Legal Process Outsourcing Market to Reach US$ 73.0 Billion by 2028 | CAGR of 27.7%

According to the latest report by IMARC Group, titled "Legal Process Outsourcing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global legal process outsourcing market size reached US$ 15.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 73.0 Billion by 2028, exhibiting a growth rate (CAGR) of 27.7% during 2023-2028. Legal process outsourcing (LPO) refers to a practice that involves outsourcing legal assistance or functions from third-party service providers. It is an essential measure adopted by multiple businesses, wherein discrete legal services are transferred to paraprofessionals or external law firms to assist organizations with increased quality and efficiency of legal procedures. Some of the common legal process outsourcing services include legal publishing support, secretarial services, review and research, conveyance work and administrative services, such as billing and accounting. Due to rapid digitization across the corporate sector, there has been a considerable rise in the adoption of LPO services.

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Global Legal Process Outsourcing Market Trends:

The global market is primarily driven by the increasing need for businesses to comply with stringent industry standards. Since legal process outsourcing services can be adopted at significantly lower pay rates with improved access to law-trained professionals who offer increased flexibility and allow companies to focus on core business processes, this is providing a boost to the market growth. Furthermore, leading players are heavily investing in the deployment of advanced technologies, such as document automation and natural language processing (NLP) software, which are positively influencing the market. Also, the rising utilization of predictive analytic tools and the integration of artificial intelligence (AI) with LPO software for minimizing the turnover time are creating a positive outlook for the market. Other factors, including the increasing need for reducing overhead expenses, intensive business competition, the growing popularity of virtual assistance across the corporate segment and the rising initiatives undertaken by multiple key players for acquiring non-disclosure certifications and agreements, are further projected to drive the market.

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Competitive Landscape with Key Players:

The competitive landscape of the industry has also been examined along with the profiles of the key players being:

Clairvolex, Clarivate, Cobra Legal Solutions LLC, Elevate Services Inc., Ernst & Young Global Limited, Infosys Limited, Integreon Inc., Lex Outsourcing, Mindcrest Inc. (DWF Group), Morae Global Corporation, QuisLex Inc. and UnitedLex Corporation.

Breakup by Location:

• Offshore
• Onshore

Breakup by Services:

• Contract Drafting
• Review and Management
• Compliance Assistance
• eDiscovery
• Litigation Support
• Patent Support
• Others

Breakup by Organization Size:

• Small and Medium-sized Enterprises
• Large Enterprises

Breakup by End Use Industry:

• BFSI
• Government
• Automotive
• Healthcare and Life Sciences
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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