The legal, risk and compliance solution global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Legal, Risk and Compliance Solution Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – The legal, risk and compliance solution market size has grown strongly in recent years. It will grow from $9.11 billion in 2023 to $9.83 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to rising risk management imperatives, rising data explosion, globalization, high-profile compliance failures and board and stakeholder expectations.
The legal, risk and compliance solution market size is expected to see strong growth in the next few years. It will grow to $13.49 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to increasing regulatory complexity and scrutiny, expansion of global business operations, rising demand for integrated risk management solutions, focus on ethical and corporate governance practices and with emerging technologies.. Major trends in the forecast period include increasing adoption of ai and automation, focusing on regulatory technology, partnerships, and investments.
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Scope Of Legal, Risk and Compliance Solution MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Legal, Risk and Compliance Solution Market Overview
Market Drivers -The rising risk of cyberattacks is expected to propel the growth of the legal, risk, and compliance solution market going forward. Cyber-attacks refer to deliberate and malicious actions carried out by individuals or groups to disrupt, damage, or gain unauthorized access to computer systems, networks, or data. The rising risk of cyberattacks is due to increased connectivity, sophisticated threat actors, data breaches, cybersecurity skills gaps, and the exploitation of vulnerabilities in complex IT environments. Legal, risk, and compliance solutions enhance their resilience against cyber threats and protect sensitive data and assets from malicious actors. For instance, in November 2022, according to the Cyber Security Centre, an Australia-based cyber security agency, the number of reported cyber-attacks reached 76,000, marking a 13% rise compared to the previous year. Therefore, the rising risk of cyberattacks drives the growth of the legal, risk, and compliance solution market.
Market Trends – Major companies operating in the legal, risk, and compliance solution market are developing artificial intelligence solutions to enhance efficiency, streamline compliance processes, mitigate risks, reduce costs, and ensure adherence to regulatory requirements. AI-powered regulatory change management involves using artificial intelligence (A.I) technologies to streamline and enhance the process of monitoring, interpreting, and implementing regulatory changes within an organization. For instance, in April 2024, Wolters Kluwer N.V., a Netherlands-based publishing company, launched onesumX Reg Manager to streamline regulatory change management processes for organizations. This software solution is designed to assist businesses in efficiently tracking and implementing changes in regulations that are pertinent to their operations. The OneSumX Reg Manager is tailored to meet the specific needs of community banks and credit unions, effortlessly integrating with their existing compliance procedures. The system intends to assist enterprises in increasing business velocity, managing risk, and improving regulatory compliance by centralizing and automating their regulatory change management procedures.
The legal, risk and compliance solution market covered in this report is segmented –
1) By Component: Software, Services
2) By Type: Legal Research And Knowledge Management Solutions, Reporting And Analytics Solutions, Regulatory Monitoring Solutions, Other Type
3) By Deployment: On-Premises, Cloud-Based
4) By Industry Vertical: Banking, Financial Services, And Insurance (BFSI), Healthcare And Life Sciences, Manufacturing And Automotive, Retail And Consumer Goods, Other Industry Vertical
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Regional Insights – North America was the largest region in the legal, risk and compliance solution market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the legal, risk and compliance solution market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies operating in the legal, risk and compliance solution market are Microsoft Corporation, Dell Technologies Corporation, International Business Machines Corporation, Oracle Corporation , SAP SE, Fidelity National Information Services Inc., HCL Technologies Limited, ServiceNow Inc., Thomson Reuters Corporation, SAS Institute Inc., Wolters Kluwer, LexisNexis Group, Software AG, RSA Security LLC, Rapid7 Inc., Tenable Inc., Diligent Corporation, Mitratech Holdings Inc., NAVEX Global Inc., MetricStream Inc., Riskonnect Inc., Galvanize Inc., Resolver Inc., Lockpath Inc., Bwise Inc.
Table of Contents 1. Executive Summary2. Legal, Risk and Compliance Solution Market Report Structure3. Legal, Risk and Compliance Solution Market Trends And Strategies4. Legal, Risk and Compliance Solution Market – Macro Economic Scenario5. Legal, Risk and Compliance Solution Market Size And Growth…..27. Legal, Risk and Compliance Solution Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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