The global IT vendor risk management market is anticipated to grow at a significant CAGR of 14.8% during the forecast period. The market growth is attributed to factors such as growing regulatory compliance, growing cyber-attacks, technological advancements, growing cloud adoption by organizations, and the need to continuously monitor vendor performance among others. For instance,
- In August 2023, NAVEX Global Inc. announced the launch of NAVEX One platform shared service: dynamic machine translations. The platform provides organizations with the ability to operate across different countries to overcome language barriers enabling accurate risk and compliance-related communication between employees, third parties, and program administrators. This development will help NAVEX to grow its business, especially among large enterprises.
- In February 2022, ComplyScore announced a partnership with RiskRecon which is a subsidiary of Mastercard company to further enhance ComplyScore’s GRC and TPRM services and expand RiskRecon’s Global Cybersecurity Alliance Program of system integrators, solution providers, and technology innovators.
- In January 2023, Schneider Electric and BitSight announced a strategic partnership to develop global Operational Technology (OT) Risk Identification and Threat Intelligence capability. Through this collaboration, Schneider Electric will fuse its deep knowledge of OT protocols and systems with BitSight’s market-leading exposure detection and management capabilities to generate the critical insights necessary for proactive security monitoring of externally observable risks to the OT community. The goal of this collaboration is to strengthen industrial security and provide more visibility into Industrial infrastructure and Industrial Control System (ICS) devices that may be at risk from a cyber breach.
- In June 2023, Aravo Solutions Inc., announced risk intelligence integrations to enable organizations to continuously monitor and view critical insights into the performance and risk exposure of its third parties.
- In September 2022, Glass Lewis and BitSight announced the launch of the Cybersecurity Risk Evaluation Solution for public companies. The solution provides customized guidance and reports so corporations can understand best practices in cybersecurity assurance and disclosure, benchmark their company’s cybersecurity performance relative to peer organizations, and evaluate the potential financial impact of cyber events on their organizations.
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Market Coverage
- The market number available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
Segment Covered-
- By Deployment Type
- By Organization Size
- By Industry Vertical
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- International Business Machines Corporation (IBM), Dell Technologies, Mastercard, NAVEX Global Inc., and BitSight Technologies Inc., among others.
IT Vendor Risk Management Market Report Segment
By Deployment Type
- On-Premises
- Cloud-Based
By Organization Size
- Small and Medium Enterprises (SMES)
- Large Enterprises
By Industry Vertical
- BFSI
- Telecommunications and Information Technology (IT)
- Healthcare
- Government
- Consumer Goods and Retail
- Others (Energy and Utilities, Education)
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Company Profiles
- Aravo Solutions, Inc.
- BitSight Technologies, Inc.
- Brinqa, L
- CyberGRX, Inc. (a subsidiary of ProcessUnity, Inc.)
- LogicGate, Inc.
- MetricStream, Inc.
- OneTrust, LLC
- Optiv Security, Inc.
- Panorays Ltd.
- Prevalent, Inc. (subsadiry of iMedX Information Services Pvt Ltd.)
- ProcessUnity, Inc.
- Quantivate, LLC
- RiskWatch International
- SecurityScorecard, Inc.
- SureCloud Limited
- UpGuard, Inc.
- Venminder, Inc.
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