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.
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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.
Key Segment
Component
Software
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)
Services
Compliance Management Services
Governance and Risk Management Services
Data Privacy Services
End-use Industry
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)
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Region
North America
Latin America
Western Europe
Eastern Europe
Asia Pacific
Excluding Japan
Japan
Middle East & Africa
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