Enhancing Transparency among Organizations with Single-Source Platform
Legal, risk and compliance solution providers are embracing advanced technology, including automation, for straightforward procedures. Automated legal, risk and compliance solutions enable legal department to completely link to the rest of the business. The workflow automation allows extending legal procedures - access to contract management requests, vendor intake, e-Signature tracking – as well as automatic non-disclosure contracts, new matter requests and miscellaneous legal requests and approvals to the rest of the business.
Automated intervention helps users submit legal requests in a sleek and effective manner without jeopardizing data security in legal management systems, saving time significantly. In addition, software-driven legal, risk and compliance solutions provide a single source for connecting the enterprise, permitting users in sync to express tips and innovative ideas aiding the company in gaining competitive edge.
Clear-cut record of successive occurrences, including particular duties, interactions or formalities where firms partake in on a regular basis, appear to remain by default. Legal, risk and compliance software design personalized workflows to regulate such occurrences and make them verifiable to auditors. Digital documentation replacing earlier demanding paper trails are easily checked by team members and supervisors, smoothening cooperation, and enhancing answerability.
Legal, Risk and Compliance Solution Market - Key Research Findings
- The global legal, risk and compliance solution market size is anticipated to be valued at ~US$ 8.4 Bn in 2019.
- The legal, risk and compliance solution market is estimated to grow at a CAGR of ~7% during the forecast period of 2019-2029.
- The obligatory implementation of GRC solutions in enterprises and increasing adoption of big data and IOT to enhance these solutions are creating potential growth opportunities for legal, risk and compliance solution providers.
- North America is a prominent region in terms of value in the legal, risk and compliance solution market, and accounted for a market share of ~30% in 2018. However, APEJ (Asia Pacific excluding Japan) is expected to overtake North America during the forecast period and become the significant market for legal, risk and compliance solution.
- The APEJ and Western Europe regions, due to strong economic growth, rising urbanization, industrialization, growing adoption of big data and IOT, and supply, will continue to be among the prominent regional markets for legal, risk and compliance solution.
- In order to stay ahead of the pack, legal, risk and compliance solution providers are focusing on mergers and acquisitions of other small and regional players in the market. Such strategic move is likely to help in fulfilling the growing demand from various end-use industries including BFSI (Banking, Financial Services, and Insurance) and healthcare.
- For instance, in July 2018, the Thomson Reuters announced that it has acquired HighQ, which is a leading collaboration platform for the legal and regulatory market. This acquisition will position with an open best-in-class platform at the heart of the legal software ecosystem.
Key Factors Shaping the Legal, Risk and Compliance Solution Market
High Adoption of eGRC Solutions
eGRC is an innovative and multifunctional approach that covers people, technologies, and processes to reduce compliance costs, improve performance, and gain visibility. The increasing adoption of enterprise governance, risk, and compliance solution (eGRC) for big data and IoT has a positive impact on the legal, risk and compliance solutions market. Therefore, owing to the rising concern of identifying enterprise risk and compliance management in insurance companies, the demand for legal, risk and compliance solution is expected to increase rapidly.
Technological Advancements to Create New Growth Opportunities
Rapid implementation of new technologies and advancements in GRC (government, risk and compliance) have been transforming financial ecosystems, thereby creating potential growth opportunities for the legal, risk and compliance solution market players. Advantages such as process structure that improve risk-informed business decisions, regulatory compliance program, consistent risk assessments, and improved predictive capabilities are some of the primary factors resulting in increased adoption of legal, risk and compliance solution.
Maintaining a Competitive Edge in the Banking Industry
Growing demand for identifying & assessing risks, conducting compliance processes, implementing & monitoring controls, and eliminating gaps across the advanced multi-country operations in the banking sector are creating opportunities for the legal, risk and compliance solution providers. Maintaining a competitive edge in the banking industry is also a prominent factor that drives the legal risk and compliance solution market growth.
Growth Opportunities in the Asia Pacific Region
The legal, risk and compliance solution providers are focusing on increasing their businesses opportunities across countries in the Asia Pacific region such as India, China, and Indonesia, as these countries are witnessing strong economic growth coupled with continuous industrialization. Rapid adoption of new automation and smart technologies across numerous industries in these countries will further complement the growth of the legal, risk and compliance solution market.
Legal, Risk and Compliance Solution Market Structure Analysis
- The global legal, risk and compliance solution market consist of competition landscape, where majority of key players are maintaining a strategic focus on acquisitions & mergers, new innovation, and partnerships & collaborations to target a strong global footprint.
- The global legal risk and compliance solution market represents a fairly consolidated competition landscape, where majority of the key players maintain their strategic focus on the development of solid distribution partnerships and joint ventures, thus targeting a firmer global footprint.
