Legal Analytics Market- by Component (Services, Solutions), by Mode of deployment (On-demand, On-premise), by Case type (Antitrust management, Intellectual property management, Commercial case management), by Analytics type (Descriptive, Predictive), by End-user (Legal firms, Corporate firms)- Global Industry Perspective Comprehensive Analysis and Forecast, 2020 - 2026

According to the report, global demand for Legal Analytics market was valued at approximately USD 775.6 Million in 2019, and is expected to generate revenue of around USD 5190.3 Million by end of 2026, growing at a CAGR of around 31.2 % between 2020 and 2026.

12-Nov-2020 | Number of pages: 110 | Report Code: ZMR-4456 | Report Format : | Status : Published

Abstract

According to the report, global demand for Legal Analytics market was valued at approximately USD 775.6 Million in 2019, and is expected to generate revenue of around USD 5190.3 Million by end of 2026, growing at a CAGR of around 31.2 % between 2020 and 2026.

Global Legal Analytics Market: Overview

Legal analytics is an effective process of deriving information from the current legal data in order to assist the in-house legal teams as well as decision-makers on law matters. It includes forecasting, coining of legal plans, statistical modeling, comparing the legal costs, legal process development, case handling, legal department operations, optimization of billing, fiscal operations, and resource management. Moreover, legal analytics also includes mining of legal data in the documents pertaining to law cases & dockets. Legal analytics are used by litigators to disclose trends and patterns in past litigation that guide legal policy and predict results in current cases. In addition, to clean up, structure, and analyze raw data from millions of case dockets and documents, it depends on advanced technology such as machine learning and natural language processing.

Global Legal Analytics Market: Growth Factors

The legal analytics market is likely to gain traction over the forthcoming years, subject to the escalating need for data-based decision making along with the requirement of raising the efficiency as well as earnings of legal firms. In addition to this, persons filing litigations in law courts can make use of legal analytics to explore the trends in the past legal suits and this can help them in drafting legal plans for predicting results in the current law suits. This will further proliferate the market demand.

Furthermore, legal analytics assist the lawyers or the attorneys in gauging all the legal recordings, legal documents, and other files associated to a particular legal suit as well as old law suits & patents. Legal analytics helps the providers of legal services with the necessary knowledge or information in order to make legal arguments in the current law suit in the court of law. All these aforementioned factors are predicted to steer the growth of the legal analytics market in the years to come.  In addition to this, legal analytics offers cost-effective services by carrying out complete legal research activities and legal plans effectively. Nonetheless, lower acceptance of legal analytics tools as well as lack of awareness pertaining to the use or benefits of legal analytics among the small & medium-sized legal firms will decimate the market scope.

Global Legal Analytics Market: Segmentation

The overall legal analytics market can be classified into component, mode of deployment, case type, analytics type, and end-user. Based on the component, the market for legal analytics is divided into services and solutions.  Among the component segment, the services segment is predicted to make notable contributions toward the overall market growth during the estimated timeline. On the basis of the mode of deployment, the legal analytics industry is sectored into on-demand and on-premise mode of deployment. Based on the mode of deployment, the on-demand segment will dominate the overall industry growth during the assessment timespan. Based on the case type, the industry is segregated into antitrust management, intellectual property management, and commercial case management. Among the case type segments, the commercial case management segment will make lucrative contributions towards the overall market expansion during the predicted timeline.  Based on the analytics type, the legal analytics market can be sectored into descriptive and predictive types. Among the analytics type segment, the predictive analytics type segment will register the highest gains in the legal analytics market over the review period.  Based on end-user, the industry can be divided into legal firms and corporate firms. Among the end-user segments, the legal firms segment is likely to lead the overall market growth during the forecast timeline.

Global Legal Analytics Market: Regional Analysis

North American region is expected to dominate the overall market surge during the forecast timeline. The regional growth can be attributed to high-quality of law services offered by third parties to their clients in the countries like the U.S. and Canada. Apart from this, with swift automation of the legal services in myriad end-use sectors along with extensive popularity of legal analytics services in the countries like the U.S. and Canada, the market in the region is likely to mark a humungous growth in the coming decade.

The regions of Asia Pacific, Latin America, and Europe have huge market growth potential and are likely to make lucrative contributions towards the overall market size in the years to come.

Global Legal Analytics Market: Competitive Players

Some of key players in legal analytics industry are Premonition, Argopoint LLC, Wolters Kluwer, Wipro Limited, International Business Machines (IBM) Corporation, CPA Global, The Bureau of National Affairs (BNA), Inc., Thomson Reuters, UnitedLex Corporation, Mindcrest, Inc., LexisNexis, Analytics Consulting LLC, and Key Innovator.

The report segments the Global Legal Analytics market as follows:

Global Legal Analytics Market: Component Segment Analysis

  • Services
  • Solutions

Global Legal Analytics Market: Mode of deployment Segment Analysis

  • On-demand
  • On-premise

Global Legal Analytics Market: Case type Segment Analysis

  • Antitrust management
  • Intellectual property management
  • Commercial case management

Global Legal Analytics Market: Analytics type segment Analysis

  • Descriptive
  • Predictive

Global Legal Analytics Market: End-user Segment Analysis

  • Legal firms
  • Corporate firms

Global Legal Analytics Market: Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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