Legal Analytics Market 2017 Upcoming Trends, Growth Drivers and Challenges Till 2026
According to Stratistics MRC, the Global Legal Analytics Market is accounted for $456.1 million in 2017 and is expected to reach $5100.3 million by 2026 growing at a CAGR of 30.8% during the forecast period. 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.
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Based on component, Services segment has witnessed the steady growth during the forecast period owing to there is a need to improve quality and remain operational cost low. Moreover, it also results in revenue generation. 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.
Deployment Models Covered:
• On-Demand
• On-Premises
Analytics Types Covered:
• Prescriptive Analytics
• Predictive Analytics
• Descriptive Analytics
• Other Analytics Types
Case Types Covered:
• Commercial Case Management
• Intellectual Property Management
• Antitrust Management
• Employment Litigation
• Securities Litigation
• Other Case Types
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Components Covered:
• Services
• Solution
End Users Covered:
• Law Firms
• Corporates
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
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o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our 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 (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic analysis: Drivers and Constraints, Product/Technology Analysis, Porter’s five forces analysis, SWOT analysis etc.
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the clients interest (Note: Depends of feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances