Factors such as increase in productivity and revenue of law firms as well as a growing demand for automation in legal analytics for data-driven decision-making are expected to drive the legal analytics market. Lack of awareness about legal analytics among litigators and law schools can restrain the growth of the market, according to a new report.
Services segment
Based on component, the services segment is estimated to lead the legal analytics market in 2017. By deploying legal analytics services, users such as corporates and law firms can analyse data by using predictive analytics, prescriptive analytics and descriptive analytics to add value to their business.
Descriptive analytics
Based on analytics type, the descriptive analytics segment is estimated to lead the legal analytics market in 2017. Descriptive analytics is widely used in legal departments, as it allows organisations to learn from past behaviors and understand how they might influence future outcomes. The findings came from The Legal Analytics Market - Global Forecast to 2022 report from Research and Markets.
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