Vendor Risk Management Market Analysis

Deployment Mode (Cloud, On-premises)

The cloud segment in deployment mode segmentation is expected to capture the largest revenue share 64% in the vendor risk management market during the estimated period. Flexible, inexpensive, scalable, cloud-based VRM solution availability has helped the field flourish more. The outsourcing of information technology to the cloud has proliferated in both the private and public cloud, increasing the importance of VRM. Some companies outsource most of their work processes. This means businesses can no longer control the process and must rely on contractors to do the job right.

The effectiveness of cooperation decreased with IT sustainability through upgrades, quality control related to system management and maintenance are also important benefits of cloud computing. Many companies have recently started offering cloud-based VRM solutions, which are projected to drive the growth of the vendor risk management market in the coming years.

End User (BFSI, Telecom, Manufacturing)

The BFSI segment is projected to grow significantly by the end of 2037. The BFSI industry is a highly connected sector due to the rapidly increasing number of third-party integrations, connected devices, internet banking, and demand for high-speed transactions. Increased connectivity raises further questions about cybersecurity. Vendor risk management and potential cybersecurity are in high demand in this industry as connected businesses are almost always connected with new entities. The Financial Services Information Sharing and Analysis Center predicts that cyberattacks targeting financial institutions will increase in 2022. The agency predicts that third-party risks, zero-day vulnerabilities, and ransomware will continue to be the top cyber threats facing financial institutions in 2022. 

Our in-depth analysis of the global market includes the following segments: