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The third-party risk management market size is forecast to increase by USD 7.42 billion at a CAGR of 16.76% between 2023 and 2028. The market is experiencing significant growth due to the increasing importance of operational risk management in various industries. Compliance mandates, such as the General Data Protection Regulation (GDPR) and the Bank Secrecy Act (BSA), have heightened the need for the third-party risk management solutions. The integration of artificial intelligence (AI) and machine learning (ML) in third-party risk management software is a notable trend, enabling automated risk assessments and real-time monitoring. However, the rise of open-source risk management software poses a challenge, as it may lack the advanced features and support offered by professional and managed services. Key sectors, including IT and Telecom, Energy and Utilities, and Compliance Management, are investing in third-party risk management solutions to mitigate risks and ensure regulatory compliance. Audit management remains a crucial aspect of third-party risk management, as it helps organizations maintain transparency and accountability in their company relationships. Overall, the benefits of third-party risk management, coupled with technological advancements and regulatory requirements, are driving market growth.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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