08-Jul-2021 | Zion Market Research
Some of key players in Legal Process Outsourcing are Bodhi Global Services, Legal Advantage, Wipro Ltd., Exigent Clutch Group, LEX Outsourcing, Evalueserve SEZ, LexSphere, Acumen Legal Services Pvt. Ltd., Mindcrest and Infosys Ltd., among others.
According to analysts at Zion Market Research, the global Legal Process Outsourcing market accounted for USD 5.92 Billion in 2020 and is expected to reach USD 36.68 Billion by 2028, growing at a CAGR of 26.5% from 2021 to 2028.
This review is based on a report by Zion Market Research, titled “Legal Process Outsourcing Market By Location (Offshore and Onshore), By Service (E-discovery, Litigation Support, Patent Support, Contract Drafting, Review and Management, Compliance Management and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.”
Massive Legal Process Outsourcing Market to Spur Growth
Due to the development of alternative legal service delivery prototypes and virtual law firms, the legal process outsourcing industry is expected to gain momentum in the next few years. In addition, technological advances in the legal field and tools such as natural language processing and document automation installed by legal entities will promote the development of the industry in the next few years. In addition, artificial intelligence is a new tool that may help the LPO industry reach a scalable growth height. In addition, the increasing demand to reduce monotonous, tedious, and exhausting daily work, as well as the massive demand to reduce the cost of repetitive work activities, will drive market trends. The introduction of eDiscovery solutions and the easy availability of electronically stored information for litigation purposes on portable devices such as mobile phones, smartphones and tablets will further expand the market in the next decade.
Presence of Big Players in The Region Support Europe Dominance
The main players operating in the European LPO market are ADEC Group, Infosys Limited, LEX Outsourcing, Integreon Managed Solutions, Exigent, Cobra Legal Solutions and Bodhi Global Services. They are global players, outsourcing services to various countries and regions. These companies use various strategies in the European LPO market to meet customer needs. For example, in June 2014, ADEC Group announced the start of business in Kenya.
The Asia-Pacific region is expected to make a significant contribution to overall market revenue within the estimated time frame. The growth of the regional market can be attributed to the fact that countries such as India and the Philippines have become the preferred destination for legal services or legal work outsourcing due to the existence of efficient lawyers and low cost. In addition, law firms in the United States and the United Kingdom outsource advanced tasks such as legal document analysis and legal research activities to Indian companies.
Browse the full “Legal Process Outsourcing Market By Location (Offshore and Onshore), By Service (E-discovery, Litigation Support, Patent Support, Contract Drafting, Review and Management, Compliance Management and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/legal-process-outsourcing-market
The global Legal Process Outsourcing market is segmented as follows:
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