The Gartner 2020 Magic Quadrant for IT Vendor Risk Management Tools

Editor's Note, October 11, 2022: The updated 2021 Gartner Magic Quadrant for IT Vendor Risk Management Tools was published on August 31, 2021, and Prevalent was proud to be named a Leader. There is no 2022 edition of The Gartner Magic Quadrant for IT Vendor Risk Management Solutions. We therefore invite you to review the most recent Gartner report on the IT VRM space, The 2022 Gartner Market Guide for IT Vendor Risk Management Solutions, which was published on September 28, 2022. All Gartner report links in this post will redirect to the 2022 Market Guide.

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Prevalent Named an IT VRM Tools Leader

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.

Making Sense of a Crowded Market

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.

Strongest Vision Among Pure VRM Specialists Means You Will Be Ready for Tomorrow

“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.

Combination of Vision and Execution Across All Use Cases Equals a Successful Program Today

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.

With a recognized platform, vendor risk assessment services, and a vendor intelligence network, Prevalent believes we deliver the most flexible option for customers to focus on their vendor risks.

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.