Legal Analytics Market Insights | Key Players: Wolters Kluwer, MindCrest, UnitedLex Corporation, LexisNexis, CPA Global, The Bureau of National Affairs and IBM Corporation

According to recent research "Legal Analytics Market by Component (Solution, Services), Analytics Type (Descriptive, Predictive), Case Type (Commercial Case Management, IP Management), Deployment Model (On-Premises, On-Demand), End User, and Region - Global Forecast to 2022", The legal analytics market is expected to grow from USD 451.1 Million in 2017 to USD 1,858.9 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 32.7% from 2017 to 2022. The market is primarily driven by the growing demand for automation in legal analytics for data-driven decision-making, and increase in productivity and revenue of law firms.

Browse 41 Market Data Tables and 54 Figures spread through 111 Pages and in-depth TOC on "Legal Analytics Market"
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Based on component, the services segment of the legal analytics market is expected to witness the highest growth during the forecast period

Based on component, the legal analytics market has been segmented into solution and services. The services segment is expected to witness the highest growth during the forecast period, as there is a need to enhance quality and keep operational cost low. Moreover, it also results in revenue generation.

Based on analytics type, the predictive analytics segment of the legal analytics market is expected to grow at the highest CAGR during the forecast period

Based on analytics type, the legal analytics market has been segmented into descriptive analytics, prescriptive analytics, and predictive analytics. The predictive analytics segment is expected to witness the highest growth during the forecast period, as predictive analytics is the core enabler of the Big data, allowing legal business providers to use historical data combined with customer insight to predict future events. This analytics type helps in understanding probable risks and opportunities in a market.

Based on case type, the commercial case management segment of the legal analytics market is expected to grow at the highest CAGR during the forecast period

Based on case type, the commercial case management segment of the legal analytics market is estimated to witness the highest growth during the forecast period, as there is a need for relevant general litigation tags, including orders for contested dismissal or summary judgment, declaratory judgment, multi-district litigation, class action, jury trial, bench trial, and appeal.

Based on deployment model, the on-demand segment of the legal analytics market is expected to grow at the highest CAGR during the forecast period

Based on deployment model, the on-demand segment of the legal analytics market is estimated to witness the highest growth, owing to the advent of Big Data and cloud computing.

Based on end user, the law firms segment is estimated to lead the legal analytics market in 2017

Based on end user, the law firms segment of the legal analytics market is expected to witness the highest growth in the coming years. Legal analytics are used in law firms to make the legal process more efficient, and derive in-depth insight and forecast the outcome of the case. Furthermore, law firms are significantly adopting legal analytics, as it reduces manual efforts and saves time.

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North America is expected to lead the legal analytics market during the forecast period

North America is estimated to lead the legal analytics market in 2017, owing to high-quality legal services provided by vendors in the region to their clients. Moreover, this region is witnessing rapid automation in legal services across various end-use industries, and widespread adoption of legal analytics solutions and services.

The report encompasses the competitive landscape, which presents the positioning of 18 key vendors of legal analytics solutions and services, based on their product offerings and business strategies. Some of the major solution and service vendors include the Wolters Kluwer (Netherlands), Thomson Reuters (Canada), MindCrest, Inc. (US), UnitedLex Corporation (US), Argopoint LLC (US), LexisNexis (US), PREMONITION (US), CPA Global (UK), Analytics Consulting LLC (US), The Bureau of National Affairs (BNA) Inc. (US), IBM Corporation (US), and Wipro Limited (India).

LexisNexis is focusing on both inorganic and organic strategies, such as acquisitions, new app launch, new tech launch, and new solution launch to grow in the legal analytics market. For instance, in June 2017, LexisNexis acquired Ravel Law (US), the next-generation legal research, analytics, and visualization platform. This acquisition will enable LexisNexis to expand its legal analytics suite of products through integration of Ravel Law’s judicial analytics and data visualization technology. In December 2016, LexisNexis introduced a new legal tech accelerator in the Silicon Valley to give startups a leg-up in the fast growing legal tech industry.

The Bureau of National Affairs (BNA), Inc. is focusing on a strategic mix of both organic and inorganic growth strategies to gain competitive advantage in the legal analytics market. For instance, in April 2017, Bloomberg BNA successfully announced the release of new client-driven enhancements and a new user interface for Bloomberg law that increase content discoverability through advanced search and streamlined navigation for better analysis. In July 2015, Bloomberg BNA entered into a strategic partnership with TrackMaven, a leading provider of competitive intelligence and social media platform to encompass solution for monitoring and delivering the most relevant information critical to the enterprise and an actionable insight into the social share of voice.

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