Legal, Risk and Compliance Solution Market Trends [2031]

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Legal, Risk and Compliance Solution Market Trends [2031]

Legal, Risk and Compliance Solution Market Trends [2031]

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Segments - Legal, Risk and Compliance Solution Market by Component (Software and Services), End-use Industry (Healthcare, BFSI, Energy & Utilities, Retail & Consumer Goods, Manufacturing, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

Author : Swarup Sahu

Fact-checked by : V. Chandola

Editor : Ranjit Pankhade

Report Description

Outlook 2031
Dynamics
Scope of the Report
Segment Insights

Segments
Table Of Content
Methodology
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Report Description

Legal, Risk and Compliance Solution Market Outlook 2031

The global legal, risk and compliance solution market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of XX% during 2023–2031. The market is driven by the increasing globalization of businesses.

Growing threats to cyber security are projected to boost the market during the assessment period. Multinational companies are making huge investments in ensuring the safety of sensitive data and operations. The expanding international operations necessitate robust legal and compliance tools to navigate through complex regulations. With the expansion of manufacturing and production in various parts of the world, the market is likely to have significant propulsion in the years to come.

As per the data from the National Institute of Standards and Technology, there was a contribution of USD 2.3 trillion from the manufacturing sector to the US GDP in 2021. Out of the total GDP, this has the equivalence of 12% of the total amount.

Legal, Risk and Compliance Solution Market Outlook

The COVID-19 pandemic hindered the market as a result of lockdown restrictions that were imposed by numerous governments and regulatory bodies all around the world. As a result, the manufacturing and production activities were halted, leading to the slowdown of the business. Consequently, there was a sharp decline in the demand for legal, risk and compliance solutions.

Impact of Artificial Intelligence (AI) in Legal, Risk and Compliance Solution Market

The use of artificial intelligence is likely to provide substantial propulsion to the legal, risk and compliance solution market. AI enhances efficiency by automating routine tasks, allowing for quicker analysis of large data and identification of potential threats. It can help with proactive risk management, thereby reducing manual errors and improving overall compliance.

Legal, Risk and Compliance Solution Market Dynamics

Major Drivers

Growing requirement for effective risk management is expected to drive the market during the projection period. The rise in cybersecurity threats has heightened the demand for effective risk management solutions. Organizations, facing strict regulatory compliance requirements, seek comprehensive legal, risk and compliance solutions to navigate effectively through the legal framework. With the expansion of manufacturing, aerospace, and automotive industries, among others, businesses are likely to prioritize proactive risk mitigation strategies. This is projected to impel the market in the assessment period.

Evolving regulatory framework and data privacy concerns are some of the primary factors fueling the market. Rapid advancement in technology offers more sophisticated tools for effective risk assessment and compliance management. Furthermore, Organizations are seeking to incorporate automation and streamline risk management and mitigation. These factors are projected to spur the market in the coming period.

According to the information updated in 2022 by the Aerospace Industries Association, an increment of 11.2% has been registered in the aerospace and defense industry exports in 2020-2021. The total evaluation of this increase was USD 100.4 billion.

Existing Restraints

Shortage of skilled personnel is likely to hamper the market during the forecast period. The lack of qualified professionals makes it difficult for business organizations to fully leverage risk management solutions. As a result, several companies struggle to implement and manage these complex tools. This is projected to create a market slowdown in the years to come.

Emerging Opportunities

Increasing corporatization in developing economies is anticipated to provide substantial growth opportunities for the market. The expansion of corporate setup is creating a high demand for legal, risk and compliance solution providers. The businesses try to meet international standards and actively seek the aid of such service providers. As companies expand their operations globally, it becomes essential for them to maintain compliance and manage risks effectively. This is likely to create lucrative prospects for the market.

Scope of the Legal, Risk and Compliance Solution Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Legal, Risk and Compliance Solution Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Component (Software and Services), End-use Industry (Healthcare, BFSI, Energy & Utilities, Retail & Consumer Goods, Manufacturing, and Others)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
Key Players Covered in the Report	Wolters Kluwer N.V.; Thomson Reuters; Software AG; ServiceNow; SAS Institute Inc.; SAP SE; Microsoft; MetricStream; IBM; and BWISE Manufacturing, LLC.

