Supplier Risk Management: Introduction
- Supplier risk management is an emerging process which can be used by organizations for operations management which includes the process of controlling, assessing, and identifying threats to an organization’s capital and earnings.
- Supplier risk management solutions are able to identify the many different phases where supplier issues may arise. These phases include onboarding (beginning a relationship with a supplier), supplier collaboration, financials, mergers, natural or geopolitical disasters, and integrated supply chains.
- Supplier risk management solutions detect various types of risks such as operational risks, compliance risks, reputation risks, strategic risks, credit risks, transaction risks, and geographical risks.
- The global supplier risk management market is projected to expand at a rapid pace during the forecast period, due to increase in demand for supplier management solutions among end-users.
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Global Supplier Risk Management Market: Dynamics
Global Supplier Risk Management Market: Key Drivers and Restraints
- Growing need to efficiently manage complex supplier ecosystems to boost security & safety among end-users is expected to boost the supplier risk management market during the forecast period.
- Increasing demand for software tools which can view the risk levels associated with various tasks and processes of operations management are anticipated to propel the supplier risk management market in the next few years. This in turn is projected to generate demand for supplier risk management during the forecast period.
- Rise in demand to reduce delays from suppliers, natural disasters, production disturbances, theft, organizational and operational issues and shortages, and cybersecurity are some of the major factors projected to boost the market in the next few years.
- Demand for proper supplier risk management systems to control and reduce supply chain disruptions is expected to boost the demand for supplier risk management across the globe.
- Increase in adoption of cloud-based supplier risk management solutions is estimated to propel the market during the forecast period
- However, dependence on manual processes and non-formal ways of managing risks by organizations are expected to hamper the supplier risk management market during the forecast period.
Impact of COVID-19 on the Global Supplier Risk Management Market
- Increase in cases of COVID-19 across the globe is resulting in economic slowdown. Developed countries are strongly affected by this pandemic. However, adoption of collaborative software applications, security solutions, Big Data, and AI are expected to increase during the forecast period due to increasing social distancing rules. Different end-users are adopting supplier risk management solutions to overcome supply chain risks which can be caused due to COVID-19.
- Supplier risk management solution providers are launching new products with advanced functions to cope with social distancing regulations during COVID-19 pandemic. This in turn increases the demand for supplier risk management and is projected to have a slightly positive impact on the global supplier risk management market in the next few years.
North America to Hold Major Share of the Global Supplier Risk Management Market
- In terms of region, the global supplier risk management market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global supplier risk management market in 2019, due to the presence of a large number of supplier risk management companies and high adoption and deployment of cloud-based supplier risk management solutions in the region. The U.S. is the key market due to extensive deployment of supplier risk management solutions during the COVID-19 pandemic.
- The supplier risk management market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to the growing digitalization and adoption of risk management solutions and services in China, Japan, and India.
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Global Supplier Risk Management Market: Competition Landscape
Several local, regional, and international players are active in the supplier risk management market with a strong presence. Rapid technological advancements have led to opportunities in this market. Vendors of supplier risk management are focusing on inorganic growth strategies such as strategic collaborations, and merger and acquisition with technology partners to develop innovative and advanced solutions to improve their offerings and market reach.
Key Players Operating in the Global Supplier Risk Management Market Include:
- Bureau van Dijk
- BWise Internal Control Inc.
- HICX Solutions
- IBM Corporation
- Lockpath Inc.
- LogicManager, Inc.
- MasterControl, Inc.
- MetricStream Inc.
- NAVEX Global, Inc.
- Optiv Security, Inc.
- Pilgrim Quality Solutions, Inc.
- Quantivate, LLC.
- Rapid Ratings International Inc.
- Resolver Inc.
- SAP SE
Global Supplier Risk Management Market: Research Scope
Global Supplier Risk Management Market, by Component
- Financial Controls
- Contract Management
- Relationship Management
Global Supplier Risk Management Market, by Deployment
Global Supplier Risk Management Market, by Enterprise Size
- Large Enterprises
- Small and Medium Enterprises
Global Supplier Risk Management Market, by End-user
- IT and Telecommunication
- Healthcare & Life Sciences
- Others (Energy & Utilities)
Global Supplier Risk Management Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Risk Management Software
- Supply Chain Interruptions Solution
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.