{"id":9962,"date":"2022-09-04T04:35:12","date_gmt":"2022-09-04T04:35:12","guid":{"rendered":"https:\/\/marylanddailygazette.com\/third-party-risk-management-market-projected-to-grow-from-usd-5-2-billion-in-2021-to-usd-17-8-billion-by-2032-at-a-cagr-of-17-9-during-the-forecast-period-top-key-players-bitsight-technologies-ibm\/"},"modified":"2022-09-04T04:35:12","modified_gmt":"2022-09-04T04:35:12","slug":"third-party-risk-management-market-projected-to-grow-from-usd-5-2-billion-in-2021-to-usd-17-8-billion-by-2032-at-a-cagr-of-17-9-during-the-forecast-period-top-key-players-bitsight-technologies-ibm","status":"publish","type":"post","link":"https:\/\/marylanddailygazette.com\/third-party-risk-management-market-projected-to-grow-from-usd-5-2-billion-in-2021-to-usd-17-8-billion-by-2032-at-a-cagr-of-17-9-during-the-forecast-period-top-key-players-bitsight-technologies-ibm\/","title":{"rendered":"Third-Party Risk Management Market- projected to grow from USD 5.2 billion in 2021 to USD 17.8 billion by 2032, at a CAGR of 17.9% during the forecast period Top Key Players -Bitsight Technologies, IBM, MetricStream, Genpact, Galvanize, NAVEX Global, RapidRatings, Resolver, SAI Global, Optiv Security, RSA Security (Dell), Venminder, LogicManager"},"content":{"rendered":"<p><a href=\"https:\/\/www.digitaljournal.com\/pr\/third-party-risk-management-market-projected-to-grow-from-usd-5-2-billion-in-2021-to-usd-17-8-billion-by-2032-at-a-cagr-of-17-9-during-the-forecast-period-top-key-players-bitsight-technologies-ibm\">Third-Party Risk Management Market- projected to grow from USD 5.2 billion in 2021 to USD 17.8 billion by 2032, at a CAGR of 17.9% during the forecast period Top Key Players -Bitsight Technologies, IBM, MetricStream, Genpact, Galvanize, NAVEX Global, RapidRatings, Resolver, SAI Global, Optiv Security, RSA Security (Dell), Venminder, LogicManager<\/a><\/p>\n<p><p><strong>London, United kingdom- MR Accuracy Reports<\/strong>&nbsp;published new research on Global&nbsp;<strong><a href=\"https:\/\/www.mraccuracyreports.com\/reportdetails\/reportview\/381433\" rel=\"nofollow\">Third-Party Risk Management<\/a>&nbsp;<\/strong>covering micro level of analysis by competitors and key business segments (2022-2032). Third-Party Risk Management Market- projected to grow from USD 5.2 billion in 2021 to USD 17.8 billion by 2032, at a CAGR of 17.9% during the forecast period .<\/p>\n<p><strong>Some of the Major Key players profiled in the study are<\/strong>&nbsp;Bitsight Technologies, IBM, MetricStream, Genpact, Galvanize, NAVEX Global, RapidRatings, Resolver, SAI Global, Optiv Security, RSA Security (Dell), Venminder, LogicManager<\/p>\n<p><strong>Get PDF Sample Report + All Related Table and Graphs @:&nbsp;<\/strong><a href=\"https:\/\/www.mraccuracyreports.com\/report-sample\/381433\/#utm_source=PR24&amp;utm_medium=july\" rel=\"nofollow\">https:\/\/www.mraccuracyreports.com\/report-sample\/381433<\/a><\/p>\n<h3>Based on components, the solution segment is estimated to hold a higher share of the Third-Party Risk Management&nbsp;market in 2019<\/h3>\n<p align=\"justify\">The component segment mainly comprises solution and services. TPRM solution help organizations identify and reduce the risks that arise while outsourcing a few activities or operations. Various organizations operating in different industries have been considering the implementation of effective solutions to manage their partner ecosystem for minimizing the risks associated with the management of vendors. Moreover, to automate, enhance, and manage the entire risk assessment process for improving transparency and measuring uncertainties, organizations are implementing TPRM solution.<\/p>\n<h3><strong>Based on solutions, the compliance management segment is expected to grow at the highest CAGR during the forecast period<\/strong><\/h3>\n<p align=\"justify\">The demand for compliance management solutions is increasing due to the growing need to comply with regulatory and reporting requirements. The lack of transparency in financial matters can lead to higher penalties and fines, resulting in huge financial losses. Hence, organizations focus on deploying a system that helps them manage these requirements and ensures compliance-related tasks are completed. Compliance management solutions offered in the Third-Party Risk Management market help businesses understand the type of regulations, policies, as well as obligations, apply to them globally and locally, and assist them in managing different types of risks and compliance regulations.