NEW YORK, May 4, 2021 /PRNewswire/ —
The global legal process outsourcing market by service (contract management, E-discovery services, litigation support, legal research, and others) and geography (North America, Europe, APAC, South America, and MEA) has been added to Technavio’s offering. The global legal process outsourcing market is expected to grow by USD 16.01 billion, at a CAGR of over 32% during 2020-2024.
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The imposition of lockdowns owing to the outbreak of the COVID-19 pandemic has globally impacted several IT start-up companies in the market. However, the market has witnessed a surge in the demand for LPO services that provide low-cost business strategic reform laws and effective services despite the ongoing pandemic. This is expected to contribute to the growth of the market during the forecast period.
The market is expected to be driven by factors such as regulatory compliances, cost reduction and enhanced efficiency of legal processes, and the proliferation of risk management practices.
The report also offers information on the upcoming trends and challenges that will influence market growth.
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Legal Process Outsourcing Market: Opportunities
The availability of a skilled workforce that possesses language proficiency and government support in emerging markets such as India, the Philippines, China, Sri Lanka, and Malaysia has been providing several growth opportunities for vendors in the market. Many law firms across the world are providing LPO service contracts to domestic players in such countries to minimize the cost of legal process management. Besides, the growing competition in the LPO market has led many skilled law consultants to offer premier legal services. Many such factors are expected to open new growth avenues for market vendors during the forecast period.
Legal Process Outsourcing Market: Segmentation by Service
Based on the segmentation by service, the market generated maximum revenue in the contract management segment in 2019. The need for proper integration of documents and record management systems among companies has been driving the growth of the segment. Also, benefits of contract management services such as contract review and analysis, summarization, integration of papers and electronic documents, contractual risk analysis, and quality management processes are contributing to the growth of the segment.
Legal Process Outsourcing Market: Segmentation by Geography
North America held the largest market share in 2019 and the market growth in the region is expected to be slower compared to the growth of the market in APAC and Europe. The growth of the market in North America can be attributed to the increased expenditure on legal proceedings by firms operating in the region. Also, the availability of professionals who provide legal services at lower wages is expected to fuel the growth of the legal process outsourcing market in North America during the forecast period.
One of the fortune 500 companies had used the detailed research report on the legal process outsourcing market and had decided to increase their market share in the North American region which offers the highest market opportunities during the forecast period.
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Legal Process Outsourcing Market: Major Vendors
Capita Plc
The company offers a range of legal and litigation services, as well as supporting law firms and legal services organizations with software solutions such as EvidenceWorks.
Cobra Legal Solutions LLC
The company offers a line of solutions such as COBRATX, COBRAPULSE, and LEGALINTEL, among others to increase transparency and productivity in the performance of individual attorneys and vendors. The company offers LPO services such as document drafting, contract review, e-Discovery, and legal billing among others.
Exigent Group Ltd.
The company offers a line of consulting solutions such as legal spend analysis, contract optimization analysis, forensic consulting services, and others. The company offers legal services, immigration services, medical-legal services, and outsourced legal administration services among others.
Integreon Inc.
The company offers optimized compliance management, delivered through expert resources, processes, and technology to help clients meet risk and regulatory obligations. The company offers a line of services such as managed document review services, litigation content management services, and others.
LegalBase
The company offers legal services to a diverse portfolio of clients ranging from small businesses to law firms, global consumer brands, and boutique private equity houses.
Along with the market data, Technavio offers customizations as per the specific needs of companies. The following customization options are available for the legal process outsourcing market report:
Regional Analysis
- Further breakdown of the market segmentation at requested regions.
Market Player Information
- Detailed analysis and profiling of additional market players, vendor segmentation, and vendor offerings.
- Know the strategies adopted by vendors during the COVID-19 Recovery Phase.
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Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Service
- Market segments
- Comparison by Service
- Contract management – Market size and forecast 2019-2024
- E-discovery services – Market size and forecast 2019-2024
- Litigation support – Market size and forecast 2019-2024
- Legal research – Market size and forecast 2019-2024
- Others – Market size and forecast 2019-2024
- Market opportunity by Service
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- APAC – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers – Demand led growth
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Capita Plc
- Cobra Legal Solutions LLC
- Exigent Group Ltd.
- HCL Technologies Ltd.
- Infosys Ltd.
- Integreon Inc.
- LegalBase
- Morae Global Corp.
- QuisLex Inc.
- UnitedLex Corp.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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Report: www.technavio.com/report/legal-process-outsourcing-services-market-industry-analysis
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