Legal Analytics Market to Reach USD 6.8 billion by 2031: Growth opportunities, Trends & Industry Analysis

According to the report published by Allied Market Research, the global legal analytics market generated $1.5 billion in 2021, and is projected to reach $6.8 billion by 2031, growing at a CAGR of 16% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.

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COVID-19 scenario:

➢ The outbreak of the COVID-19 has had a positive impact on the growth of the global legal analytics market, owing to the increased adoption of technology and innovation during the pandemic to offer better customer experience.

➢ The adoption of legal analytics solution due to lockdown imposed by governments of different countries.

➢ The pandemic has driven workers from their office buildings to their living rooms, home offices, and guest bedrooms. Most businesses today have been forced to embrace cloud technology and video conferencing software such as Zoom or GoToMeeting.

➢ In addition, as industries move toward digitalization, the legal analytics solution is a great option, as it provides agile efficiency by eliminating manual tasks. Furthermore, lawyers can build strong litigation strategies that succeed by deriving information from real-life scenarios. Thus, the market is further expected to boost exponentially.

Based on case type, the commercial case management segment held the huge chunk of market share in 2021, holding more than half of the global legal analytics market share, and is expected to maintain its leadership status during the forecast period. The antitrust management segment, on the other hand, is expected to cite the fastest CAGR of 18.3% during the forecast period.

Based on deployment mode, the on-premise segment held the highest market share in 2021, holding nearly three-fifths of the global legal analytics market share, and is expected to maintain its leadership status during the forecast period. The cloud segment, on the other hand, is expected to cite the fastest CAGR of 16.9% during the forecast period.

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The report offers detailed segmentation of the global legal analytics market based on offering, case type, deployment mode, analytics type, end-user, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on fastest growing segments and highest revenue generation that is mentioned in the report.

Based on offering, the solution segment held the major market share in 2021, holding more than two-thirds of the global legal analytics market share, and is expected to maintain its leadership status during the forecast period. The services segment, on the other hand, is expected to cite the fastest CAGR of 17.4% during the forecast period.

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Based on region, the market across North America held the major market share in 2021, holding more than two-fifths of the global legal analytics market share, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 19.5% during the forecast period.

Key players in the industry

➢ IBM Corporation

➢ Clarivate Plc

➢ LexisNexis

➢ Microsoft Corporation

➢ Thomson Reuters Corporation

➢ Everlaw

➢ Wipro Limited

➢ Wolters Kluwer N.V.

➢ Evisort

➢ Onna Technologies, Inc.

➢ Proofpoint, Inc.

➢ Unitedlex Corporation

➢ Abacus Data Inc.

➢ Mindcrest Inc.

➢ Smokeball.

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