Legal, Risk and Compliance Solution Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions

"The Business Research Company recently released a comprehensive report on the Global Legal, Risk and Compliance Solution Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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.

Legal, Risk and Compliance Solution Market 2024 Key Insights:

• 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%.
• Growing Demand For Legal, Risk, And Compliance Solutions Amidst Escalating Cyber Threats
• Revolutionizing regulatory change management solutions in the legal, risk, and compliance markets
• North America was the largest region in the legal, risk and compliance solution market in 2023

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