Legal analytics market set for significant growth
Automation drive fuels data and decision-making advances, but lack of awareness among litigators is holding back market growth, says report.
The global legal analytics market accounted for $456.1 million in 2017 and is expected to reach $5100.3 million by 2026 growing at a cagr of 30.8 percent during the forecast period, according to a new research offering from ResearchAndMarkets.com.
North America shines
The Legal Analytics - Global Market Outlook (2017-2026) report says increasing demand for automation in legal analytics for data-driven decision making and technological advancements are some of the factors fueling the market growth. However, lack of awareness among litigators is hampering the market growth. Legal analytics refers to the managing process of extracting knowledge from existing legal data to help in-house legal teams and decision-makers on certain legal matters. It involves data mining from data contained in documents related to case and docket entries. This is done by forecasting, legal strategy, comparative legal costs, process development, billing optimization, financial operations and resource management. By geography, North America holds the largest market share during the forecast period due to high-quality legal services provided by vendors in the region to their clients.
Some of the key players profiled in the Legal Analytics Market include IBM, Wipro, Unitedlex, Wolters Kluwer, Mindcrest, Agropoint Llc., Cpa Global and LexisNexis. The report offers market share assessments for the regional and country level segments, strategic recommendations for the new entrants, market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets, market trends, and, strategic analysis. The report also offers strategic recommendations in key business segments, competitive landscaping mapping of key common trends, company profiling, and supply chain trends mapping the latest technological advancements. The report can be purchased here.