[111 Pages Report] The legal analytics market is projected to grow from an estimated USD 451.1 Million in 2017 to USD 1,858.9 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 32.7% during the forecast period. The base year considered for the study is 2016.

Objectives of the study:

To determine and forecast the global legal analytics market based on component, analytics type, case type, deployment model, end user, and region from 2017 to 2022, and analyze various macro and micro-economic factors that affect market growth

To forecast the size of market segments with respect to four main regions, namely, North America, Europe, Asia Pacific (APAC), and RoW (Middle East & Africa (MEA) and Latin America)

To provide detailed information regarding major factors, such as drivers, restraints, opportunities, and challenges influencing the growth of the market

To strategically analyze each submarket with respect to individual growth trends, prospects, and contribution to the total market

To analyze the opportunities in the market for stakeholders by identifying high-growth segments of the legal analytics market

To profile key market players, provide comparative analysis based on business overviews, product offerings, regional presence, business strategies, key financials, with the help of in-house statistical tools to understand the competitive landscape

To track and analyze competitive developments, such as mergers & acquisitions, product developments, partnerships & collaborations, and Research & Development (R&D) activities in the market



The research methodology used to estimate and forecast the legal analytics market size begins with capturing of data of key vendor revenues through secondary research, such as annual reports, white papers, certified publications, databases, such as Factiva and Hoovers, press releases, and investor presentations of legal analytics solutions and service vendors, as well as articles from recognized industry associations, statistics bureaus, and government publishing sources. Vendor offerings were also taken into consideration to determine market segmentations. The bottom-up procedure was employed to arrive at the overall global legal analytics market size from the revenues of key market players. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key individuals, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.

The breakdown of the profiles of primary participants is depicted in the figure below:

To know about the assumptions considered for the study, download the pdf brochure

The legal analytics market ecosystem includes key players, such as the Wolters Kluwer (Netherlands), Thomson Reuters (Canada), MindCrest, Inc. (US), UnitedLex Corporation (US), Argopoint LLC (US), LexisNexis (US), PREMONITION (US), CPA Global (UK), Analytics Consulting LLC (US), The Bureau of National Affairs (BNA) Inc. (US), IBM Corporation (US), and Wipro Limited (India) that provide legal analytics solutions and services.

Key Target Audience for Legal Analytics Market

Legal Analytics Vendors

Managed Service Providers

LPO Service Providers

Artificial Intelligence (AI) Solution Providers

Predictive Analytics Providers

Third-party Vendors

Technology Providers

Scope of the Legal Analytics Market Research Report

The research report categorizes the market to forecast the revenues and analyze the trends in each of the following subsegments:

By Component

Solution

Services

By Analytics Type

Descriptive Analytics

Prescriptive Analytics

Predictive Analytics

By Case Type

Commercial Case Management

Intellectual Property Management

Antitrust Management

Others* (Security Litigation and Class Action Suits)

By Deployment Model

On-Premises

On-Demand

By End User

Corporates

Law Firms

Others*(Educational Institutions, Government Departments, and Agencies)

By Region

North America

Europe

Asia Pacific (APAC)

RoW

Available Customizations

Along with the given market data, MarketsandMarkets offers customization as per the company�s specific requirements. The following customization options are available for the report:

Geographic Analysis

Further country-level breakdown of the North America legal analytics market

Further country-level breakdown of the Europe market

Further country-level breakdown of the APAC market

Company Information

Detailed analysis and profiles of additional market players

The global legal analytics market is projected to grow from USD 451.1 Million in 2017 to USD 1,858.9 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 32.7% during the forecast period. The growing demand for automation in legal analytics for data-driven decision-making, and increase in productivity and revenue of law firms are some of the major factors driving the market.

The legal analytics market has been segmented on the basis of component, analytics type, case type, deployment model, end user, and region. Based on component, the market has been further classified into solution and services. The services segment is expected to grow at the highest CAGR during the forecast period. Based on analytics type, the market has been segmented into descriptive analytics, prescriptive analytics, and predictive analytics. The descriptive analytics segment is expected to lead the market during the forecast period. Based on deployment model, the market has been divided into on-premises and on-demand. The on-demand segment is expected to grow at the highest CAGR during the forecast period. Based on end user, the market has been segmented into law firms, corporates, and others. Based on case type, the market has been segmented into intellectual property management, antitrust management, commercial case management, and others. The legal analytics market has been studied for North America, Asia Pacific, Europe, and Rest of the World (RoW).

As per the geographic analysis, North America is expected to lead the legal analytics market during the forecast period. This can be attributed to high-quality legal services provided by the vendors in the region, majorly in the US and Canada, to their clients. Furthermore, this region has been extremely responsive towards adopting latest technologies. North America is witnessing rapid automation in legal services across various end-use industries, and widespread adoption of legal analytics solutions and services, which is fueling the growth of the market in North America.

Factors restraining the growth of the legal analytics market include lack of awareness and understanding about legal analytics. Most small and medium-sized law firms are not aware about legal analytics solutions and continue to use the traditional approach or methodology for effective decision-making. Legacy law firms are still following the traditional way of storing and managing huge repository of data. Additionally, several law school firms are unware about the functioning and benefits of legal analytics solutions. Thus, both enterprises and law firms need to be updated about legal analytics and its benefits. Key players in the market include Wolters Kluwer (Netherlands), Thomson Reuters (Canada), MindCrest, Inc. (US), UnitedLex Corporation (US), Argopoint LLC (US), LexisNexis (US), PREMONITION (US), CPA Global (UK), Analytics Consulting LLC (US), The Bureau of National Affairs (BNA) Inc. (US), IBM Corporation (US), and Wipro Limited (India).

These companies are focusing on developing legal analytics solution and services by adopting different growth strategies, such as partnerships and collaborations, contracts, mergers and acquisitions, new product launches, and business expansions to increase their market share in the legal analytics market.

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