Surge in demand for analytical tools to achieve automated legal organization, increase in productivity and profitability of law firms, rigorous application of machine learning to structure complex legal data, rise in AI application in legal analytics, and technological breakthroughs to boost the global Legal Analytics Market surge. Increase in automation and use of digital technology in law firms and legal counsel during the pandemic favorably impacted the global market.
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The report offers detailed segmentation of the global legal analytics market based on offering, case type, deployment mode, analytics type, end-user, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation.
Based on offering, the solution segment held the major market share in 2021, holding more than two-thirds of the global legal analytics market share, and is expected to maintain its leadership status during the forecast period. The services segment, on the other hand, is expected to cite the fastest CAGR of 17.4% during the forecast period.
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Based on region, the market across North America held the major market share in 2021, holding more than two-fifths of the global legal analytics market share, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 19.5% during the forecast period.
The key players analyzed in the global legal analytics market report include IBM Corporation, Clarivate Plc, LexisNexis, Microsoft Corporation, Thomson Reuters Corporation, Everlaw, Wipro Limited, Wolters Kluwer N.V., Evisort, Onna Technologies, Inc., Proofpoint, Inc., Unitedlex Corporation, Abacus Data Inc., Mindcrest Inc., and Smokeball.
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COVID-19 Scenario:
- The outbreak of the COVID-19 has had a positive impact on the growth of the global legal analytics market, owing to the increased adoption of technology and innovation during the pandemic to offer better customer experience.
- The adoption of legal analytics solution due to lockdown imposed by governments of different countries.
- The pandemic has driven workers from their office buildings to their living rooms, home offices, and guest bedrooms. Most businesses today have been forced to embrace cloud technology and video conferencing software such as Zoom or GoToMeeting.
- In addition, as industries move toward digitalization, the legal analytics solution is a great option, as it provides agile efficiency by eliminating manual tasks. Furthermore, lawyers can build strong litigation strategies that succeed by deriving information from real-life scenarios. Thus, the market is further expected to boost exponentially.
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