Legal, Risk and Compliance Solution Market Segment Insights

Component Segment Analysis

Based on component, the legal, risk and compliance solution market is divided into software and services. The services segment is projected to hold the major share of the market during the projection period due to the high demand for consulting, training, and implementation services. Businesses are seeking specialized consulting services to tailor solutions to specific organizational requirements. In addition, training services have become crucial to upskilling personnel, ensuring effective utilization of these solutions. These factors are projected to propel this segment during the forecast period.

End-use Industry Segment Analysis

On the basis of end-use industry, the global market is segregated into healthcare, BFSI, energy & utilities, retail & consumer goods, manufacturing, and others. The healthcare segment is projected to register a high CAGR during the forecast period as the legal, risk, and compliance solutions ensure adherence to stringent regulatory requirements such as HIPAA (Health Insurance Portability and Accountability Act). These solutions provide a robust framework for data protection, mitigating legal risks associated with patient information. Additionally, by automating compliance processes, health organizations can enhance operational efficiency and focus on delivering quality patient care. With the growing prevalence of chronic problems such as diabetes, hypertension, and renal diseases, this segment is likely to have major propulsion in the coming years.

According to the recent data from the National Institute of Health (NIH) updated in May 2023, around one in seven adults are affected by chronic renal ailments in the US. This is equivalent to approximately 37 million people.

The manufacturing segment is anticipated to expand at a significant pace in the market as the use of legal, risk and compliance solutions reduces the risk of legal disputes and enhances the overall operational efficiency. By proactively managing risks and safeguarding its reputation, the businesses can achieve sustainable growth and improved product quality. As a result, this segment is anticipated to have a significant surge during the assessment period.

Regional Outlook

In terms of region, the global legal, risk and compliance solution market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period due to the increasing focus on regulatory adherence and data security. As a result of a well-developed corporate infrastructure in this region, there is a high demand for sophisticated solutions to manage legal and operational risks. Furthermore, the strong presence of numerous key market players in this region is projected to impel the market in the coming years.

The market in Asia Pacific is projected to do well in the years to come owing to the rapid corporatization in this region. It is increasing the awareness of the need for comprehensive solutions to manage risks and ensure compliance with diverse regulations. Moreover, as multinational companies from other regions are making heavy investments in Asia Pacific, the market is likely to spur at a high pace in the forecast period.

Legal, Risk and Compliance Solution Market Region

Segments

The legal, risk and compliance solution market has been segmented on the basis of

Component

Software
Services

End-use Industry

Healthcare
BFSI
Energy & Utilities
Retail & Consumer Goods
Manufacturing
Others

Region

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

Wolters Kluwer N.V.
Thomson Reuters
Software AG
ServiceNow
SAS Institute Inc.
SAP SE
Microsoft
MetricStream
IBM
BWISE Manufacturing, LLC

Competitive Landscape

Key players competing in the global legal, risk and compliance solution market are Wolters Kluwer N.V.; Thomson Reuters; Software AG; ServiceNow; SAS Institute Inc.; SAP SE; Microsoft; MetricStream; IBM; and BWISE Manufacturing, LLC.

These companies incorporate several development strategies including product launches, mergers, partnerships, collaboration, acquisitions, and production expansion to get an edge over the competitors. For instance,

