A market research report by Future Market Insights on the legal, risk and compliance solution market provides critical insights and explores the legal, risk and compliance solution market for the forecast period of 2019-2029. As per the report findings, the global revenues generated by the legal, risk and compliance solution market is set to reach ~US$ 8.4 Bn in 2019. Furthermore, the legal, risk and compliance solution market is expected to experience a substantial growth over the upcoming years. It is due to various factors such as increasing adoption of big data and IoT in legal, risk and compliance solutions, growth in industrial IoT, and obligatory implementation of GRC solutions in enterprises.
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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.
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.
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.
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