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Leading Element Driving Change in the Legal, Risk and Compliance Solution Market in 2025: Growing Demand For Legal, Risk, And Compliance Solutions Amidst Escalating Cyber Threats Driver
Legal, Risk and Compliance Solution Market Size
The increasing threat of cyberattacks is expected to propel the legal, risk, and compliance solution market. As cyber threats become more advanced due to increased connectivity and data breaches, organizations are investing in solutions to protect against these attacks. These solutions help manage risks and ensure compliance with regulations. In November 2022, the Cyber Security Centre reported 76,000 cyberattacks in Australia, marking a 13% rise from the previous year, thus driving the market for legal and risk compliance solutions.
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What is the future CAGR of the legal, risk and compliance solution market, and how will it impact industry expansion?
The legal, risk, and compliance solutions market will grow from $9.83 billion in 2024 to $10.66 billion in 2025 at a CAGR of 8.5%, driven by globalization, compliance failures, and growing data management needs.
The legal, risk, and compliance solution market is set to expand to $14.59 billion by 2029 at a CAGR of 8.2%. Growth drivers include increasing regulatory complexity, global business expansion, the rising need for integrated risk management, and a greater emphasis on corporate governance. Emerging trends include the adoption of AI-driven automation, advancements in regulatory technology, increased investments in compliance solutions, and strategic industry partnerships.
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What are the most significant trends transforming the legal, risk and compliance solution market today?
In the legal, risk, and compliance solution market, companies are leveraging artificial intelligence (AI) to improve efficiency, streamline compliance processes, and reduce costs. AI-powered solutions help businesses track and implement regulatory changes effectively. For example, in April 2024, Wolters Kluwer N.V. introduced the OneSumX Reg Manager to streamline regulatory change management for community banks and credit unions, integrating AI to improve compliance and risk management.
Which key market segments comprise the legal, risk and compliance solution market and drive its revenue growth?
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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What regions are at the forefront of legal, risk and compliance solution market expansion?
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.
Who are the leading players fueling growth 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.
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What Is Covered In The Legal, Risk and Compliance Solution Global Market Report?
•Market Size Forecast: Examine the legal, risk and compliance solution market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the legal, risk and compliance solution market for a structured understanding.
•Key Players Overview: Analyze major players in the legal, risk and compliance solution market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the legal, risk and compliance solution market.
•Segment Contributions: Evaluate how different segments drive overall growth in the legal, risk and compliance solution market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the legal, risk and compliance solution market.
•Industry Challenges: Identify potential risks and obstacles affecting the legal, risk and compliance solution market.
•Competitive Landscape: Review strategic developments in the legal, risk and compliance solution market, including expansions, agreements, and new product launches.
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