Global Legal Analytics Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global Legal Analytics Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global legal analytics market report has been segmented on the basis of component, deployment mode, end user, and region.
Global Legal Analytics Market: Overview
Legal analytics is a management application that uses data analysis technologies and method to extract actionable knowledge from legal data in order to gain insights, improve efficiency, and analyse the future outcomes from historic data. This software can also assist decision-makers and in-house legal leaders on topics such as process improvement, matter forecasting, financial operations, legal strategy, billing optimization, comparative legal costs, and resource management.
Global Legal Analytics Market: Dynamics
Rising demand for analytics to provide automated legal organizations analysis owing to its ability to identify important legal trends is a key factor to boost growth of the global market.
Increasing technological advancements by machine learning helps editors, attorneys, and other subject matter experts to train computers to add missing values in structure format and deploy structure to complex legal data. This huge amount of legal data enables analytical machines to replicate human editorial activities at high scale. This is among some of the major factor to drive growth of the global market.
In addition, growing demand for analytics automation by legal firms for enable data-driven decision making is also a factor to support growth of the global market. Furthermore, legal analytics extends beyond behavior or pattern analysis to litigation and expert witnesses authorization is another factor to fuel growth of the market globally.
However, lack of awareness regarding analytics technologies among litigators and law firms is a key factor that could hamper growth of the target market.
Global Legal Analytics Market: Segment Analysis
Increasing need to gain high revenue growth opportunities and to keep a competitive edge among other competitors in the target market the legal firms are opting for analytical software solutions. This in turn is a major factor to boost growth of the software segment in the target market.
On the basis of end user segments, the law firms segment is expected to contribute a high revenue share in the global market owing to high adoption of legal analytics by these organizations due to its beneficiary outcomes. In addition, law firms are opting for analytical solutions owing to availability of huge data silos with legal data and are increasing focus to gain insights from these silos.
Global Legal Analytics Market: Region Analysis
The legal analytics market in Asia Pacific is expected to register highest revenue share in the global market owing to rising adoption of analytics technologies by small and medium scale enterprises in this region.
Global Legal Analytics Market Segmentation:
Segmentation by Component:
Segmentation by Deployment Mode:
Segmentation by End User:
- Law Firms
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- IBM Corporation
- Wipro Limited
- Thomson Reuters
- Mindcrest, Inc.
- Argopoint LLC
- LexisNexis Group, Inc.
- Premonition LLC
- CPA Global Limited
- Analytics Consulting LLC
- The Bureau of National Affairs (BNA), Inc.
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