Legal Process Outsourcing Market By Forecast Key Player: UnitedLex, Integreon, Pangea3, Bodhi Global Services, ADEC Group, CPA Global, Exigent, Infosys Limited, Legal Advantage, Quislex, Mindcrest
Legal Process Outsourcing (LPO) Market set to reach USD 40 billion by 2024. The increasing awareness among professional organizations to manage their legal processing activities with efficient solutions is driving the legal process outsourcing market significantly. The increasing need to manage these activities is to control cyber-crimes in all the business verticals, propelling the industry growth. Companies provide these services at minimized costs and enhanced service capabilities, creating large investment opportunities for major industry players. The adoption of these services ensures organizational legal process completion in a reduced time and improved solutions.
Growing stringency of government regulations in several countries that mandate the companies to comply with the industry standards in propelling the LPO market growth. Government organizations regulate companies to follow stringent cyber laws, tax laws, intellectual property laws, and several other legal parameters.
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Top Key Players: -
The key players in the legal process outsourcing market include UnitedLex, Integreon, Inc., Pangea3, Bodhi Global Services, ADEC Group, CPA Global, Exigent, Infosys Limited, Legal Advantage, Quislex, Mindcrest, and LexSphere.
Market share calculation in this report is not done based on companies covered in it. The calculation of LPO market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.
The growing trend in the onshore LPO market is the contract and partnership strategies adopted by customers and organizations across the world will propel the industry growth. For instance, Infosys expanded its legal outsourcing business operations to Manila, the Philippines along with enhanced onshore location service benefits.
The Asia Pacific legal process outsourcing market growth will accelerate in terms of business operations. India is maintaining the top position in the region owing to cost-effective labor and the presence of highly qualified law professionals.
The government has initiated developments in the sector to create more employment opportunities and ensure the inclination of the youth toward innovative jobs. The Philippines is emerging as a major legal process outsourcing market owing to the increased investments and setting business operations by major companies in the country.
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Partial Chapter of the Table of Content
Chapter 1. Methodology and Scope
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Definition and forecast parameters
1.2. Data sources
Chapter 2. Executive Summary
2.1. LPO industry 3600 synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Regional trends
2.1.3. Service trends
2.1.4. Location trends
Chapter 3. LPO Industry Insights
3.1. Industry segmentation
3.2. Industry growth landscape, 2013 - 2024
3.3. Industry ecosystem
3.3.1. Vendor matrix
3.4. Technological & innovation landscape
3.4.1. Evolution of LPO
3.4.2. LPO vs BPO
3.4.3. Technology Assisted Review (TAR)
3.4.4. Artificial Intelligence (AI)
3.4.5. Automated Meta-Data Contract Abstraction
3.5. Regulatory landscape
3.5.1. SRA Code of Conduct 2011
3.5.2. The Limited Liability Partnership Act, 2008
3.5.3. Data Protection Act 1998 (DPA).
3.5.4. EU Data Protection Directive (Directive 95/46/EC)
3.5.5. Information Technology Act, 2000
3.5.6. ISO 9001 Certification Achieved for Quality Management System
3.6. Outsourcing industry landscape
3.6.1. North America
3.6.3. Asia Pacific
3.6.4. Latin America
3.7. Cost savings overview
3.8. Industry impact forces
3.8.1. Growth drivers
3.8.2. Industry pitfalls & challenges
3.9. Growth potential analysis
3.9.1. Business models
3.10. Porter's analysis
3.11. Competitive landscape, 2016
3.11.1. Strategy dashboard
3.12. PESTEL analysis
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E-discovery service segment in the legal process outsourcing market is predicted to gain traction over the forecast period. This growth is attributed to the rapid adoption of internet activities and serving customers across the globe through data-based applications. These services are mainly procured by multifunctional organizations in their legal proceedings that include government investigations and litigations. Several advantages associated with the e-discovery service platform include innovative discovery processes with increased accuracy and easier conversion of documents into several file formats.
The onshore LPO market is expected to gain pace over the forecast time span owing to the speed and safety advantages associated with them. These platforms provide sharing of a regulatory framework to ensure the streamlining of business processes.
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