Research Nester’s recent market research analysis on “Third-party Risk Management Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global third-party risk management market in terms of market segmentation by component, deployment model, organization size, end user and by region.

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Increased Demand for Enhanced Economic Management, Rising Regulatory Compliance, and Higher Number of Data Breaches to Promote Global Market Share of Third-party Risk Management Market

The global third-party risk management market is estimated to grow majorly on account of the increased adoption of digitalization in businesses. It has been estimated that almost 91.1% of businesses are engaged in some form of digital initiatives. With the widespread adoption of the internet, more and more businesses are equipping themselves with digital technologies. Third-party risk management is the process of analyzing and minimizing risks related to outsourcing to third-party vendors or service providers. On the back of the increased adoption of third-party risk management in businesses, the global market share is projected to flourish during the forecasted period. Other than this, the market growth is also driven by the rising number of cyber-attacks, data theft, and policy-driven compliances. In the year 2023, it has been witnessed that over 2,210 attacks occur each day breaks down to nearly 1 cyber-attack every 39 seconds. Various small & medium enterprises, along with the large companies, are working towards incorporating layers of safety to the company’s data management. On the back of this, the global third-party risk management market growth is projected to thrive during the forecasted period. Moreover, the advanced technologies such as machine learning, artificial intelligence, and Internet of Things help the 3rd party risk management software in predicting the possible risk, that is also fueling the global third-party risk management market growth during the forecasted period.

Some of the major growth factors and challenges that are associated with the growth of the global third-party risk management market are:

Growth Drivers:

Rising Adoption of Digital Technologies by Businesses
Increased Requirement of Management of Vendor Ecosystems
Challenges:

High costs associated with product utilization, lack of skilled workforce, and stringent government policies related to the data breach are some of the major factors anticipated to hamper the global market size of the global third-party risk management market.

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By deployment model, the global third-party risk management market is segmented on premise and cloud. Out of this, the cloud segment is projected to grow significantly during the forecasted period. It has been estimated that almost 89.1% of companies are using a multi-cloud approach. Market players are working tirelessly to equip themselves with ultra-modern facilities, bolstering the growth of the cloud segment during the forecasted period.

By region, the Europe third-party risk management market is to generate the highest revenue by the end of 2036. The market in the region is expected to grow with a CAGR of 17.4% in the forecasted period. A rise in ransomware and cyber-attacks is acting as a major factor in the growth of the market in the region.

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