Portland, OR , Oct. 28, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global legal analytics market generated $1.5 billion in 2021, and is projected to reach $6.8 billion by 2031, growing at a CAGR of 16% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.5 billion |
| Market Size in 2031 | $6.8 billion |
| CAGR | 16% |
| No. of Pages in Report | 334 |
| Segments Covered | Offering, case type, deployment mode, analytics type, end-user, and region. |
| Drivers | Surge in demand for analytical tools to achieve automated legal organization. |
| Increase in productivity and profitability of law firm. | |
| Opportunities | Rigorous application of machine learning to structure complex legal data. |
| Rise in the adoption of artificial intelligence in analytics. | |
| Restrains | High cost set up of legal analytics. |
| Lack of knowledge about analytics technology. |
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.
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. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.
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.
Based on case type, the commercial case management segment held the huge chunk of market share in 2021, holding more than half of the global legal analytics market share, and is expected to maintain its leadership status during the forecast period. The antitrust management segment, on the other hand, is expected to cite the fastest CAGR of 18.3% during the forecast period.
Based on deployment mode, the on-premise segment held the highest market share in 2021, holding nearly three-fifths of the global legal analytics market share, and is expected to maintain its leadership status during the forecast period. The cloud segment, on the other hand, is expected to cite the fastest CAGR of 16.9% during the forecast period.
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.
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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.
The report analyzes these key players in the global legal analytics market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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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 to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
