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Growing at a CAGR of 16% | The Legal Analytics Market Share Reach USD 6.8 Billion by 2031
Surge in demand for analytical tools to achieve automated legal organization, increase in productivity and profitability of law firms, rigorous application of machine learning to structure complex legal data, rise in AI application in legal analytics, and technological breakthroughs to boost the global legal analytics market surge. Increase in automation and use of digital technology in law firms and legal counsel during the pandemic favorably impacted the global market.
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The global legal analytics market size was valued at USD 1.5 billion in 2021, and is projected to reach USD 6.8 billion by 2031, growing at a CAGR of 16% from 2022 to 2031.
The legal analytics market is segmented on the basis of offering, deployment model, case type, analytics type, end-user and region. On the basis of offering, the market is categorized into solution and services. By service, the market is bifurcated into professional services and managed services. On the basis of deployment model, the market is classified into on-premise and cloud. By case type, the market is fragmented into commercial case management, intellectual property management, antitrust management, and others. On the basis of analytics type, the market is segregated into descriptive analytics, predictive analytics, and prescriptive analytics. On the basis of end-user, the market is divided into law firms and in-house legal counsel. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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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.
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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.
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.
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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.
The key players analyzed in the global legal analytics market report include 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., and Smokeball.
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