Third Party and Supplier Risk Management Software Market

Third-party and supplier risk management (TP&SM) software is one of the hottest emerging markets today, with top companies in a variety of industries displaying a constant demand.

Third-party and supplier risk management software assists businesses in identifying, monitoring, and managing the risks associated with their third-party providers and suppliers. It aids in making informed procurement, contract negotiation, and compliance-related decisions.

Increasing demands from enterprises for efficient risk management, surging investments in innovative technologies, and rising concerns about data breaches and cyber threats are the primary forces propelling this market. High ownership costs and a lack of information about how well vendors do hurt the market.

During the forecast period, the Asia-Pacific region is the fastest-growing market for third-party and supplier risk management software, with a CAGR of over six percent. This growth is attributable to businesses' increasing emphasis on risk management as well as their need to control costs and safeguard their assets.

The main players in the market are NAVEX Global, BitSight Technologies, SAI Global, Genpact, LogicManager, MetricStream, Resolver, IBM, Optiv Security, Venminder, Galvanize, RapidRatings, RSA Security (Dell), etc.