New York, US, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Third-Party Risk Management Market information by Deployment, by Components, by Organization Size and Region – forecast to 2027” market size to reach USD 8.18 billion growing at a compound annual growth rate of 16.87% by 2025.
Third-party risk management is a software used in assessing the risks of outsourcing to third parties. Use cases of risks are compliance monitoring, threat intelligence, cyber monitoring, and risk management automation. The global third-party risk management market report by Market Research Future (MRFR) contains prospects of the industry during the forecast period (2020-2027) as well as competitive intelligence, regional analysis, and the impact of the COVID-19 pandemic.
Dominant Key Players on Third-Party Risk Management Market Covered are:
Aravo Solutions Inc.
RSA Security LLC
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Market USP Exclusively Encompassed:
Goals of developed and developing nations to increase food production by 70% by 2050 can drive the market demand significantly. Introduction of subsidies to farmers and loan schemes for adapting modern methods can bode well for the market. Farm mechanization that refers to use of modern vehicles for irrigation of and harvesting of crops can favor the market. This can increase the output while keeping labor costs low. Government efforts to bring in farmers to the industrial fold by assuring timely assistance with fertilizers, crop seeds, and right prices for their crops can influence farmers greatly. This is exemplified by release of funds to states by the central government of India through its Sub-Mission on Agricultural Mechanisation scheme for establishment of farm machinery banks, distribution centers for machines, and custom hiring centers.
Lack of arable land, need of fresh water, and climate change are challenges posed to the market.
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Segmentation of Market Covered in the Research:
By component, the market has been segmented into solution and service. By solution, the market has been sub-segmented into finance management, contract management, compliance management, operational risk management, and audit management. By service, the market has been sub-segmented into professional and managed services.
By deployment, the market has been segmented into on-premise and on-cloud.
By organization size, the market has been segmented into small- and medium-sized enterprises and large enterprises.
By vertical, the market has been categorized into BFSI, IT and telecommunication, healthcare, government, retail, and manufacturing among others.
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APAC is touted to lead the global market owing to increased demand for food by the large population residing in China and India coupled with need for sustainable practices. Government support for enabling modern equipment for resident farmers and rising export of cereals from the region can bolster market demand. Indonesia has also vouched for local production of farm equipment with the government setting aside a fund for increasing yields and investing in rice science. Huge demand for tractors and investments to reduce harvest losses can drive the market.
North America has assumed the second position in the third-party risk management market owing to huge demand for tractors. Used farm equipment is another niche segment sprouting in the region owing to assurance on these products given by certified preowned programs. In addition, leasing of equipment to farmers in Canada and the U.S. may also bolster market revenues.
COVID-19 Impact on the Global Third-Party Risk Management Market
The COVID-19 outbreak has affected the supply chain of agriculture equipment which has in extent foiled the plans of procurement of additional arable land for cultivation. Focus of companies for producing crops locally and sell to farm outlets is expected to drive the market demand significantly. New farm laws enabling companies to tie-up with large farmers to gain stocks of viable crops in respect to customer demand may be suitable to the market. This is evident by establishment of centers housing fresh farm produce.
Introduction of smart equipment capable of providing accurate metrics on soil quality and other parameters vital for a good harvest can disrupt the third-party risk management market. This is exemplified by Caterpillar launching skid-steer loaders with room for attachment for other equipment for multi-tasking purposes. The tools in the machine can recognize new equipment and assign controls accordingly.
Farm monitoring platforms have gained prominence with the evolution of internet of things and use of data for improving farming practices. Recently, FarmMicro has launched a farm control monitoring system, SmartFarm, for allowing farmers overall control of their equipment. Examples of applications are livestock monitoring and control of irrigation gates, rain gauges, and farm gates. The company has even partnered with John Deere to provide real-time data for proving insights into operations.
Venminder, a third-party risk assessment platform, has integrated SIG Lite 2022 and SIG Core 2022, to its platform for assessing risks faster.
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