SME News March 2018

20 SME NEWS / Q1 2018 , Vendor riskmanagementmarket is projected to growat aCAGRof 14.6%during the forecast period according to research, withSMEs set to growhigher. Vendor Risk Management Market is Projected to Grow at a CAGR of 14.6% The vendor risk management market size is expected to grow from USD 3.29 billion in 2017 to USD 6.50 billion by 2022, at an estimated CAGR of 14.6% during the forecast period. The report was created by ReportLinker, an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. An increasing need for managing complex third-party ecosystem, the fast-changing regulations across different geographies, and the need to correctly monitor and analyze vendor performance at various stages of supply chain are driving the vendor risk management market. The major restraining factor for the growth of the market is many organizations’ dependence on non-formal and manual process to assess vendor risks Compliance management solution is expected to hold the major market size during the forecast period The compliance management solution segment is expected to dominate the vendor risk management solutions segment in 2017. The solutions have been in high demand in the highly regulated industry verticals, such as BFSI and healthcare and life sciences, where the companies are dependent on various vendors to carry out their critical operations. The compliance management solutions help companies maintain the mutually agreed terms and conditions for business processes, thus ensuring enterprises to reduce the risks associated with their third-party vendors Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period The SMEs segment is expected to grow at a higher CAGR during the forecast period. SMEs often prefer to form partnerships with multiple vendors to serve their business objectives, as SMEs lack the in-house resource pool. With the increasing need to partner with different vendors across geographies, it becomes essential for SMEs to ensure and mitigate the critical risks associated with their vendors. Cloud-based vendor risk management solutions have played a vital role in exploring opportunities in SMEs. Due to the limited budget, SMEs mostly prefer cloud-based solutions over on-premises solutions, and this adoption trend is expected to accelerate in the years to come, enabling the cloud deployment type to have a considerable market size during the forecast period Asia Pacific (APAC) is expected to have high growth potential during the forecast period North America is estimated to hold the largest market share in 2017, while APAC is expected to grow at the highest CAGR. APAC is expected to be a lucrative market for vendor risk management market during the forecast period, considering the untapped opportunities and increasing commercial investment in different industry verticals in the region. Multinational companies have been emphasizing on exploring the APAC market by entering the region through partnerships with local companies, channel partners, and technology partners. This is expected to provide growth opportunities for vendor risk management vendors during the forecast period. In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people. This research offers SMEs a key opportunity to gain an insight into the vendor risk management space and their own role within it.