About Legal, Risk and Compliance Solution
Legal, Risk and Compliance Solution are used to provide the most up-to-date legislation. It is used to provide cross-disciplinary view that enables companies to identify, track, and analyze the risks and comply with global laws and regulations, industry standards, and corporate policies. Current risk and compliance processes are often inefficient and cumbersome, involving an inordinate amount of manual work with disconnected and varied results. Growing adoption of software to manage legal, risk and compliance will contribute the market growth.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Companies operating in the risk and compliance solution market landscape should focus on mergers & acquisitions to improve their market share and overall position. Quality of service, service pricing research, and expansion of the existing offering are some of the other strategies that should be considered to gain ground in the market during the forecast period. Analyst at AMA Research estimates that United States and European Players will contribute the maximum growth to Global Legal, Risk and Compliance Solution market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
IBM Corporation (United States), Thomson Reuters (United States), Oracle Corporation (United States), Dell EMC (United States), Fidelity National Information Services (United States), HCL Technologies Limited (India), Wolters Kluwer N.V. (Netherlands), SAI Global (Australia), Mitratech Holdings Inc (United States) and LexisNexis (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are KPMG International Limited (Netherlands), Capgemini SE (France), PricewaterhouseCoopers (United Kingdom), Genpact (United States), Proind (India) and Oceans Group (Australia).
Segmentation Overview
AMA Research has segmented the market of Global Legal, Risk and Compliance Solution market by Type (Software and Services), Application (Financial Services, Medical, Retail, Telecom and IT and Other) and Region.
On the basis of geography, the market of Legal, Risk and Compliance Solution has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Organization Size, the sub-segment i.e. Large will boost the Legal, Risk and Compliance Solution market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Solution Deployment, the sub-segment i.e. Cloud will boost the Legal, Risk and Compliance Solution market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Demand For Policy Management And Enterprise Risk Management
Market Growth Drivers:
Increased Number Of Risk Factors And Business Complexities and Growing Demand For Real-Time Updates And Enterprise-Level Compliance Statuses
Challenges:
Massive Volumes Of Regulations Across Worldwide
Restraints:
Data Privacy Concerns
Opportunities:
Demand To Reduce Paper Work and Adoption Of Legal, Risk And Compliance Solution In End User Industries
Market Leaders and their expansionary development strategies
In February 2021, Diligent Corporation signed an acquisition agreement with Steele Compliance Solutions, Inc., a global leader in ethics and compliance SaaS. This acquisition will add Steele’s ethics and compliance management solutions to Diligent portfolio. T
Jan. 17, 2024—Epiq, a global technology-enabled services leader to the legal industry and corporations, announced today the launch of real-time, data-driven Regulatory Risk Insights™. The antitrust and white collar compliance solution empowers corporate legal departments to identify, measure, and act on organizational risk as it happens.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Legal, Risk, and Compliance Solution Providers, Technology Service Providers, Venture Capitalists, Private Equity Firms, Government Regulatory, Research Organizations and End-Use Industry
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.