Global Third-Party Risk Management Market Projected to Grow from USD 3.2 Billion in 2019 to USD 6.8 Billion by 2024, at a CAGR of 15.9% During the Forecast Period – ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)-- The "Third-Party Risk Management Market by Component (Solution (Financial Control, Contract, Operational Risk, Audit, and Compliance) and Service (Professional & Managed)), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

Demand for a seamless experience and personalized services, along with the growing need of organizations to improve operational efficiency across several verticals, is driving the overall growth of the third-party risk management market.

Technological advancements, along with the rising adoption of advanced electronic devices, are projected to stimulate the growth of the TPRM market during the forecast period. The need to comply with various governance standards and adherence to different policies and regulations is anticipated to surge the use of TPRM solutions across the globe.

By component, the services segment is expected to grow at a higher CAGR than the solution segment during the forecast period.

TPRM services have become a necessity for integrating and managing solutions. The services are categorized into professional and managed services. These services help enterprises by managing and ensuring the smooth functioning of TPRM solution over a time period. The growing virtualization across industries and the adoption of cloud computing is promoting the demand for TPRM solution in various countries. Moreover, TPRM installations are suitable for business entities that are dynamic and usually have more number of suppliers, partners, and vendors.

By service, the professional services segment is estimated to gain a larger market size than the managed services segment in 2019

Services offered by professionals, specialists, or experts to support businesses are known as professional services. These services include design and integration, consulting, and support and maintenance. Professional services play a vital role in the TPRM ecosystem, and service providers in the TPRM market are associated with similar functions. As the nature of these services is complex, service providers must possess high levels of technical skills and expertise for the efficient implementation of professional services.

Asia Pacific TPRM market is expected to register the highest growth rate during the forecast period

APAC has witnessed advanced and dynamic adoption of new technologies and is expected to record the highest CAGR in the global TPRM market during the forecast period. APAC constitutes major economies, such as China, India, and Japan, which are expected to register high growth in the TPRM industry.

Key Benefits of Buying the Report

The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall TPRM market and its subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.

Key Topics Covered:

1 Introduction

1.1 Objectives of the Study

1.2 Market Definition

1.3 Market Scope

1.4 Years Considered for the Study

1.5 Currency Considered

1.6 Stakeholders

2 Research Methodology

2.1 Research Data

2.2 Data Triangulation

2.3 Market Size Estimation

2.4 Market Forecast

3 Executive Summary

4 Premium Insights

4.1 Attractive Market Opportunities in the Third-Party Risk Management Market

4.2 Market By Solution, 20

4.3 Market By Deployment Mode, 2019-20

4.4 Market Share of Top 3 Verticals and Regions, 20

4.5 Market By Organization Size, 2019-20

4.6 Market Investment Scenario

5 Market Overview

5.1 Introduction

5.2 Market Dynamics

5.3 Use Cases

5.4 Best Practices in Third-Party Risk Management

6 Third-Party Risk Management Market By Component

6.1 Introduction

6.2 Solutions

6.3 Services

7 Third-Party Risk Management Market By Solution

7.1 Introduction

7.2 Financial Control Management

7.3 Contract Management

7.4 Operational Risk Management

7.5 Audit Management

7.6 Compliance Management

7.7 Others

8 Third-Party Risk Management Market By Service

8.1 Introduction

8.2 Professional Services

8.3 Managed Services

9 Third-Party Risk Management Market By Deployment Mode

9.1 Introduction

9.2 Cloud

9.3 On-Premises

10 Third-Party Risk Management Market By Organization Size

10.1 Introduction

10.2 Small and Medium-Sized Enterprises

10.3 Large Enterprises

11 Third-Party Risk Management Market By Vertical

11.1 Introduction

11.2 Banking, Financial Services, and Insurance

11.3 IT and Telecom

11.4 Healthcare and Life Sciences

11.5 Government, Aerospace, and Defense

11.6 Retail and Consumer Goods

11.7 Manufacturing

11.8 Energy and Utilities

11.9 Others

12 Third-Party Risk Management Market, By Region

12.1 Introduction

12.2 North America

12.3 Europe

12.4 Asia Pacific

12.5 Middle East and Africa

12.6 Latin America

13 Competitive Landscape

13.1 Introduction

13.2 Competitive Leadership Mapping

13.3 Competitive Scenario

14 Company Profiles

14.1 Introduction

14.2 RSA

14.3 Genpact

14.4 MetricStream

14.5 Deloitte

14.6 KPMG

14.7 BitSight

14.8 Ernst & Young

14.9 PwC

14.1 Processunity

14.11 Venminder

14.12 Resolver

14.13 NAVEX Global

14.14 Riskpro

14.15 SAI Global

14.16 Rapidratings

14.17 Optiv

14.18 Aravo

14.19 OneTrust

14.20 Galvanize

14.21 Prevalent

For more information about this report visit https://www.researchandmarkets.com/r/msmbd9

View source version on businesswire.com: https://www.businesswire.com/news/home/20191231005107/en/

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Source: Research and Markets