- Tier-1 legal, risk and compliance solution providers account for around 45% of the overall market. The key legal, risk and compliance solution market participant such as Wolters Kluwer, IBM, Thomson Reuters Corporation, and Oracle Corporation are among the largest and most experienced in the industry, and have a significant regional coverage across the globe.
Timely Notifications to Prevent Non-Compliance Penalties and Potential Risks
Legal, risk and compliance software offers adjustable alert systems to notify users of decided, current and pending compliance deadlines, helping in prevention of fines regarding non-abidance of policies by providing enough time to the teams of organizations to intuitively fulfil the compliance request. The software keeps an eye on ever-changing regulatory requisites and notify teams in an organization of potential threats, allowing enterprises to analyze the outcomes of official changes, as well as recognize penalties and fines for non-abidance.
All the businesses survive on the profits earned and maneuver opportunities to save money. The customized workflow automation allows legal, risk and compliance teams to implement non-disclosure agreement procedures in lesser time as compared to traditional processes. With the integration of automated software into firms, legal, risk and compliance actions are able to retort to business requirements in a more dexterous way, simplify and enhance their procedures, as well as deliver the effectiveness to the entire firm.
Stringent and Changing Government Regulations in North America and Europe Grab Market Players’ Attention
The need to prevent non-compliance penalties, and improve data privacy is propelling the demand for legal, risk and compliance solutions in North America and Europe. Corporations paid out ~$60 Bn in penalties for the U.S. regulatory violations in 2015, which increased by above five-folds between 2010 and 2015. Credit unions in the U.S. face a collective ~$6 Bn in annual compliance expenses - ~15% of functional costs. Further, changing state regulations in various states of the US related to customer privacy in private and public sectors are setting high hopes for market players.
European General Data Protection Regulation (GDPR) is upgrading European Union (EU) laws for data protection and data transparency among organizations interacting with the EU-28 demographics. As such, legal, risk and compliance solution providers are thriving to design a suite of solutions to abide by the stringent regulations.
IT-Driven Solutions and Enhanced Data Protection – Key Tenets to Define Stakeholders’ Tactics
Legal, risk and compliance solutions enhancing risk-informed business decisions, regulatory compliance program, consistent risk assessments, and predictive capabilities are bedrocks of organizations. Market players, including Dell EMC, are launching Integrated Data Protection Appliance and Expands Cloud Data Protection Portfolio with the aim to provide converges protection storage, search and analytics in a single appliance, and deliver data security across a broad system of applications and platforms to businesses.
Solution providers are offering a chain of IT-enabled solutions driving chief compliance officers at banks, securities, and insurance firms to keep on top of compliance with multiple financial and non-financial policies. Increasing focus on legal, risk and compliance solutions cuts down the cost of regulatory fines, and increases clients’ faith. As such, market forces are incorporating next-gen technologies – artificial intelligence (AI) and big data – into software platform in a bid to provide timely regulatory updates.
High demand for software
Services to pick pace
High adoption in BFSI
Increasing applicability in telecom and IT
How Growth will Unfold
Banks and financial service providers are shifting from basic facilities, including insurance, accounting, credit, investment, and cash management services, to non-banking environment such as, mobility services, business process expanding, medical services, and stock handling. As a consequence, the need for an integrated legal, risk and compliance solution is set to become a paramount aspect of business sustainability strategy, and penalties avoidance.
Government across the globe – European GDPR – are updating data privacy norms to efficiently acquire, access, transfer, or share data assets and preserve data privacy and security. Increasing policies regarding technology are influencing banks to extend data & facilities to exterior surroundings via technologies such as, APIs (Application Programming Interface), resulting in enhanced adoption of Cloud, IoT and Cyber security.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Legal, Risk and Compliance Solution Market Analysis 2019 - 2029
A recent market study published by FMI on the legal, risk and compliance solution market includes a global industry analysis 2014-2018 and opportunity assessment 2019-2029, and delivers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical as well as current growth parameters, growth prospects of the market are obtained with maximum precision.
Legal Risk And Compliance Solution Market Taxonomy
The global legal, risk and compliance solution market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to readers.
- Audit Management
- Compliance Management
- Risk Management
- Policy Management
- Incident Management
- Enterprise Legal Management
- Legal Document Management
- Others (Analytics Management, Business Continuity Management, Financial Control Management, Issue Management, IT eGRC)
- Compliance Management Services
- Governance and Risk Management Services
- Data Privacy Services
- BFSI (Banking, Financial Services, Insurance Sectors)
- Healthcare Industry
- Energy and Utilities
- Manufacturing Industry
- Retail and Consumer Goods
- Telecom and IT
- Mining and Natural Resources
- Transportation and Logistics
- Others (Education, Construction)
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Excluding Japan
- Middle East & Africa
The report initiates with the executive summary of the legal, risk and compliance solution market, which includes a summary of the key findings and statistics of the market. It also includes the demand and supply-side trends pertaining to the market.