<\/p>\n<h3><strong>Based on the Component:<\/strong><\/h3>\n<ul>\n<li>Solution<\/li>\n<li>Service<\/li>\n<\/ul>\n<h3><strong>Based on the Solution:<\/strong><\/h3>\n<ul>\n<li>Financial Control Management<\/li>\n<li>Contract Management<\/li>\n<li>Operational Risk Management<\/li>\n<li>Audit Management<\/li>\n<li>Compliance Management<\/li>\n<li>Others (Includes Quality Assurance Management, Information Management, and Relationship Management)<\/li>\n<\/ul>\n<h3><strong>Based on Service:<\/strong><\/h3>\n<ul>\n<li>Professional\n<ul>\n<li>Consulting<\/li>\n<li>Integration and Design<\/li>\n<li>Support and Maintenance<\/li>\n<\/ul>\n<\/li>\n<li>Managed<\/li>\n<\/ul>\n<h3><strong>Based on the Deployment Mode:<\/strong><\/h3>\n<ul>\n<li>Cloud<\/li>\n<li>On-premises<\/li>\n<\/ul>\n<h3><strong>Based on Organization Size:<\/strong><\/h3>\n<ul>\n<li>Small and Medium-sized Enterprises (SMEs)<\/li>\n<li>Large Enterprises<\/li>\n<\/ul>\n<h3><strong>Based on Verticals:<\/strong><\/h3>\n<ul>\n<li>BFSI<\/li>\n<li>IT and Telecom<\/li>\n<li>Healthcare and Life Sciences<\/li>\n<li>Government, Defense, and Aerospace<\/li>\n<li>Retail and Consumer Goods<\/li>\n<li>Manufacturing<\/li>\n<li>Energy and Utilities<\/li>\n<li>Others (Includes Education; Travel and Hospitality; Transportation and Logistics; and Media and Entertainment)<\/li>\n<\/ul>\n<p><strong>Please click here today to buy full report ( with FREE 1 year service) @<\/strong>&nbsp;<a href=\"https:\/\/www.mraccuracyreports.com\/checkout\/381433\/#utm_source=PR24&amp;utm_medium=july\" rel=\"nofollow\">https:\/\/www.mraccuracyreports.com\/checkout\/381433<\/a><\/p>\n<h2><strong>Recent Developments<\/strong><\/h2>\n<ol>\n<li>In October 2019, Genpact partnered with Tradeshift to focus on combining the company\u2019s digital business platform called Genpact Cora with Business-to-Business (B2B) network technology. The combined solution is designed for customers that wish to link their procurement operations to a global network of buyers and sellers.<\/li>\n<\/ol>\n<p align=\"justify\"><b>Market USP Exclusively Encompassed:<\/b><br \/><b>Market Drivers<\/b><br \/>Goals of developed and developing nations to increase food production by 70% by 2050 can drive the market demand significantly. Introduction of subsidies to farmers and loan schemes for adapting modern methods can bode well for the market. Farm mechanization that refers to use of modern vehicles for irrigation of and harvesting of crops can favor the market. This can increase the output while keeping labor costs low. Government efforts to bring in farmers to the industrial fold by assuring timely assistance with fertilizers, crop seeds, and right prices for their crops can influence farmers greatly. This is exemplified by release of funds to states by the central government of India through its Sub-Mission on Agricultural Mechanisation scheme for establishment of farm machinery banks, distribution centers for machines, and custom hiring centers.<\/p>\n<p align=\"justify\">Lack of arable land, need of fresh water, and climate change are challenges posed to the market.<\/p>\n<p align=\"justify\"><b>Regional Analysis<\/b><br \/>APAC is touted to lead the global market owing to increased demand for food by the large population residing in China and India coupled with need for sustainable practices. Government support for enabling modern equipment for resident farmers and rising export of cereals from the region can bolster market demand. Indonesia has also vouched for local production of farm equipment with the government setting aside a fund for increasing yields and investing in rice science. Huge demand for tractors and investments to reduce harvest losses can drive the market.<\/p>\n<p align=\"justify\">North America has assumed the second position in the third-party risk management market owing to huge demand for tractors. Used farm equipment is another niche segment sprouting in the region owing to assurance on these products given by certified preowned programs. In addition, leasing of equipment to farmers in Canada and the U.S. may also bolster market revenues<\/p>\n<p><strong>Access full Report Description,&nbsp;TOC, Table of Figure, Chart, etc.&nbsp;<\/strong>@&nbsp;<a href=\"https:\/\/www.mraccuracyreports.com\/reportdetails\/reportview\/381433\" rel=\"nofollow\">https:\/\/www.mraccuracyreports.com\/reportdetails\/reportview\/381433<\/a><\/p>\n<p align=\"justify\"><b>COVID-19 Impact on the Global Third-Party Risk Management Market<\/b><br \/>The COVID-19 outbreak has affected the supply chain of agriculture equipment which has in extent foiled the plans of procurement of additional arable land for cultivation. Focus of companies for producing crops locally and sell to farm outlets is expected to drive the market demand significantly. New farm laws enabling companies to tie-up with large farmers to gain stocks of viable crops in respect to customer demand may be suitable to the market. This is evident by establishment of centers housing fresh farm produce.