Third-Party Risk Management Market Outlook: Governance, Technology, and Resilience in a Connected Economy

The global Third-Party Risk Management (TPRM) market is gaining strategic importance as organizations face rising regulatory scrutiny, expanding digital ecosystems, and increasing dependence on external vendors. Valued at USD 8.56 billion in 2024, the market is expected to reach USD 9.71 billion by the end of 2025 and expand significantly to USD 18.28 billion by 2030, registering a robust CAGR of 13.48% during 2025–2030. Growth is driven by heightened cybersecurity threats, stricter compliance requirements, rapid cloud adoption, and the integration of advanced technologies such as artificial intelligence, automation, and blockchain. This manuscript examines the structural evolution of the TPRM market, key growth drivers, technological advancements, segmentation dynamics, regional outlook, competitive landscape, and long-term strategic implications shaping the industry.