Home > Media & Technology > Security and Surveillance > IT Security > Third-Party Risk Management Market

Third-Party Risk Management Market Trends

Report ID: GMI7989
Published Date: Jul 2024
Report Format: PDF

Download Free Sample

Third-Party Risk Management Market Trends

By improving predictive capacities and risk mitigation techniques, cutting-edge technologies such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT) are changing the dynamics of third-party risk management industry. Proactive management is being made possible by AI and ML, which analyze enormous volumes of data from many sources and find patterns and abnormalities that can point to possible threats.

Companies are collaborating to advance cloud security for third-party risk management by developing integrated solutions. These partnerships focus on enhancing data encryption, access controls, and real-time monitoring capabilities. By pooling expertise and resources, they aim to strengthen defenses against cyber threats and ensure secure data management across distributed networks.

For instance, in May 2024, Queen's CSIT Centre and Rapid7 forged a collaboration in AI security research to foster advancements in cloud security. Leveraging artificial intelligence (AI) and advanced machine learning (ML) methods, this partnership aims to identify risks and detect active threats within cloud environments. Initially, the focus will be on pinpointing potential exposure of sensitive information.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of third-party risk management reached USD 6.1 billion in 2023 and is set to witness over 15% CAGR from 2024 to 2032, owing to these parties managing risks linked to outsourcing relationships worldwide.

Third-party risk management industry from the solution segment is expected to register 65% share in 2032, due to accelerating demand towards comprehensive and automated solutions in response to complex risk landscapes.

North America market held over 36% share in 2023, attributed to rapid digitalization, integration of cutting-edge technology, and rising frequency of sophisticated data breaches/cyberattacks in the region.

PwC, KPMG, ServiceNow, Inc., Deloitte, Genpact, BitSight Technologies, Inc., and NAVEX Global, Inc., are some of the major third-party risk management companies worldwide.