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.
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. Moreover, increase in productivity and revenues of law firms further propel the growth of the legal analytics market. However, associated security and privacy risks coupled with a lack of awareness among litigators and law schools restrain the growth of the legal analytics market. On the other hand, demand across different industry verticals is likely to open growth opportunities for the market players during the forecast period.
The reports cover 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 expansion of business and customer base of market players. The market payers from Legal Analytics market are anticipated to lucrative growth opportunities in the future with the rising demand for Legal Analytics market in the global market.
Key Players Influencing the Market
Analytics Consulting LLC
Thomson Reuters Corporation (The Woodbridge Company)
The "Global Legal Analytics Market Analysis to 2027" is a specialized and in-depth study of the technology, media and telecommunications industry with a special focus on the global market trend analysis. The report aims to provide an overview of legal analytics market with detailed market segmentation by component, deployment model, end-use industry, and geography. The global legal analytics market is expected to witness high growth during the forecast period. 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.
The global legal analytics market is segmented on the basis of component, deployment model, and end-use industry. Based on component, the market is segmented as solution and services. On the basis of the deployment model, the market is segmented as on demand and on-premises. The market on the basis of the end-use industry, is classified as law firms, corporates, and others.
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global Legal Analytics market based on various segments. It also provides market size and forecast estimates from the year 2018 to 2027 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), 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 eighteen countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the Legal Analytics 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.
Answers that the report acknowledges:
Market size and growth rate during forecast period.
Key factors driving the Legal Analytics Market.
Key market trends cracking up the growth of the Legal Analytics Market.
Challenges to market growth.
Key vendors of Legal Analytics Market.
Detailed SWOT analysis.
Opportunities and threats faces by the existing vendors in Global Legal Analytics Market.
Trending factors influencing the market in the geographical regions.
Strategic initiatives focusing the leading vendors.
PEST analysis of the market in the five major regions.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Healthcare, Manufacturing, Automotive and Defense.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Media, Healthcare and Telecommunication industries.