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 2022 to 2028.
Legal Process Outsourcing Market
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.
Legal process outsourcing (LPO) is the practice of a law firm offshoring any activity, including legal support services, to an LPO service provider that does not require personal contact. If the LPO service provider and the outsourcing law firm are from the same nation, the business practice of sourcing legal work includes agency work as well as other legal services that need a physical presence, such as presenting in court. Prioritizing companies to focus on core business and outsource secondary tasks is expected to boost the market. Initiatives taken by various companies to reduce overall costs by downsizing are some of the other factors that are expected to drive market growth. Population growth and continued urbanization and migration limit the availability of real estate anywhere in the world, especially in urban cities. After that, real estate prices increased while the average commercial space available to institutions shrank. Organizations are responding to this situation by cutting staff numbers and outsourcing some of their non-core tasks. These factors led directly to the need to outsource.
The COVID-19 epidemic has accelerated the development of remote work models around the world, emphasizing the significance of litigation outsourcing services. It has compelled businesses to not only work remotely but also to reconsider their real estate requirements. The coronavirus (COVID19) pandemic has hindered the growth of the legal process outsourcing market in 2020 due to the congestion of government organizations around the world. International companies have halted expansion plans due to travel restrictions. The industry also experienced a temporary decline due to weak business demand, caused by new product launches and stalled international trade. Market growth was also hampered by a decrease in the number of new employees along with a decrease in mergers and acquisitions.
The major growth factors in Legal Process Outsourcing Market are: Digitalization is becoming more prevalent in the legal profession, Legal Process Outsourcing market is driven by high demand for affordable and affordable editorial discovery services that drive review and analysis of Electronically Stored Information (ESI). The growing amount of digital data in the United States across all verticals has led to strong demand for e-discovery services that collect, locate, identify, and produce data with precision. E-discovery is very important to generate ESI to satisfy the requirement to appear in an investigation or test. The technologies and procedures surrounding discovery are complex due to the large volumes of electronic data generated and stored today. The growing penetration of digitalization in the US legal sector will encourage professionals to look for ways to process, store, reproduce, and produce fake digital records for evidence. in legal proceedings.
Another factor that has propelled the LPO market to new heights is artificial intelligence (AI), Software with AI capabilities grabs the attention of lawyers and businesses to save time. Document production and proofreading is done efficiently using automation software. Using team collaboration software further simplifies the execution of all documentation processes. All of these technological developments have greatly helped lawyers by reducing costs and increasing convenience. Technological advancements and innovations in the legal field are expected to provide new avenues for growth in the field, helping law firms to build transparent relationships with their clients. Law firms are implementing natural language processing (NLP) and document automation to match the innovation of the legal industry.
|Report Attributes||Report Details|
|Report Name||Legal Process Outsourcing Market|
|Market Size in 2020||USD 5.92 Billion|
|Market Forecast in 2028||USD 36.68 Billion|
|Compound Annual Growth Rate||CAGR of 26.5%|
|Number of Pages||130|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||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.|
|Segments Covered||By Application, By Packaging, By Distribution Channel And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latian America, Middle East and Africa (MEA)|
|Countries Covered||North America: U.S and Canada
Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe
APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific
Latin America: Brazil, Argentina, Chile
The Middle East And Africa: South Africa, GCC, Rest of MEA
|Historical Year||2016 to 2021|
|Forecast Year||2022 - 2028|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
Foreign LPO firms are quickly adapting to corporate culture, they are also starting to compete with law firms in providing selected services including some modern high-value-added services such as Legal research and patent filing. Outsourcing software abroad is always the preferred method. However, the demand for outsourcing in the country is expected to increase during the forecast period. Companies that prefer to cooperate with organizations in the same country are especially turning to domestic outsourcing. Outsourcing to companies within the same country also has advantages related to a common regulatory framework.
Electronic documents contain large volumes of data and metadata. Outsourcing the identification and production of this information can be both economical and profitable for law firms. E-discovery is proving to be an essential vehicle for organizations trying to comply with regulatory, legal, and investigative requirements. Suppliers are increasingly focused on providing high-value-added services such as compliance management. The growing need for compliance management is driving solution providers to reorganize their work processes by introducing standard processes that are not available internally to add value to their customer's services. As a result, the LPO market is seeing a larger shift towards high-value-added services and strategic moves to develop land-based capacity in the US and UK.
Patent support has become important as an outsourcing service, especially in India. It includes patentability assessment, illustration, infringement analysis, and patent extraction, broadly representing Intellectual Property Management (IPAM). Outsourcing qualitative activities, such as proofreading and litigation for intellectual property, increasingly benefit large organizations by allowing their employees to focus on valuable tasks. High increase.
The Asia-Pacific market contributes more than 70% of total global revenue in 2020. China and India have emerged as preferred destinations for legal outsourcing due to the availability of regulatory agencies, and effective and competent lawyers in these countries. A significant portion of the revenue generated at India's overseas establishments comes from law firms in the United States and the United Kingdom. Nation. In Asia-Pacific, LPO was started as a low-level job, specifically including transcription. However, it has recently turned into quests that require a very high level of skill. As a result, processes such as patent drafting, agreement drafting, legal research, and client consultation are now increasingly being outsourced to the Asia Pacific.
The Europe region is projected to grow at a CAGR of 11.1% over the forecast period. E-discovery services are in strong demand in the European LPO market due to increased demand from law firms in outsourced activities such as legal advice. E-Discovery provides documents with a large amount of data and information, which can be presented as evidence. Some of the benefits that this service brings include cost savings, reduced effort, and time consumption. These services help observe cases, gather information, and evidence, and recommend solutions to legal problems. The demand for these services in the European LPO market is growing with the growing expansion of multinational companies and globalizing business transactions. Law firms seek local service providers better equipped with information and data relating to national laws and regulations than their foreign counterparts, which is driving demand for these service providers in the European LPO market. These companies believe their data is more secure in the hands of national providers. Companies are targeting these gaps and trying to combine domestic and foreign resources by expanding their business globally. European law firms and companies prefer domestic providers due to a number of factors such as rising operating costs and changing data protection laws in the European Union (EU).
Some of the 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.
The global Legal Process Outsourcing market was valued at USD 5.92 Billion in 2020.
The global Legal Process Outsourcing market is expected to reach USD 36.68 Billion by 2028, growing at a CAGR of 26.5% from 2021 to 2028.
Some of the key factors driving the global Legal Process Outsourcing market growth are Digitalization is becoming more prevalent in the legal profession and another factor that has propelled the LPO market to new heights is artificial intelligence (AI)
The Asia-Pacific market contributes more than 70% of total global revenue in 2020. The Europe region is projected to grow at a CAGR of 11.1% over the forecast period.
Some of the major companies operating in the Legal Process Outsourcing market 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.
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