The legal analytics is the process of management of data related to the in-house legal aspects and decision making. The technology helps the law industry in managing laborious tasks with enhanced speed and accuracy. Legal analytics involves data mining, which is further used to provide insights of judges, lawyers, organizations such as courts law firm and parties involved. This is done by automated process development, billing optimization, financial operations, and resource management.
MARKET SCOPE
The "Global Legal Analytics Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the legal analytics market with detailed market segmentation by component, deployment model, end-user, and geography. The report provides key statistics on the market status of the leading legal analytics market players and offers key trends and opportunities in the market.MARKET SEGMENTATION
- Based on component, the global legal analytics market is segmented into solution and services.
- On the basis of deployment model, the market is segmented into on-demand and on-premises.
- Based on end-user, the market is segmented into corporates, law firms, and others.
MARKET DYNAMICS
Drivers:
- The legal analytics market is anticipated to grow in the forecast period owing to the rising adoption of automated legal analytics by firms and organizations for data-driven decision making.
- Increase in productivity and revenues of law firms further propel the growth of the legal analytics market.
- demand across different industry verticals is likely to open growth opportunities for the market players during the forecast period.
Restraints:
- Associated security and privacy risks coupled with a lack of awareness among litigators and law schools restrain the growth of the legal analytics market.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The legal analytics market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the legal analytics market in these regions.
IMPACT OF COVID-19 ON LEGAL ANALYTICS MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the legal analytics market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from legal analytics market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the legal analytics market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- AlixPartners, LLP
- Apperio Ltd.
- Argopoint LLC
- Conduent, Inc.
- Euromoney Institutional Investor PLC
- Ezlytix (Brainvire Company)
- Lex Machina (LexisNexis Company)
- Microsoft Corporation
- Mindcrest Inc.
- Mitratech Holdings, Inc.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.