Vendor Risk Management Market Share

North American Market Forecast

North America industry is anticipated to dominate majority revenue share of 32% by 2037. The market's expansion can be attributed mostly to the increasing number of security breaches caused by the increased number of independent suppliers within smaller or larger organizations. For instance, research shows that at the largest banks in the U.S., approximately 1.5 million customers in June 2022 were affected by a major data breach. However, the revenue growth of the market in this region is expected to be supported by the increasing need to monitor and analyze the performance of the suppliers.

Europe Market Forecast

The Europe vendor risk management market is set to grow significantly during the time period. There is an increased government regulatory framework adoption in multiple sectors in the region. For instance, on June 2022, Marsh, a global services firm introduced its Cyber Incident Management service, which will assist clients based in the UK and Europe in responding and recovering from cyberattacks, as well as increasing their cyber resilience.