Legal Analytics Market Is Projected To Exhibit A CAGR Of Over 31% To Surpass $ 1.76 Billion By 2022 | TechSci Research

Global legal analytics market stood at around $ 350 million in 2016 and is projected to exhibit a CAGR of over 31% to surpass $ 1.76 billion by 2022. Growth in the market is led by increasing adoption of smart technologies in the legal sector coupled with the rising demand for automated legal operations. Moreover, operational efficiency and resource management offered by legal analytics is further anticipated to boost legal analytics market across the globe in the coming years.

Years considered for this report:

Historical Years: 2012-2015

Base Year: 2016

Estimated Year: 2017

Forecast Period: 2018–2022

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Objective of the Study:

  • To define, segment, describe and forecast the global legal analytics market on the basis of Components, Deployment Mode, Analytics Type, Case Type, End Use Sector, Region and Company.
  • To analyze and forecast global legal analytics market size.
  • To scrutinize the detailed market segmentation and forecast the market size, in terms of value, on the basis of end user sector by segmenting the global legal analytics market into three sectors, namely, Law Firms, Corporate, Government and Others (Education, Healthcare & Pharmaceuticals).
  • To identify the drivers and challenges for global legal analytics market.
  • To strategically profile leading players in the market which are driving the innovation and technological advancements in global legal analytics market.  


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Some of the major players in global legal analytics market include Wolters Kluwer, Thomson Reuters Corporation, LexisNexis, Bloomberg BNA, Premonition, Argopoint LLC, Mindcrest Inc., CPA Global Limited, UnitedLex Corporation, and Analytics Consulting LLC.

TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of country wide legal analytics solution and services developers, providers, distributers and procurers. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. TechSci Research further analyzed the product offerings or variants, distribution channels, and regional presence of major legal analytics solution providers.

TechSci Research calculated the market size for global legal analytics market using a bottom-up approach, where data for different components for standard application (end user sectors such as Law Firms, Corporate, Government and Others) was recorded and forecast for the future years. TechSci Research sourced these values from industry experts and company representatives and these were externally validated through analyzing historical data of legal analytics market to arrive at the overall market size. Various secondary sources such as company websites, annual reports, World Bank website, government websites, press releases, company annual reports, white papers, investor presentations and financial reports were also studied by TechSci Research.

 

Key Target Audience:

  • Legal Analytics Vendors
  • Managed Services Providers
  • Litigation Process Outsourcing Providers
  • Artificial Intelligence Solution Providers
  • Predictive Analytics Providers
  • End users of Legal Analytics such as Law Firms, Corporates, Governments and Others
  • Application developers, entrepreneurs, and legal analytics solution integrators
  • Associations, organizations, forums, alliances and regulatory bodies associated with legal analytics technology
  • Market research & consulting firms

The study is useful in providing answers to several critical questions that are important for industry stakeholders such as legal analytics software providers, procurers, distributors, companies, customers and policy makers. The report would enable the stakeholders in identifying the targeted market segments in the coming years in order to strategize investments and capitalize on the growth of market segment.

Report Scope:

In this report, global legal analytics market has been segmented into the following categories in addition to the industry trends which have also been detailed below:

 

  • Market by Component:
    • Solution
    • Services

 

  •   Market by Deployment Mode:
    • On-Premise
    • On-Demand

 

  • Market by Analytics Type:
    • Descriptive Analytics
    • Predictive Analytics
    • Prescriptive Analytics

      

  • Market by Case Type:
    • IP Management
    • Antitrust Management
    • Commercial Case Management
    • Others

           

  • Market by End Use Sector:
    • Law Firms
    • Corporates
    • Government
    • Others (Education, Healthcare & Pharmaceuticals etc.)

 

  • Market by Region:
    • North America
    • Europe
    • APAC
    • South America
    • MEA

 

  • Market by Company:
    • Wolters Kluwer
    • Thomson Reuters Corporation
    • LexisNexis
    • Bloomberg BNA
    • Others

Competitive Landscape

Competition Benchmarking: Benchmarking of leading 10 players on the basis of end user

Company Profiles: Detailed analysis of the major companies providing legal analytics solutions and services.


About TechSci Research


TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.


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