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Legal Process Outsourcing Market Report 2024 Latest Insights, Growth Rate, Future Trends And Forecast
Legal Process Outsourcing Global Market Report 2024
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According to The Business Research Company's, The legal process outsourcing market size has grown exponentially in recent years. It will grow from $14.29 billion in 2023 to $17.83 billion in 2024 at a compound annual growth rate (CAGR) of 24.7%. The growth in the historic period can be attributed to cost efficiency and savings, globalization of legal services, focus on core competencies, demand for specialized expertise, evolving regulatory environment.
The legal process outsourcing market size is expected to see exponential growth in the next few years. It will grow to $45.54 billion in 2028 at a compound annual growth rate (CAGR) of 26.4%. The growth in the forecast period can be attributed to complexity of legal operations, data security and confidentiality needs, legal industry digitization, adoption of flexible working models, legal process optimization. Major trends in the forecast period include focus on cost predictability and transparency, growth in legal analytics and predictive modeling, agile and flexible outsourcing models, emergence of legal tech startups, outsourcing of regulatory compliance and due diligence.
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Market Drivers and Trends:
The high demand for legal assistance is expected to drive the legal process outsourcing market. Legal assistance is witnessing high demand due to various reasons such as workplace problems, rising financial hardship, domestic violence protective orders, various debt matters, strict laws, and others. This rising need for legal assistance will lead to high demand for legal services including legal process outsourcing as even standalone firms cannot handle the rising demand for legal services, making them outsource the legal services. The legal process outsourcing enables knowledge sharing and reduces costs for firms in addition to providing legal assistance. For instance, according to the US Bureau of Labor Statistics, the employment requirement of legal assistants and paralegals is expected to grow by 12% from 2020 to 2030, which is faster than the average for all occupations. Both instances signify that the need for legal assistance is increasing significantly. Thus, the high demand for legal assistance will propel the growth of the legal process outsourcing market.
Technology advancement is a key trend gaining popularity in the legal process outsourcing market. The market is witnessing the integration of technological advancements in legal process outsourcing services such as the integration of cloud technology for better e-discovery services. These solutions enable firms to streamline their legal functions and improve customer experience. Many companies operating in the legal process outsourcing market are focusing on adopting advanced solutions to improve their business activities and strengthen their market position. For instance, in July 2021, Cobra Legal Solutions, a US-based legal support services provider announced the expansion of its eDiscovery offering with the addition of Relativity's cloud-based eDiscovery solution, RelativityOne. Through this technology, firms can streamline their discovery process in a single, secure SaaS (software as a service) platform that covers the full range of e-discovery, from legal hold to production.
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Major Key Players of the Market:
Cognizant Technology Solutions Corporation, HCL Technologies Limited, London Stock Exchange Group plc, McKinsey & Company, Thomson Reuters Corporation, Capita plc, Baker & McKenzie LLP, Axiom Managed Legal Services LLP, Huron Consulting Group Inc., ADEC Innovation, Evalueserve India Private Limited, Gerson Lehrman Group Inc., CTS Corporation, UnitedLex Corporation, QuisLex LLC, Morae Global LLC, Elevate Services Inc., Integreon Managed Solutions Inc., Cobra Legal Solutions LLC, Amstar Litigation Support LLC, The Clutch Group Inc., ClairvoLex Knowledge Processes Pvt Ltd., Mindcrest, Datascribe Technologies Inc., Exactus Corporation, Acumen Legal Services Private Limited, CPA Global Limited, Infosys BPM Ltd., Prism Legal, Bodhi Global Solutions Inc.
Legal Process Outsourcing Market 2024 Key Insights:
• The legal process outsourcing market size is expected to see exponential growth in the next few years. It will grow to $45.54 billion in 2028 at a compound annual growth rate (CAGR) of 26.4%.
• Rising Demand For Legal Assistance Fuels Growth In The Legal Process Outsourcing Market
• Tech Advancements Propel Growth In Legal Process Outsourcing Market
• Asia-Pacific was the largest region in the legal process outsourcing market share in 2023
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