Global Risk Management Market Overview:
The Risk Management Market is predicted to grow from USD 11.0 billion in 2016 to USD 17.1 billion by 2021, at a CAGR of 9.2% during the predicted period owing to the rising need for efficiently managing complex third-party ecosystem. The fast-changing regulations across countries are also expected to contribute to the growth of market. Furthermore, enterprises consider vendor risk management as an integral part of their risk management processes to reduce the critical operational and reputational risks. As the government regulations are changing fast, it is helping the enterprises to adopt vendor risk management solutions to verify whether their critical vendors comply with the government regulations. The BFSI companies trade critical data and thus it is necessary to comply with stringent regulations to maintain the confidentiality and authenticity of the data. To follow these stringent government regulations, BFSI companies need to analyze the risks associated from third-party vendors. This is one of the main aspects that have contributed to the adoption of vendor risk management solutions and services by the BFSI vertical. The BFSI vertical has been a main contributor in terms of the revenue generated in the vendor risk management market.
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Drivers and Restraints:
The risk management segment is expected to dominate the management decision market in 2018. Credit risk management is a key process as it affects the revenue management of an organization. Management decision software is helping banks, lending institutions, and other enterprises in making an important decision related to credit risk by offering benefits, such as reducing compliance risks, improving business responsiveness, and streamlining workflow processes. As per the report, one driver influencing this market is the increasing demand for better detection accuracy at lower costs. One trend affecting this market is the use of analytics in fraud detection. Furthermore, the report states that one challenge affecting this market is the lack of awareness among enterprises.
Geographically, North America is holding the largest market size and influences the vendor risk management market of the world. The region has a high concentration of telecom and IT, BFSI, and healthcare and life sciences companies that hugely contribute to the adoption of vendor risk management solutions and services. However, the APAC region is estimated to provide high development opportunities for the providers of vendor risk management solutions. This can be mainly attributed to the rising commercial investments by companies in growing countries.
The key players in the market are BitSight Technologies (US), RSA (US), Genpact (US), LockPath (US), MetricStream (US), BWise (Netherlands), Resolver (Canada), SAI Global (Australia), Rsam (US), IBM (US), Optiv (US), Quantivate (US), RapidRatings (US), ProcessUnity (US), LogicManager (US), and VendorInsight (US).
Scope of the report:
The report offers a comprehensive analysis of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in effecting the market dynamics and trends are discussed in detail at the product level. Further, the performance of the market at the regional and country-level is assessed and the prospects with high growth potential are identified and debated.
The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided. The report also offers a broad outlook of the market along with recommendations from industry experts on the opportunities for investment activity.
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