Published : 3 years ago, on 21/07/2021

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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Cyber
security issues are rapidly increasing in the automotive sector due to the
emergence of connected and autonomous vehicles. The demand for legal, risk and
compliance solution to manage vehicle warranty, vehicle recall, and litigation
risk for automotive suppliers is expected to accelerate the market growth
throughout 2029.

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/3^rd party
management, information security, enterprise and operational risk management,
which in turn, is accelerating the legal, risk and compliance solution market
growth.

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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.

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).

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