Vendor risk management market is gaining prospect due to their ability in lowering the service cost. Across the globe, various organizations are now opting for these third-party vendors for their cost efficiency and better network facility. The global vendor risk management market can cash on this credibility and expect growth by CAGR 18% during the forecast period and reach a total valuation of USD 7.58 billion by 2023. Market Research Future (MRFR) in their report enlists various factors such as cyber attacks, unforeseen disruptions in operations and increasing level of regulatory risks. These factors have increased the demand for a vendor risk management system that could evaluate, monitor, and manage the functional capacity of third-party suppliers. Vendor risk management market is expected to thrive on this integration of the system across verticals.