02 November 2022
A Future Market Insights market research study on the legal, risk, and compliance solution market offers important insights and examines the market for the projected period of 2019–2029. According to the report’s findings, the market for legal, risk, and compliance solutions is expected to produce global revenues of about US$ 8.4 billion in 2019.
The market for legal, risk, and compliance solutions is also anticipated to develop significantly in the future years. It is caused by a number of variables, including the mandatory use of GRC solutions in businesses and the growing use of big data and IoT in legal, risk, and compliance solutions.
Adoption of legal, risk and compliance solution in the industrial sector helps in dealing with the top labor and employment issues, thereby enhancing various operational processes. Introduction of new technologies and driverless cars along with rapid digitization and automation is further likely to augment the growth of the legal, risk and compliance solution market.
On the basis of FMI report, the component of legal, risk and compliance solution is projected to generate an incremental opportunity of ~US$ 8.2 Bn during the forecast period of 2019 to 2029. As compared to services, the legal, risk and compliance solution software is anticipated to witness prominent growth rate during the forecast period, owing to the increasing demand for policy management and enterprise risk management.
Furthermore, the software supports an organization risk management processes, which include internal audit, internal control, business continuity, vendor/3rd party management, information security, enterprise and operational risk management, which in turn, is accelerating the legal, risk and compliance solution market growth.
Increased Number of Risk Factors and Business Complexities
The legal, risk and compliance solution effectively manages, monitors, and defines the external and internal business environments. Increasing business complexities and changing regulatory requirements in recent years, are expected to drive the legal, risk and compliance solution market growth.
The solutions are also used to provide higher quality information to management, process optimization, better capital allocation, improved effectiveness, protected reputation, and reduced costs for all industry verticals. Furthermore, the rising number of risk factors against business data is generating potential growth opportunities for the legal, risk and compliance solution providers.
Managing Policies and Regulations in the Government Sector
Implementing a transparent and uniform process in government organization is expected to bolster the demand for legal, risk and compliance solutions. These solutions help in managing environmental, health & safety (EH&S), liquidity and credit risks along with managing quality and stakeholder expectation and controlling high cost for aging infrastructure. Further, the need for managing policies, regulation, and business performance effectively in the government sector due to increased regulatory pressures is likely to accelerate the market growth.
Demand for Legal Document Management Solutions to Reduce Paper Work
Importance of maintaining historical company records coupled with rising adoption of paperless solutions are significant factors that are driving the growth of the legal, risk and compliance solution market. Multiple organizations are going paperless to pursue new ways of making business and new opportunities to reach across various channels and bring new customers, partners, and revenue. Cloud-based computing solutions have been developed as the key enablers of the document management system (DMS).