Legal Analytics Market | Current Scenario Trends, Comprehensive Analysis and Regional Forecast to 2029

Rise in demand for automation in legal analytics for data-driven decision-making and surge in productivity and revenue of law firms are some of the major factors that drive the legal analytics market.

However, lack of awareness among law schools and litigators hamper growth of the market. Contrarily, rise in demand for legal analytics across end users is an opportunistic factor of the global legal analytics market. 

Legal analytics is being progressively being adopted to help enhance effectiveness of legal activities across different industries. Moreover, several businesses are increasingly pursuing areas for development within their operations and are turning to technology to boost efficiencies and reduce costs, legal analytics can provide law firms with objective data to help them price their services more aggressively and remain competitive. 

Download Sample Report at: https://www.alliedmarketresearch.com/request-sample/8493

Artificial intelligence (AI) companies continue to find ways of developing technologies that will manage laborious tasks in different industries for better speed and accuracy. In the legal profession, AI has found its way into supporting lawyers and clients.

Rise in interest in applying AI in law is slowly transforming profession and closing in on the work of paralegals, legal researchers, and litigators. With rapid advancements, several companies have been developing algorithms, software to support, and revolutionize the legal world. In 2018, Ross Intelligence developed a software that uses natural language processing to analyze documents.

Though the legal analytics market is analyzed to grow at a substantial rate, lack of awareness about legal analytics in small and medium size law businesses hamper the growth. These firms are unfamiliar with legal analytics solutions as they follow traditional methodologies for efficient decision-making.

Similarly, several organizations around the world are still adopting traditional method for storing and dealing with huge warehouses of data. In addition, various law school organizations are unaware about functioning and advantages of legal analytics solutions. Thus, lack of awareness is expected to restrain the legal analytics market during the forecast period.

Major players analyzed include Analytics Consulting LLC, Argopoint LLC, Bloomberg BNA, CPA Global, LexisNexis, Mindcrest Inc., Premonition LLC, Thomson Reuters Corporation, UnitedLex Corporation, and Wolters Kluwer.

Impact of COVID-19 on Legal Analytics Market: 

  • Organizations are encouraged to sensitize their employees around information security outside office space. Working from public spaces should be restricted and organization must utilize technologies that ensure confidential information remains secure on these devices in case of theft or damage.
  • Organizations should take proactive steps by advising their staff and customers to be more vigilant and cautious especially while opening links, emails, or documents related to the subject COVID-19. Organizations should ensure their detection and alerting capabilities are functional while keeping an eye on impact of having many remote workers.
  • Presently, many employees are working from home and students are learning virtually, hence enterprise virtual private network (VPN) servers have now become a lifeline for companies/schools and their security and availability would be a major focus going forward. There is a possibility that an organization’s unpreparedness can lead to security misconfiguration in VPNs. This, in turn, could expose sensitive information on the internet and devices to Denial of Service (DoS) attacks. In addition, some users utilize personal computers to perform official duties, which could also pose a great amount of risk to organizations.

For Purchase Enquiry: https://www.alliedmarketresearch.com/purchase-enquiry/8493

Thanks for reading this article; you can also get an individual chapter-wise section or region wise report versions like North America, Europe, or Asia.

If you have any special requirements, please let us know and we will offer you the report as per your requirements.

Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll-Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter

Leave a comment

Your email address will not be published. Required fields are marked *