Research > Market Share: Vendor Risk Management, 2025, Worldwide
Market Share: Vendor Risk Management, 2025, Worldwide
27.03.2025
Domain:Security & Risk Management
Sub Domain:GRC & RiskTech
Price:$ 4,900
Research > Market Share: Vendor Risk Management, 2025, Worldwide
27.03.2025
Domain:Security & Risk Management
Sub Domain:GRC & RiskTech
Price:$ 4,900
Market Share: Vendor Risk Management, 2025, Worldwide
Report Description:
QKS Group reveals a Vendor Risk Management the market is expected to grow at a compound annual growth rate of 12.5% through 2030.
Vendor Risk Management (VRM) solution enables organizations to effectively create, coordinate, control and manage the VRM framework and ensures that it meets the business goals and objectives. Modern VRM software platforms offer a robust, flexible, and scalable architecture, enabling customers to implement solutions quickly based on their unique needs and business requirements. Most organizations followed a conventional siloed approach to managing the VRM program and used several tools to cater to the needs of different departments. However, the VRM market landscape is changing; users are increasingly looking for integrated solutions in a single framework to monitor and manage risks, reduce costs, and minimize complexities.
Organizations across the globe partner with various third parties such as vendors, suppliers, and contractors for outsourcing their products and critical services in order to minimize the overall operational costs, improve profitability, gain competitive advantage, attain faster time to the market, and boost the organization’s productivity. Moreover, with the rise of globalization and the internet, there has been a significant reliance on IT vendors to handle various critical organizational IT functions. Thus, a breach at any of these third parties poses the risk of network security vulnerabilities, Non-compliance with regulations, and equipment failure. Hence, for security purposes, a IT risk management (ITRM) platform is highly recommended to understand the risk exposure that the IT vendors or vendor networks pose to the overall organization.
Quadrant Knowledge Solutions defines “Vendor Risk Management (VRM) refers to the structured and systematic approach that organizations use to identify, assess, monitor, and mitigate the risks associated with third-party vendors. VRM platform protects organization from various potential risks such as legal risk, reputational risk, financial risk,and cyber risk that can arise when engaging with third parties while ensuring compliance with relevant regulations and industry standards. The VRM platform helps organizations understand the entire risk management lifecycle of the thirdparty vendors having access to the organization’s data while minimizing manual activities and saving operational costs using automation. The VRM lifecycle stages typically start with vendor identification and onboarding and end at vendor termination and offboarding.”
Increase in cyber threats and digital risks, IT risk management vendors are highly leveraging technologies like artificial intelligence, machine learning, and predictive analytics which can monitor activities continuously. Global regulations and compliance requirements are increasingly becoming stringent, and regulators are employing increased scrutiny on risk monitoring, segregation of duties (SOD) management reporting, and continuous control monitoring (CCM). With the need to comply with the global and local regulations, ITRM vendors are ensuring that they offer improved compliance and enhanced reporting capabilities. Leading ITRM vendors are heavily investing and supporting cloud deployments solutions that allow them to shift resources and help them to focus on delivering greater value for their customers by catering to the needs of customers.
Key questions this study will answer:
Vendors covered in this Study:
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, Thirdpartytrust, Venminder.
Table of Contents:
Chapter 01: Executive Summary
Chapter 02: Market Overview
Chapter 03: Market Share Analysis- Worldwide
Chapter 04: Market Share Analysis
Chapter 05: Company Profile
Chapter 06: Appendix
List of Figures
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