data sharing and enable control in the hands of individuals. This ensured integrity of data stored and its safe transfer
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.
Customization Available : Middle East and Africa Third Party Risk Management Market
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