What Has Been the Progress and Growth of the Legal, Risk and Compliance Solution Market in Recent Years?
The legal, risk and compliance solution market has seen considerable growth due to a variety of factors.
• The legal, risk, and compliance solution market has seen strong growth in recent years. It is expected to grow from $9.83 billion in 2024 to $10.66 billion in 2025, with a CAGR of 8.5%.
This growth is due to rising risk management needs, data explosion, globalization, high-profile compliance failures, and increasing board and stakeholder expectations.
How Does the Forecast Look for the Legal, Risk and Compliance Solution Market?
The legal, risk and compliance solution market is expected to maintain its strong growth trajectory in upcoming years.
• The legal, risk, and compliance solution market is anticipated to grow to $14.59 billion by 2029, with a CAGR of 8.2%.
The growth is driven by rising regulatory complexity, global business expansion, a demand for integrated risk management, and a focus on ethical corporate governance. Trends include increased adoption of AI and automation, regulatory technology, partnerships, and investments.
What Are The Leading Drivers Of Growth In The Legal, Risk and Compliance Solution Market?
The rising threat of cyberattacks is expected to drive growth in the legal, risk, and compliance solution market. As cyberattacks become more sophisticated and frequent, companies seek legal and compliance solutions to safeguard against data breaches and protect assets. For example, in November 2022, Australia reported a 13% increase in cyberattacks, reaching 76,000 incidents. The growing risk of cyberattacks is propelling the demand for these solutions.
How Are The Segments Defined Within The Global Legal, Risk and Compliance Solution Market?
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
Subsegments:
1) By Software: Governance, Risk, and Compliance (GRC) Software, Regulatory Technology (RegTech) Software, Contract Management Software, Policy Management Software, Legal Research And Analytics Software, Incident Management Software
2) By Services: Consulting Services, Implementation Services, Training And Support Services, Managed Services
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How Are Emerging Trends Reshaping The Dynamics Of The Legal, Risk and Compliance Solution Market?
Major firms in the market for legal, risk and compliance solutions are implementing artificial intelligence to increase efficiency, simplify compliance procedures, lower risks, cut costs and ensure conformity to regulatory stipulations. This employment of AI in regulatory change management includes the use of AI technology to enhance and streamline the monitoring, interpreting and execution of regulatory changes within a corporation. For example, Wolters Kluwer N.V., a publishing company based in the Netherlands, launched OnesumX Reg Manager in April 2024 to simplify regulatory change management for companies. This software is crafted to support businesses in effectively tracking and executing modifications in rules relevant to their functions. The OnesumX Reg Manager has been precisely designed for community banks and credit unions, seamlessly merging with their existing compliance processes. The aim of this system is to aid organisations in enhancing their business speed, managing risks and bolstering regulatory compliance by consolidating and automating their regulatory change management systems.
Who Are the Key Players In The Legal, Risk and Compliance Solution Market?
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.
What Is The Most Dominant Region In The Legal, Risk and Compliance Solution Market?
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.
