Transforming the Vendor Risk Management Industry: Vendors Amplify R&D to Meet Future Customer Needs and Leverage Emerging Technologies

The Vendor Risk Management Market is anticipated to register a CAGR of 14.20 percent by 2027, according to Quadrant Knowledge Solutions. To reduce overall operating costs, increase profitability, gain a competitive edge, achieve a quicker time to market, and increase productivity, businesses all over the world collaborate with a variety of third parties, including suppliers, contractors, and vendors, to outsource their essential services and products. A significant quantity of confidential information, including personally identifiable information (PII), is shared with third-party suppliers during the partnership process, increasing the possibility of data leaks.

Furthermore, there has been a notable increase in the use of outside suppliers to administer payroll and other crucial organizational tasks as a result of the growth of globalization and the internet. Critical data could therefore be stolen or exposed in the event of a breach at any of these third parties. Therefore, it is strongly suggested to understand the risk exposure that the vendor or vendor networks pose to the entire business by using a vendor risk management (VRM) platform for security objectives.

Key questions this study will answer:

How quickly is the market for vendor risk management (VRM) expanding?

Which are the main factors driving the worldwide vendor risk management (VRM) industry and which are holding it back?

Which sectors have the most potential for growth throughout the projected period?

Which part of the world does the vendor risk management (VRM) market expect to develop at the fastest rate?

Which clientele groups can the vendor risk management (VRM) solution expand the fastest?

In the next five years, which vendor risk management (VRM) solution deployment options are anticipated to increase at a quicker rate?

Strategic Market direction:

The software as a service (SaaS) sector is rapidly changing, which is pushing suppliers to increase their research and development spending and improve their software value proposition in order to meet the expectations of potential customers. For the purpose of improving their software features and functionality and SaaS strategy in line with the new transformative trends, VRM vendors are providing a strong technological plan and roadmap. Large business firms seek a more comprehensive and integrated technology platform with advanced functions, whereas most suppliers target SMBs and mid-sized organizations with competitive pricing and relevant application functionalities. Delivering a complex VRM platform depends on the vendor's capacity to support new technological developments, such as artificial intelligence, machine learning, natural language processing, and a genuinely open & unified platform.

Vendors Covered:

IBM, ServiceNow, Mitratech, Metricstream, LogicGate, LogicManager, NAVEX, Ncontracts, OneTrust, Prevalent, ProcessUnity, Resolver, SAI360, Allgress, Aravo Solutions, Archer, Coupa Software, Diligent, Fusion Risk Management, Quantivate, SureCloud, Thirdparty trust, Venminder

Custom Research Service

Our custom research service is designed to meet the client’s specific requirements by providing a customized in-depth analysis of the technology market to meet your strategic needs. Further, our custom research and consulting services deliverable is uniquely effective, powerful, innovative, and realistic for helping companies successfully address business challenges. Our team of experienced consultants can help you in achieving short-term and long-term business goals in the following ways:

Detailed understanding of the industry structure, market participants, and value chain mapping

Business potential and opportunities of target markets, economies, and industries

Strategic planning and tactical opportunities

Go to market strategies.

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