Editor's Note, September 2, 2021: The new 2021 Gartner Magic Quadrant for IT Vendor Risk Management Tools was published on August 31, 2021, and Prevalent is proud to be named a Leader. All report links in this post will redirect to the 2021 version. Read our take on the 2021 Magic Quadrant.
Gartner released their 2020 Magic Quadrant for IT Vendor Risk Management Tools on Monday, and Prevalent is thrilled to have been named a Leader! In a little more than nine months’ time, Prevalent has moved from Visionary to Leader in the VRM Tools Magic Quadrant based on Gartner’s criteria for product (service), product strategy, and vertical/industry strategy.
> Get your complimentary copy of Gartner’s report on the VRM market, so you can apply their insights to improve your IT vendor risk management program.
The market for vendor risk management is getting more crowded, with seven new vendors added in this edition of the Magic Quadrant. This comes after six vendors were added to the Gartner Magic Quadrant for IT Vendor Risk Management, November 2019. How do you differentiate between vendors in such a crowded market?
Let me review how we believe you should use this report to derive what’s most important to consider in evaluating a third-party risk management solution.
“Vision” in the Magic Quadrant includes market understanding, strategy and innovation. This market is evolving rapidly – as evidenced by the number of VRM providers added to the MQ. Providers with a strong vision today are best positioned to deliver on the emerging use cases and capability requirements of tomorrow. Knowing where the market is headed, having a strategy in place to address customer needs, and building a rich roadmap of innovative new features are hallmarks of visionary solutions. In reviewing this year’s Magic Quadrant, Prevalent believes it features the strongest vision among pure-play vendor risk management specialists. Other vendors in the Leaders quadrant are primarily GRC or privacy tools with VRM add-ons.
Vision is essential for the future, but execution is about what you are delivering to customers today, and the Gartner Magic Quadrant for IT Vendor Risk Management says that Prevalent’s strengths lay in our product, our product strategy, and how we deliver on the needs of specific highly regulated vertical industries.
Given Prevalent’s placement in this Magic Quadrant, it’s pretty clear to us that we are the most visionary VRM leader. Prevalent’s primary focus on solving VRM challenges delivers what Prevalent’s believes are specialized visibility, efficiency and scale that the other providers can’t match.
The 2020 Gartner Magic Quadrant for IT VRM Tools
This complimentary, in-depth report evaluates 23 VRM providers across Gartner's standardized criteria and methodology.
We believe this report identifies the real differentiators for Prevalent in the VRM market – differentiators that are meaningful for you, including:
Customers choose Prevalent because they get fast time-to-value, backed by deep VRM capabilities that only a VRM specialist can deliver. Request a personalized demo, and we’ll prove it to you!
This graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire document. The Gartner document is available upon request from Prevalent.
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