Readers can find the definition and detailed taxonomy of the legal, risk and compliance solution market in this chapter, which will help them understand the basic information about the market. Along with this, comprehensive information pertaining to legal, risk and compliance solution and their properties are provided in this section. This section also highlights inclusions and exclusions, which help the reader understand the scope of the legal, risk and compliance solution market report.
The legal, risk and compliance solution market report provides the key market trends that are expected to significantly impact the market growth during the forecast period. Detailed industry trends are also provided in this section.
This section includes factors that have emerged as a key successful factors, and strategies adopted by the key market participants.
This section explains the global market value analysis and forecast for the legal, risk and compliance solution market during the forecast period of 2019-2029. It includes a detailed analysis of the historical legal, risk and compliance solution market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2019), and an incremental $ opportunity for the forecast period (2019–2029). Along with this, the pricing analysis of the legal, risk and compliance solution market at the regional level has been provided in this section.
This chapter explains the key macro-economic factors that are expected to influence the growth of the legal, risk and compliance solution market over the forecast period. Along with the macroeconomic factors, this section also highlights the supply chain, forecast factors, and value chain analysis of the legal, risk and compliance solution market. Moreover, in-depth information about the market dynamics and their impact analysis on the market have been provided in the successive section.
Based on component, the legal, risk and compliance solution market is segmented into software and services. The software segment is further sub-segmented into audit management, compliance management, risk management, policy management, incident management, enterprise legal management, legal document management, and others (analytics management, business continuity management, financial control management, issue management, IT eGRC). In the services segment, it includes the compliance management services, governance and risk management services, and data privacy services. In this chapter, readers can find information about the key trends and developments in the legal, risk and compliance solution market and market attractiveness analysis, based on component.
This chapter provides details about the legal, risk and compliance solution market based on end-use industry, and has been classified into BFSI (banking, financial services, and insurance Sectors), healthcare industry, energy and utilities, manufacturing industry, retail and consumer goods, telecom and IT, mining and natural resources, transportation and logistics, and others (education, and construction). In this chapter, readers can understand the market attractiveness analysis based on end-use industry.
This chapter explains how the legal, risk and compliance solution market will grow across various geographic regions such as North America, Latin America, Western Europe, Eastern Europe, APEJ (Asia-Pacific excluding Japan), Japan, and Middle East & Africa.
This chapter includes a detailed analysis on the growth of the North America legal, risk and compliance solution market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find the pricing analysis, regional trends, and the market growth based on component, end-use industry, and countries in North America.
This chapter provides the growth scenario of the legal, risk and compliance solution market in Latin American countries such as Brazil, Mexico, and the rest of Latin America. Along with this, assessment of the market across target segments has been provided.
Important growth prospects of the legal, risk and compliance solution market based on its end users in several countries such as the Germany, UK, France, Spain, Italy, BENELUX, and the rest of Europe are included in this chapter.
This chapter provides the growth scenario of the legal, risk and compliance solution market in Eastern Europe countries such as Russia, Poland, and the rest of Eastern Europe.
This chapter highlights the growth of the legal, risk and compliance solution market in the APEJ region by focusing on China, India, ASEAN, Australia & New Zealand, and the rest of APEJ. This section also help readers understand the key factors that are responsible for the growth of the legal, risk and compliance solution market in the APEJ region.
This section also help readers understand the key factors that are responsible for the growth of the legal, risk and compliance solution market in Japan.
This chapter provides information about how the legal, risk and compliance solution market will grow in major countries in the MEA region, such as GCC countries, South Africa, North Africa, Turkey, and the rest of MEA during the forecast period of 2019-2029.
In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the legal, risk and compliance solution market, along with their market presence analysis by region and product portfolio.
In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the legal, risk and compliance solution market, along with the detailed information about each company. This includes the company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are IBM, Thomson Reuters Corporation, Oracle Corporation, Dell EMC, Fidelity National Information Services, Inc., HCL Technologies Limited, Wolters Kluwer, Software AG, SAI Global, and Mitratech Holdings Inc.
This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the legal, risk and compliance solution market report.
This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the legal, risk and compliance solution market.
How the research was conducted?
- C - Level Executives
- Marketing Directors
- Sales Heads
- Sales Executives
- Technical Advisor
- Legal, Risk and Compliance Solution Provider
- Industry Experts
- End Users
- Current Market Dynamics and Challenges
- Market Characteristics
- Market Performance and Growth Quadrants
- Competition Structure and Market Structure
- Strategic Growth Initiatives
- Near term and long term market growth prospects
- Market Segment Splits and Authenticity
- Opinions on market projections and validity of assumptions
- Company’s white papers
- Annual Reports and Investor Presentations
- Research Papers
- Company Press Release
- Government Websites and Publications
Primary Interview Splits