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. Apart from this growing competition and global economic uncertainties have pushed industries to outsource operations to reduce costs. A vendor risk management program is a systematic approach to identifying, assessing, and mitigating risks posed by third-party vendors. It helps organizations to protect their sensitive data, such as personally identifiable information (PII), protected health information (PHI), and intellectual property, from data breaches, data leaks, and cyber-attacks. By reducing the frequency and severity of these incidents, vendor risk management programs can help to ensure business continuity.
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The global IT vendor risk management market is segmented based on the deployment type, organization size, and industry vertical. Based on the deployment type the market is sub-segmented into cloud-based deployment and on-premises deployment. Based on organization size, the market is sub-segmented into SMEs and large enterprises. Based on industry vertical, the market is sub-segmented into the BFSI, telecommunications and information technology (IT), healthcare, government, consumer goods, and retail, and others (energy and utilities, education) The healthcare sector is anticipated to hold a prominent share in the global IT vendor risk management industry.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global 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)
Global IT Vendor Risk Management Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global IT vendor risk management market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for solid growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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