Press release
Legal Process Outsourcing (LPO) Market Size, Status and Forecast, Revenue, Growth, Industry Segmentation | Valuates Reports
Legal Process Outsourcing MarketThe global Legal Process Outsourcing (LPO) market size is projected to reach USD 72090 Million by 2027, from USD 10560 Million in 2020, at a CAGR of 31.6% during 2021-2027. Key drivers of the LPO market include the need to cut high legal costs and increase operational efficiency. Further, the real estate crunch and lack of commercial space available to organizations have led to employee downsizing and outsourcing non-core tasks to LPOs which in turn will drive the growth of the LPO market during the forecast period.
Download Free Sample: https://reports.valuates.com/request/sample/QYRE-Auto-16K730/Global_Legal_Process_Outsourcing_LPO_Market_Size_Status_and_Forecast_2021_2027
Trends Influecing the Growth of LPO Market
High legal costs and increase in operational efficiency
Legal services are costly and involve a lot of complexities as customers are price sensitive. Firms in order to survive want to cut costs and focus more on their core tasks. They want to outsource non-core activities such as file management, legal research, intellectual property services, etc to other service providers. This leads to cost savings and proper time management. Developing countries such as India have skilled workers who are fluent in English and offer legal process services at much cheaper rates. Hence firms are outsourcing their routine work to LPOs to focus more on their core competencies. Thus high legal costs and the need to increase operational efficiency will drive the growth of the LPO market during the forecast period.
Real estate crunch and lack of commercial space
The growing urbanization has led to the lack of real estate availability across the world. Legal firms and corporates are facing a shortage of commercial space for carrying out their business activities. They are downsizing their staff in order to cut costs and avoid additional expenses on infrastructure. This has led to the outsourcing of certain jobs to LPOs especially in developing countries where payment is cheap. Thus the growing real estate crunch has increased the outsourcing of non-core legal services which will ultimately expand the growth of the LPO market in the coming years.
Variety of services offered by LPO firms and advent of artificial intelligence
Earlier outsourcing legal work was only restricted to patents. But LPOs have now developed themselves into a fully mature market. The services offered by them have extended rapidly into other specialized areas such as legal research, intellectual property, contract review, document drafting, due diligence, risk management, litigation, transcription, e-discovery, etc. In addition to it, Artificial Intelligence has reduced the cost of high volume low-value legal tasks such as document review so that LPOs can target high proceed law firms. Technology has ensured that LPOs are also able to deliver cost-efficient services at high-level expertise. Thus increase in service and the emergence of artificial intelligence in the LPO industry will boost the growth of the LPO market during the forecast period.
LPO Market Share Analysis
Based on region, the Asia-pacific segment is expected to provide lucrative opportunities for growth in the LPO market share due to the growing presence of LPO firms in emerging economies such as India, China, etc.
LPO Market Segmentation
By Type
• File Management
• Intellectual Property Services
• Legal Research Service
By End User
• Law Firm
• Enterprise
• Government
• Others
View Full Report: https://reports.valuates.com/reports/QYRE-Auto-16K730/global-legal-process-outsourcing-lpo
Similar Reports:
1. https://reports.valuates.com/market-reports/QYRE-Auto-39E2160/global-legal-marijuana
2. https://reports.valuates.com/market-reports/QYRE-Auto-3J6143/global-legal-advisory-service
3. https://reports.valuates.com/market-reports/QYRE-Auto-22T4732/global-legal-consulting
4. https://reports.valuates.com/market-reports/QYRE-Auto-35T1716/global-legal-analytics
5. https://reports.valuates.com/reports/QYRE-Auto-36M602/global-legal-practice-management-software
6. https://reports.valuates.com/reports/QYRE-Auto-12V6075/global-legal-services
https://reports.valuates.com/sitemap/html/reports/527
https://reports.valuates.com/sitemap/html/reports/528
https://reports.valuates.com/sitemap/html/reports/529
Phone:
U.S. (TOLL FREE) : +1 (315) 215-3225
India: +91 8040957137
Valuates offers an extensive collection of market research reports that helps companies to take intelligent strategical decisions based on current and forecasted Market trends.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Legal Process Outsourcing (LPO) Market Size, Status and Forecast, Revenue, Growth, Industry Segmentation | Valuates Reports here
News-ID: 2992258 • Views: …
More Releases from Valuates Reports
2-Oxazolidinone Market Revenue, Insights, Overview, Outlook, Analysis | Valuates …
2-Oxazolidinone Market Size
The global market for 2-Oxazolidinone was valued at US$ 732 million in the year 2024 and is projected to reach a revised size of US$ 916 million by 2031, growing at a CAGR of 3.3% during the forecast period.
