Overview and Scope
Legal, risk, and compliance solutions refer to a suite of tools, practices, and strategies designed to help organizations navigate legal requirements, manage risks, and ensure adherence to regulatory standards within their operations. These solutions integrate legal expertise, risk assessment frameworks, and compliance management systems to address various aspects of regulatory compliance, mitigate risks, and uphold ethical standards.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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.
The legal, risk and compliance solution market report table of contents includes:
- Executive Summary
- Legal, Risk and Compliance Solution Market Characteristics
- Legal, Risk and Compliance Solution Market Trends And Strategies
- Legal, Risk and Compliance Solution Market – Macro Economic Scenario
- Global Legal, Risk and Compliance Solution Market Size and Growth
- Legal, Risk and Compliance Solution Market Segmentation
- Legal, Risk and Compliance Solution Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Legal, Risk and Compliance Solution Market
- Legal, Risk and Compliance Solution Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Legal, Risk and Compliance Solution Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Legal, Risk and Compliance Solution Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Legal, Risk and Compliance Solution Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: Microsoft Corporation Financial Performance
Table 76: Dell Technologies Corporation Financial Performance
Table 77: International Business Machines Corporation Financial Performance
Table 78: Oracle Corporation Financial Performance
Table 79: SAP SE Financial Performance
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