What's driving the Legal Process Outsourcing Market Size? Dell, IBM, Microsoft, Symantec, Ping Identity, Oracle, ForgeRock

The swift expansion of Legal process outsourcing market can be majorly attributed to its wide end service spectrum which includes E-discovery, patent support, contract drafting, review & management, compliance assistance, and litigation support. E- discovery service market is set to record a shooting CAGR of 40% by 2024. Increasing deployment of digital systems in the businesses is the major factor that is influencing the market trend.

The remarkable expansion of the legal process outsourcing market is clearly evident from its increasing spectrum of services which has come a long way so far, starting from litigation support, document review, e-recovery to contract drafting, compliance assistance, and patent support. Contract review service segment of the LPO industry is poised to generate a heavy business in the years ahead. The credit of this fact can be given to the huge value these M&As and contracts hold for the company, in which even a slight price trigger if neglected can have a large impact on the entire value chain of the organization.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. SailPoint Technologies Holdings.
2. Centrify Corporation
3. Dell Inc.
4. IBM Corporation
5. Microsoft Corporation
6. ForgeRock
7. CA Technologies
8. Crossmatch
9. Gemalto
10. iWelcome
11. Okta.
12. Oracle
13. Ping Identity
14. Symantec Corporation

The e-discovery service is also set to offer lucrative avenues for the legal process outsourcing market globally. Digitization, which has established its roots across every industry can be quoted as the major driving factor behind the escalating LPO market trend. The electronic documents produced through digital means in an organization leads to a huge influx of data from which deriving meaningful insights can be a troublesome task for the legal in-house teams. The firms thus align these legal activities to skilled professionals via LPO which is a reasonable and efficient business model. On these grounds, this service is estimated to exhibit heavy gains in the coming seven years with a CAGR estimation of 40% over the period of 2017-2024.

Europe is one region which holds a prominent position in the global legal process outsourcing market particularly from onshore services. Increasing European Corporations' preference for onshore services along with strict protective laws imposed by EU is catering the onshore LPO market in Europe. On the other hand, this region has comparatively lesser contribution toward the offshore legal process outsourcing industry. With the growing concerns related to the legal expenses, corporate firms of European countries are proactively outsourcing their legal proceeding through professionals via LPO.

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