Get Free Sample: https://reports.valuates.com/request/sample/QYRE-Auto-1I12558/Global_2_Oxazolidinone_Market?utm_source=Openpr&utm_medium=Referral
This report aims to provide a comprehensive presentation of the global market for 2-Oxazolidinone, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess…
Strontium-88 Market Revenue, Insights, Overview, Outlook, Analysis | Valuates Re …
Strontium-88 Market Size
The global market for Strontium-88 was valued at US$ 89 million in the year 2024 and is projected to reach a revised size of US$ 126 million by 2031, growing at a CAGR of 5.2% during the forecast period.
Download Free Sample: https://reports.valuates.com/request/sample/QYRE-Auto-34T9158/Global_Strontium_Market?utm_source=Openpr&utm_medium=Referral
This report aims to provide a comprehensive presentation of the global market for Strontium-88, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess…
Cobalt Sulfate Heptahydrate Market Revenue, Insights, Overview, Outlook, Analysi …
Cobalt Sulfate Heptahydrate Market Size
The global market for Cobalt Sulfate Heptahydrate was valued at US$ 449 million in the year 2024 and is projected to reach a revised size of US$ 729 million by 2031, growing at a CAGR of 6.9% during the forecast period.
Get Free Sample: https://reports.valuates.com/request/sample/QYRE-Auto-19T19438/Global_Cobalt_Sulfate_Heptahydrate_Market?utm_source=Openpr&utm_medium=Referral
The 2025 U.S. tariff policies introduce profound uncertainty into the global economic landscape. This report critically examines the implications of recent tariff adjustments…
Ultrasonic Fabric Cutting and Sealing Machine Market Revenue, Insights, Overview …
Ultrasonic Fabric Cutting and Sealing Machine Market Size
The global market for Ultrasonic Fabric Cutting and Sealing Machine was valued at US$ 1200 million in the year 2024 and is projected to reach a revised size of US$ 2091 million by 2031, growing at a CAGR of 8.2% during the forecast period.
Get Free Sample: https://reports.valuates.com/request/sample/QYRE-Auto-12M18905/Global_Ultrasonic_Fabric_Cutting_and_Sealing_Machine_Market?utm_source=Openpr&utm_medium=Referral
This report aims to provide a comprehensive presentation of the global market for Ultrasonic Fabric Cutting and…
More Releases for LPO
Lpo Optical Transceiver Module Market Expansion at 14.22% CAGR by 2032
The LPO Optical Transceiver Module market, valued at USD 4.6 billion in 2023, is poised for substantial growth in the coming years. It is projected to increase from USD 5.25 billion in 2024 to USD 15.2 billion by 2032, reflecting a robust compound annual growth rate (CAGR) of approximately 14.22% during the forecast period.
Key Companies in the lpo optical transceiver module Market Include:
Finisar, LuxshareICT, Hisense Broadband, Huawei, Acacia Communications, Amphenol,…
Global Legal Process Outsourcing (LPO) Market 2021 Applications, Leading Manufac …
Syndicate Market Research recently launched a study report on the global Legal Process Outsourcing (LPO) market project light on the significant drifts and vigorous cannon into the evolution of the trade, which includes the restraints, market drivers, and opportunities. The report talks about the competitive environment prevailing in the Legal Process Outsourcing (LPO) market worldwide. The report lists the key players in the market and also provides insightful information about…
Legal Process Outsourcing (LPO) Market Entry Strategies, Countermeasures, Econom …
Market Expertz has published a report on the "Legal Process Outsourcing (LPO) Market" with a comprehensive investigation of the industry, giving an extensive market outlook and forecast to the year 2026. According to the market study, the Legal Process Outsourcing (LPO) industry has undergone rapid growth in the past few years and promises to continue on the same trajectory. The increasing technological development will also propel the market forward during…
Legal Process Outsourcing (LPO) Market 2018 Analysis
Global Legal Process Outsourcing (LPO) Market 2018 Industry Research Report presents the company profile, product specifications, demands, future trends, sales, capacity, production value and 2018-2023 market shares for each company.
The global market size of Legal Process Outsourcing (LPO) is $XX million in 2017 with XX CAGR from 2013 to 2017, and it is expected to reach $XX million by the end of 2023 with a CAGR of XX% from 2018…
Global Legal Process Outsourcing (LPO) Market 2018 - QuisLex, Cogneesol, Clutch …
Accord Market, recently published a detailed market research study focused on the “Legal Process Outsourcing (LPO) Market” across the global, regional and country level. The report provides 360° analysis of “Legal Process Outsourcing (LPO) Market” from view of manufacturers, regions, product types and end industries. The research report analyses and provides the historical data along with current performance of the global PP Pipe industry, and estimates the future trend of…
Webinar-“LPO – A World of Opportunities”
The growth becomes far more difficult when one faces challenges like managing excessive work and cost due to time constraint. It is all the more difficult and challenging for the solo- practitioners and small law firms, who always look forward to grow their practice and make a new big family.
What is the biggest hurdle...Time Management & Lack of Funds!!!
The concerns which take birth due to these hurdles:
• Rejection of any new…