Global Vendor Risk Management Market is predicted to reach USD 15.6 billion at a CAGR of 13.30% during the forecast period

Market Research Future (MRFR) has published a cooked research report on the “Global Vendor Risk Management Market” that contains information from 2023 to 2032. The Global Vendor Risk Management Market is estimated to register a CAGR of 13.30% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the Global Vendor Risk Management Market— IBM Corporation, MetricStream, Lockpath Inc, Logic Manager, Rsam, BitSight Technologies, RSA, Genpact, Resolver, SAI, Optiv, Quantivate, RapidRatings, Process nity, and VendorInsight.

Market Highlights

Global Vendor Risk Management Market is accounted to register a CAGR of 13.30% during the forecast period and is estimated to reach USD 15.6 Billion by 2032.

Vendor Risk Management (VRM) is a structured and systematic approach that organizations use to identify, assess, monitor, and mitigate risks associated with their third-party vendors, suppliers, contractors, or partners. The goal of Vendor Risk Management is to ensure that the business relationships with external entities do not expose the organization to unnecessary risks that could impact its operations, data security, regulatory compliance, reputation, or financial stability.

Segment Analysis

The Global Vendor Risk Management Market has been segmented based on Components, Solutions, and Deployment.

Based on the Component, the market is segmented into Solution And Services. The dominance of the Solution category in the Vendor Risk Management market is attributed to the growing demand for specialized software tools that streamline and automate the various aspects of vendor risk assessment, monitoring, and mitigation.

Based on the Solutions, the market is segmented into Assessment Management, Quality Management, And Contract Management. The dominance of the Assessment Management category in the Vendor Risk Management market is attributed to the increasing emphasis on comprehensive risk evaluation and due diligence processes for third-party vendors to ensure regulatory compliance and data security.

Based on Deployment, the market is segmented into On-Cloud And On-Premise. The dominance of the On-Cloud category in the Vendor Risk Management market is attributed to its scalability, accessibility, and cost-efficiency, offering organizations flexible solutions for managing vendor risks while reducing infrastructure complexities.

Regional Analysis

The Global Vendor Risk Management Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Global Vendor Risk Management Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Global Vendor Risk Management Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Global Vendor Risk Management Market comprises of Middle East, Africa, and Latin America.

A significant portion of the market is dominated by the North American region, primarily due to advancements in cutting-edge technologies such as machine learning, deep learning, IoT, cloud computing, and Industrial 4.0. This is further driven by a heightened focus on data security and increased investments. The North American vendor risk management market is progressing due to sophisticated technological developments in AI, deep learning, software as a service, and the Internet of Things. The growth of end-user industries like healthcare and manufacturing, augmented capital investment, and an increased emphasis on cybersecurity contribute to the region's growth.

Europe's vendor risk management market holds the second-largest market share, driven by organizations' increasing reliance on third-party vendors and the adoption of advanced technologies in risk management software. This trend presents significant opportunities in this region. Notably, the German vendor risk management market dominates the market share, while the UK market shows the fastest growth in Europe.

Anticipated to experience the highest compound annual growth rate (CAGR) from 2023 to 2032, the Asia-Pacific Vendor Risk Management Market is spurred by rising incidents of security breaches and cyber-attacks. This situation creates abundant prospects across the region. Additionally, China's vendor risk management market commands the largest market share, and the Indian market showcases the highest growth rate in the Asia-Pacific region.

Key Findings of the Study

• The Global Vendor Risk Management Market is expected to reach USD 15.6 Billion by 2032, at a CAGR of 13.30% during the forecast period.


• The North American region commands a significant portion of the market share, driven by pioneering advancements in machine learning, deep learning, IoT, cloud computing, and Industry 4.0, along with heightened investments and an intensified focus on data security.


• Based on the Deployment, the Market has been segmented into On-Cloud holding the largest market in 2023.


• IBM Corporation, MetricStream, Lockpath Inc, Logic Manager, Rsam, BitSight Technologies, RSA, Genpact, Resolver, SAI, Optiv, Quantivate, RapidRatings, Process nity, and VendorInsight.