In May 2023, Thomson Reuters, one of the prominent market players, declared its idea to redefine the working of professionals with content-based AI technology. This is intended to help the customers unleash their full potential through automated workflows, powerful insights, and high efficiency.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Legal, Risk and Compliance Solution Market Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Legal, Risk and Compliance Solution Market Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Legal, Risk and Compliance Solution Market Market - Supply Chain
  4.5. Global Legal, Risk and Compliance Solution Market Market Forecast
     4.5.1. Legal, Risk and Compliance Solution Market Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Legal, Risk and Compliance Solution Market Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Legal, Risk and Compliance Solution Market Market Absolute $ Opportunity
5. Global Legal, Risk and Compliance Solution Market Market Analysis and Forecast by End Users
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by End Users
     5.2.2. Y-o-Y Growth Projections by End Users
  5.3. Legal, Risk and Compliance Solution Market Market Size and Volume Forecast by End Users
     5.3.1. Healthcare
     5.3.2. BFSI
     5.3.3. Energy & Utilities
     5.3.4. Retail & Consumer Goods
     5.3.5. Manufacturing
     5.3.6. Others
  5.4. Absolute $ Opportunity Assessment by End Users
  5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Legal, Risk and Compliance Solution Market Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Legal, Risk and Compliance Solution Market Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Legal, Risk and Compliance Solution Market Demand Share Forecast, 2019-2026
7. North America Legal, Risk and Compliance Solution Market Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Legal, Risk and Compliance Solution Market Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Legal, Risk and Compliance Solution Market Market Size and Volume Forecast by End Users
     7.4.1. Healthcare
     7.4.2. BFSI
     7.4.3. Energy & Utilities
     7.4.4. Retail & Consumer Goods
     7.4.5. Manufacturing
     7.4.6. Others
  7.5. Basis Point Share (BPS) Analysis by End Users
  7.6. Y-o-Y Growth Projections by End Users
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Legal, Risk and Compliance Solution Market Demand Share Forecast, 2019-2026
8. Latin America Legal, Risk and Compliance Solution Market Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Legal, Risk and Compliance Solution Market Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Legal, Risk and Compliance Solution Market Market Size and Volume Forecast by End Users
     8.4.1. Healthcare
     8.4.2. BFSI
     8.4.3. Energy & Utilities
     8.4.4. Retail & Consumer Goods
     8.4.5. Manufacturing
     8.4.6. Others
  8.5. Basis Point Share (BPS) Analysis by End Users
  8.6. Y-o-Y Growth Projections by End Users
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Legal, Risk and Compliance Solution Market Demand Share Forecast, 2019-2026
9. Europe Legal, Risk and Compliance Solution Market Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Legal, Risk and Compliance Solution Market Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Legal, Risk and Compliance Solution Market Market Size and Volume Forecast by End Users
     9.4.1. Healthcare
     9.4.2. BFSI
     9.4.3. Energy & Utilities
     9.4.4. Retail & Consumer Goods
     9.4.5. Manufacturing
     9.4.6. Others
  9.5. Basis Point Share (BPS) Analysis by End Users
  9.6. Y-o-Y Growth Projections by End Users
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Legal, Risk and Compliance Solution Market Demand Share Forecast, 2019-2026
10. Asia Pacific Legal, Risk and Compliance Solution Market Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Legal, Risk and Compliance Solution Market Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Legal, Risk and Compliance Solution Market Market Size and Volume Forecast by End Users
     10.4.1. Healthcare
     10.4.2. BFSI
     10.4.3. Energy & Utilities
     10.4.4. Retail & Consumer Goods
     10.4.5. Manufacturing
     10.4.6. Others
  10.5. Basis Point Share (BPS) Analysis by End Users
  10.6. Y-o-Y Growth Projections by End Users
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Legal, Risk and Compliance Solution Market Demand Share Forecast, 2019-2026
11. Middle East & Africa Legal, Risk and Compliance Solution Market Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Legal, Risk and Compliance Solution Market Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Legal, Risk and Compliance Solution Market Market Size and Volume Forecast by End Users
     11.4.1. Healthcare
     11.4.2. BFSI
     11.4.3. Energy & Utilities
     11.4.4. Retail & Consumer Goods
     11.4.5. Manufacturing
     11.4.6. Others
  11.5. Basis Point Share (BPS) Analysis by End Users
  11.6. Y-o-Y Growth Projections by End Users
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Legal, Risk and Compliance Solution Market Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Legal, Risk and Compliance Solution Market Market: Market Share Analysis
  12.2. Legal, Risk and Compliance Solution Market Distributors and Customers
  12.3. Legal, Risk and Compliance Solution Market Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Wolters Kluwer N.V.
     12.4.2. Thomson Reuters
     12.4.3. Software AG
     12.4.4. ServiceNow
     12.4.5. SAS Institute Inc.
     12.4.6. SAP SE
     12.4.7. Microsoft
     12.4.8. MetricStream
     12.4.9. IBM
     12.4.10. BWISE Manufacturing, LLC