<\/p>\n<p align=\"justify\"><b>Industry Trends<\/b><br \/>Introduction of smart equipment capable of providing accurate metrics on soil quality and other parameters vital for a good harvest can disrupt the third-party risk management market. This is exemplified by Caterpillar launching skid-steer loaders with room for attachment for other equipment for multi-tasking purposes. The tools in the machine can recognize new equipment and assign controls accordingly.<\/p>\n<p align=\"justify\">Farm monitoring platforms have gained prominence with the evolution of internet of things and use of data for improving farming practices. Recently, FarmMicro has launched a farm control monitoring system, SmartFarm, for allowing farmers overall control of their equipment. Examples of applications are livestock monitoring and control of irrigation gates, rain gauges, and farm gates. The company has even partnered with John Deere to provide real-time data for proving insights into operations.<\/p>\n<p align=\"justify\"><b>Industry News<\/b><br \/>Venminder, a third-party risk assessment platform, has integrated SIG Lite 2022 and SIG Core 2022, to its platform for assessing risks faster.<\/p>\n<ul>\n<li><strong>Increasing trend of digitalization<\/strong><\/li>\n<\/ul>\n<p>Additionally, the increasing trend of digitalization<strong>&nbsp;<\/strong>further offers numerous growth opportunities within the market. Rising number of data processing activities and complete digitization of operations will also work in favor of the market. This eliminates the danger of data theft and compliance for enterprises. Additionally, it analyses the risk type and removes or resolves it prior to it having an impact on the entire firm. The demand for third-party risk management is being driven by the competitive advantage, shorter time to market, lower costs, and increased probability.<\/p>\n<p><strong>Restraints\/Challenges<\/strong><\/p>\n<ul>\n<li><strong>Budgetary concerns and issues<\/strong><\/li>\n<\/ul>\n<p>The deployment of these solutions and systems is quite costly. Budgetary restraints in small scale organizations can hamper the growth rate of the market. The sales of third-party risk management have fallen due to excessive capital expenditures and an incompetent workforce. More and more training programs are required for the newly hired employees to comprehend the fundamentals of risk management strategies.<\/p>\n<ul>\n<li><strong>Lack of technical expertise<\/strong><\/li>\n<\/ul>\n<p>Dearth of expert knowledge and technical expertise and lack of awareness especially in the underdeveloped economies will create hurdles for the market in regards to the smooth growth in the market value. Further, and dependence on conventional and manual risk&nbsp;management&nbsp;processes&nbsp; in combination with slow adoption rate in the developing economies will yet again hamper the market growth rate<\/p>\n<p><em>If you have any special requirements, please let us know and we will offer you the report as you want. you can also get individual chapter wise section or region wise report version like North America, Europe or Asia.<\/em><\/p>\n<p>This Press Release has been written with the intention of providing accurate market information which will enable our readers to make informed strategic investment decisions. If you notice any problem with this content, please feel free to reach us on <a href=\"https:\/\/www.digitaljournal.com\/cdn-cgi\/l\/email-protection\" class=\"__cf_email__\" data-cfemail=\"8ee3ebeae7effcebe2effae7e1e0fdcef6e6ebfcefe2eaa0ede1e3a0\">[email&nbsp;protected]<\/a><\/p>\n<p>Published Sat, 03 Sep 2022 23:27:00 -0500<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Third-Party Risk Management Market- projected to grow from USD 5.2 billion in 2021 to USD 17.8 billion by 2032, at a CAGR of 17.9% during the forecast period Top Key Players -Bitsight Technologies, IBM, MetricStream, Genpact, Galvanize, NAVEX Global, RapidRatings, Resolver, SAI Global, Optiv Security, RSA Security (Dell), Venminder, LogicManager London, United kingdom- MR Accuracy [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/marylanddailygazette.com\/wp-json\/wp\/v2\/posts\/9962"}],"collection":[{"href":"https:\/\/marylanddailygazette.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/marylanddailygazette.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/marylanddailygazette.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/marylanddailygazette.com\/wp-json\/wp\/v2\/comments?post=9962"}],"version-history":[{"count":0,"href":"https:\/\/marylanddailygazette.com\/wp-json\/wp\/v2\/posts\/9962\/revisions"}],"wp:attachment":[{"href":"https:\/\/marylanddailygazette.com\/wp-json\/wp\/v2\/media?parent=9962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/marylanddailygazette.com\/wp-json\/wp\/v2\/categories?post=9962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/marylanddailygazette.com\/wp-json\/wp\/v2\/tags?post=9962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}