Vendor Risk Management Market Size

Vendor Risk Management Market size was over USD 10.59 billion in 2024 and is poised to exceed USD 65.9 billion by 2037, witnessing over 15.1% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of vendor risk management is evaluated at USD 11.87 billion. The expansion of this sector can be ascribed to the escalating number of third-party vendors in numerous enterprises, as they have found that their systems and processes relating to the VRM are not adequate from purely a business perspective. Therefore, it may lead to significant damage owing to an improper vendor risk management framework.

Furthermore, factors behind the growth of vendor risk management market for vendor risk management market consist of a surge in government initiatives and enforcement by agencies such as the Comptroller of the Currency (OCC), the Health Insurance Portability and Accountability Act (HIPAA), the Consumer Financial Protection Bureau (CFPB) to set up better vendor risk management framework.