Press release
Legal Process Outsourcing (LPO) Market Seeing 35% CAGR Surge to 2024 Dominated by region / product segment / application as per the report summary
Market Research Report on Legal Process Outsourcing (LPO) Market is a professional and in-depth research report. The Report include basic information like definitions, classifications, applications and industry chain overview, industry policies and plans, product specifications, manufacturing processes, cost structures and so on.Increasing requirement for efficient legal departments to manage process-oriented and high volume legal work is anticipated to drive the legal process outsourcing market over the forecast timeframe. Rapid increase in the cost of legal proceedings has led the companies to outsource these services. Cost-efficiency is one of the major factors benefitting the LPO market landscape.
Legal Process Outsourcing (LPO) Market size is set to exceed USD 40 billion by 2024; as per a new research report by Global Market Insights, Inc.
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Technological advancements in the legal process outsourcing market have contributed towards the significant revenue growth. AI (Artificial Intelligence) is an important tool for extracting valuable data enabling firms to concentrate more on client work through increased bandwidth resulting in efficient delivery of services with high accuracy levels. Rising demand for intelligent technology to obtain information from unstructured data along with understanding and reading it as a human is anticipated to propel the growth of AI in the legal process outsourcing market.
The security concern associated with the LPO model is anticipated to challenge the industry growth over the forecast timeframe. Major providers are addressing the confidentiality and security concerns by implementing globally standard certifications and processes, such as Six Sigma and ISO 27001.
E-discovery services are expected to grow at a significant CAGR of over 40% from 2017 to 2024. This growth is attributed to the rapidly growing usage of digital systems by businesses and outsourcing of electronic documents which contain an enormous amount of data and meta-data. For identifying and generating this information often proves to be troublesome for the in-house legal department. These operations aid in reducing the time consumed and are cost-effective.
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The demand for patent support services in the legal process outsourcing market will witness significant growth owing to the rising inclination towards IP monitoring and legal research for better cost efficiency. This is done to deliver intellectual property portfolios of the clients to guide them on any possible infringements or threats.
The onshore LPO market size will flourish over the forecast timeframe. This is due to rising demand from various law firms and European corporations? inclination towards services to be provided onshore, rather than offshore. Increasing operational cost in South Africa and India coupled with altering European Union (EU) data protection laws are also limiting the types of services which can be offshored which is further escalating the demand for onshore services.
The Philippines LPO market share will be driven by the decreasing cost of legal services accompanied with the infrastructure which makes it an excellent offshoring destination.
The legal process outsourcing market is characterized by the need to reduce the cost of legal services. Escalating demand for e-discovery services due to the demand for digital services by the businesses. The companies in the industry are focusing on acquiring certifications such as ISO 27001 and ISO 9001. Furthermore, various LPO providers are adopting a hands-on approach on training their staff on specific legal engagements, consisting on involving corporate legal professional to directly focus on such learning initiatives. Some key companies include UnitedLex Corporation, Pangea3 LLC, Integreon, Inc., Axiom Law, Elevate Services Inc., etc.
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