Legal Analytics Market can Dominate due to the Focus on Legal Risk Management Across the Globe through 2028
Increasing
adoption of cloud-based legal analytics solutions are driving the
implementation of the legal analytics market across the globe.
According to
TechSci Research report, “Legal Analytics Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028F”, the global legal
analytics market is growing owing to the increasing adoption of cloud-based
legal analytics solutions, especially in developing countries by enterprises to
streamline collaboration, scalability, improve legal software integration along
with the development of more enhancement in legal management. It gives
businesses the opportunity to reduce turnover, increase operating efficiency
and manage legislation, docket data while enhancing performance, dependability,
and scalability. Globally, the vendors are making significant service
innovations by integrating technologies such as artificial intelligence (AI)
and machine learning (ML) to cater with customer needs and market requirements.
Numerous innovations and launches conducted in analytics are expected to
enhance the features of legal analytics. Moreover, the need for organizations
to make Data-driven Decision Making (DDDM) and the increasing adoption of
artificial intelligence (AI) and machine learning (ML) in legal analytics are
further attributed to the growth in global legal analytics market.
The process of
employing data analysis to enhance legal management and decision-making is
known as legal analytics. The practice measures the impact of legal behavior
and related factors on overall business performance. Legal analytics are now
being used by organizations to enhance several law and court procedures for
better, more efficient, and effective legal practitioner. Companies are
progressively using legal analytics to overcome the three familiar challenges
such as a curation of a clean & usable database, a lack of data-driven
decision making, and a need for better insight into the future. Lawyers are
reluctant to use big data and predictive analytics, partly because of the
risk-averse nature of the legal field. Numerous innovations conducted in
analytical software to enhance the legal and litigation management and
upgradation of law practice are expected to enhance the features of legal
analytics. Furthermore, businesses are adopting legal analytics to improve
practitioners’ engagement by understanding their needs and satisfaction reduce
retention rate by identifying turnover triggers, such as lack of training, lack
of promotion opportunities, and more that are attributing to the growth of
legal analytics market globally.
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market data Figures spread through XX Pages and an in-depth TOC on the "Global
Legal Analytics Market."
The global
legal analytics market is segmented into analytics, deployment type, case type,
end user. Based on analytics, the market is segmented into predictive,
prescriptive, and descriptive. Based on deployment type, the market is
bifurcated into on-cloud and on-premises. Based on case type, the market is
segmented into commercial case management, antitrust management, intellectual
property management, and others. Based on end users, the market is segmented
into legal firms, corporate, government entities, and others.
Based on
deployment mode, cloud segment is expected to dominate in the global legal
analytics market. The high growth of this segment is attributed to the
increasing use of cloud legal solutions by enterprises that are seeking to
manage expenditure and for processing substantial amounts of data to identify
risks and enhance controls. Moreover, cloud deployment helps by accelerating
across legal services, offering centralized data storage, driving expansion of
the legal technology space along with the growing requirement to cut internal
system design, implementation, and continuing maintenance costs. Such benefits
enable the organization to implement more cloud based legal practice management
solutions in the business process. Furthermore, the enterprises can deploy and
utilize cloud-based business solutions enabling the accessibility to begin or
end any services, leading to the high adoption of cloud deployment in the
global legal analytics market.
The law firms’
segment in end user is expected to register the fastest growth during the
forecast period as most legal analytics are used to pitch or demonstrate
expertise to their clients and integrate their legal analytics with other
organizational data. Law companies are utilizing legal analytics extensively
and quickly to crunch extensive amounts of data and extract valuable insights.
Organizations in the law firms are using legal analytics to better identify
diverse patterns. Moreover, most of the company has already implemented
advanced legal analytics to enhance the legal strategies, enabling lawyers to
make data-driven decisions successfully.
Key market
players in the global legal analytics market include:
- Wolters Kluwer
NV
- Microsoft
Corporation
- Thomson Reuters
Corporation
- UnitedLex
Corporation
- Mindcrest Inc.
- LexisNexis
(RELX Plc)
- Wipro Limited
- Abacus Data
Systems, Inc.
- Clarivate
Analytics Plc
- IBM Corporation
Customers
can also request 10% free customization on this report.
“The North
America region shows substantial growth prospects for legal analytics which can
be attributed to the high-quality legal services provided by the vendors in the
region. The legal analytics is gaining traction and is expanding to various
countries in North America, including United States, Canada, and Mexico. Owing
to the increasing investments in legal analytics and industrial developments
due to the presence of a massive number of companies such as UnitedLex
Corporation and Microsoft Corporation in the region. Furthermore, the early
adoption of advanced technologies such as ML, AI, and analytical software’s
offered by the government are anticipated to drive market demand over the
forecast period. The United States leads the legal analytics market in North
America and is expected to continue its dominance in global legal analytics
market during the forecast period as well,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Legal
Analytics Market– Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028, Segmented By Analytics (Predictive, Prescriptive,
Descriptive), By Deployment Type (On-cloud, On-premises), By Case Type
(Commercial Case Management, Antitrust Management, Intellectual Property
Management, Others), By End User (Legal Firms, Corporate, Government Entities, Others),By
Region and Competition”, has evaluated the future growth potential of legal
analytics and provides statistics and information on market structure, size,
share, and future growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the global legal analytics
market.
Contact
Mr. Ken Mathews
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Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656