Legal, Risk and Compliance Solution Global Market Report 2024

The legal, risk and compliance solution market size has grown strongly in recent years. It will grow from $9.11 billion in 2023 to $9.83 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth observed in the historical period can be attributed to several factors, including the increasing importance of risk management practices, a notable surge in data volume, the effects of globalization, high-profile instances of compliance failures, and heightened expectations from both boards and stakeholders.

The legal, risk and compliance solution market size is expected to see strong growth in the next few years. It will grow to $13.49 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The anticipated growth in the forecast period can be attributed to several factors, including the growing complexity and scrutiny of regulatory frameworks, the expansion of global business operations, an increasing demand for integrated risk management solutions, a heightened focus on ethical and corporate governance practices, and the integration of emerging technologies. Major trends expected in the forecast period encompass the increasing adoption of AI and automation for risk management processes, a focus on regulatory technology solutions, strategic partnerships, and increased investments in risk management initiatives.

The escalating threat of cyberattacks is anticipated to be a driving force behind the growth of the legal, risk, and compliance solution market. Cyberattacks, deliberate and malicious actions aimed at disrupting, damaging, or gaining unauthorized access to computer systems, networks, or data, pose an increasing risk due to factors such as heightened connectivity, sophisticated threat actors, cybersecurity skills gaps, data breaches, and vulnerabilities in complex IT environments. In response, organizations turn to legal, risk, and compliance solutions to bolster their resilience against cyber threats and safeguard sensitive data and assets from malicious actors. For example, data from the Cyber Security Centre in November 2022 indicated a significant rise in reported cyber-attacks, reaching 76,000, marking a 13% increase compared to the previous year. Consequently, the growing risk of cyberattacks propels the growth of the legal, risk, and compliance solution market.

Leading companies in the legal, risk, and compliance solution market are leveraging artificial intelligence (AI) to enhance efficiency, streamline compliance processes, mitigate risks, reduce costs, and ensure adherence to regulatory requirements. AI-powered regulatory change management plays a crucial role in this regard, utilizing AI technologies to streamline and enhance the monitoring, interpretation, and implementation of regulatory changes within organizations. For instance, Wolters Kluwer N.V., a Netherlands-based publishing company, introduced onesumX Reg Manager in April 2024 to address the challenges of regulatory change management. This software solution enables businesses to efficiently track and implement changes in regulations relevant to their operations, tailored to meet the specific needs of community banks and credit unions. By centralizing and automating regulatory change management procedures, organizations can enhance business velocity, manage risk, and improve regulatory compliance.

In February 2024, Archer Technologies, a US-based governance, risk, and compliance solutions provider, expanded its capabilities through the acquisition of Compliance.ai for an undisclosed amount. This strategic move aimed to augment Archer Technologies' compliance offerings with advanced AI technology, enabling automated real-time monitoring, tracking, reporting, and response to changing regulations. Compliance.ai, a US-based provider of AI-driven regulatory change management solutions, brings cutting-edge technology to automate and streamline compliance processes, enhancing the agility and effectiveness of organizations in addressing regulatory challenges.

Major companies operating in the legal, risk and compliance solution market are Microsoft Corporation, Dell Technologies Corporation, International Business Machines Corporation, Oracle Corporation, SAP SE, Fidelity National Information Services Inc., HCL Technologies Limited, ServiceNow Inc., Thomson Reuters Corporation, SAS Institute Inc., Wolters Kluwer, LexisNexis Group, Software AG, RSA Security LLC, Rapid7 Inc., Tenable Inc., Diligent Corporation, Mitratech Holdings Inc., NAVEX Global Inc., MetricStream Inc., Riskonnect Inc., Galvanize Inc., Resolver Inc., Lockpath Inc., Bwise Inc.

North America was the largest region in the legal, risk and compliance solution market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the legal, risk and compliance solution market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the legal, risk and compliance solution market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Legal, risk, and compliance solutions encompass a comprehensive suite of tools, methodologies, and approaches devised to assist organizations in navigating legal mandates, mitigating risks, and maintaining compliance with regulatory frameworks across their operations. These solutions amalgamate legal acumen, risk evaluation frameworks, and compliance management systems to tackle diverse facets of regulatory adherence, risk mitigation, and ethical governance.

The primary components of the legal, risk, and compliance solution market, as delineated in this report, are categorized into software and services. Services comprise consulting, training, and ongoing technical support aimed at aiding organizations in optimizing their software utilization and fostering effective risk management practices. The array of solution types includes legal research and knowledge management solutions, reporting and analytics solutions, regulatory monitoring solutions, and others, which are deployed via on-premises or cloud-based infrastructure. These solutions cater to a myriad of industry verticals including banking, financial services, and insurance (BFSI), healthcare and life sciences, manufacturing and automotive, retail and consumer goods, among others.

The legal, risk, and compliance solution market research report is one of a series of new reports that provides legal, risk, and compliance solution market statistics, including legal, risk, and compliance solution industry global market size, regional shares, competitors with a legal, risk and compliance solution market share, detailed legal, risk and compliance solution market segments, market trends and opportunities, and any further data you may need to thrive in the legal, risk and compliance solution industry. This legal, risk, and compliance solution research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The legal, risk, and compliance solution market includes revenues earned by entities through services such as training and education, compliance monitoring and reporting, contract management, data privacy and protection, and policy and procedure development. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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