Legal Analytics Market Size & Share, Forecast 2017-2025: Development Trends and Future Growth

Research Report on "Legal Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025".

The objectives of this study are as follows:

To define, describe, and forecast the "Legal Analytics" market by type, application, component, delivery model, end user, and region
To provide detailed information regarding major factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
To forecast the market size of market segments with respect to the four key regions: North America, Europe, Asia, and the Rest of the World (RoW)
To strategically profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies

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Technology is revolutionizing the legal services industry. Legal analytics refers to the managing process of extracting knowledge from existing legal data to help in-house legal teams and decision-makers on certain legal matters. This is done by forecasting, legal strategy, comparative legal costs, process development, billing optimization, financial operations and resource management. Legal analytics involves data mining from data contained in documents related to case and docket entries. This data is then accumulated to provide previously unknown insights into the behavior of the judges, lawyers, organizations such as courts law firm and parties involved. It also involves gaining insights from subjects of lawsuits such as patents and others that are part of the litigation ecosystem. Litigators use legal analytics to disclose trends and patterns in past lawsuits that notify about legal strategy which anticipate outcomes in ongoing cases. Legal analytics depends on progressive technologies such as natural language processing (NLP) and machine learning, to structure, analyze and obtain the required information from raw data present in case dockets and documents. Legal analytics involves statistical modelling and forecasting to reveal gainful information about the management, case handling and operations of legal department. Legal analytics solutions helps in assessing all the recordings, documents and other related files of particular case and old cases and patents similar to that in order to reveal the intended knowledge.

The legal situation, with its complex inputs and at times subjective outputs, may create difficulty to calculate and measure activities and provide results. Legal departments in cooperate sector operate across different regions, business lines and divisions, using non-consistent processes which is making data collection and value-added analysis difficult. Legal Analytics provide an economical way to perform complete legal research and strategize for a defense along with offense. While preparing for both can put a constraint on the amount of time and resources that can be dedicated to research. Therefore, legal analytics solutions are required to extract the knowledge and present it into argument able form. Legal Analytics provide an economical way to perform complete legal research and strategize for a defense along with offense. This puts a constraint on the amount of time and resources that can be dedicated to research. Analytics solution helps in risk assessment and informed decision making. Thus factors such as growing demand for automation in legal analytics to simplify the data-driven process and to make increase in revenue of law firms are anticipated to drive the market during the forecast period.

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There is lack of acceptance and awareness about legal analytics solutions. Many small and medium size law businesses are unacquainted about legal analytics solutions and they are following traditional methodologies for efficient decision-making. Also, legacy law organizations are still adopting the traditional method of storing and dealing huge storehouse of data. Moreover, various law school organizations are unaware about the functioning and benefits of legal analytics solutions. Thus, organizations and law companies are need to be aware about legal analytics solutions. Thus lack of awareness is expected to restrain the market in near future.

Market for legal analytics can be segmented on the basis of component, case type, deployment model, end user and geography. On the basis of component, market is segmented into solution and services. On the basis of deployment model, the market has been divided into on-premises and on-demand, On the basis of case type, market is segmented into intellectual property management, antitrust management, commercial case management and others. On the basis of end user, the market is segmented into corporates, law firms and others. On the basis of geography, market is segmented into North America, Asia Pacific (APAC), Middle East & Africa (MEA), Europe and South America.

Key players for legal analytics are Wolters Kluwer, Thomson Reuters, Mind crest, Inc., Unitedlex Corporation, Argopoint LLC. , Lexisnexis, Premonition, CPA Global, Analytics Consulting LLC, The Bureau of National Affairs (BNA), Inc., International Business Machines (IBM) Corporation, Wipro Limited and Key Innovator.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

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The study is a source of reliable data on:

Market segments and sub-segments
Market trends and dynamics
Supply and demand
Market size
Current trends/opportunities/challenges
Competitive landscape
Technological breakthroughs
Value chain and stakeholder analysis
The regional analysis covers:

North America (U.S. and Canada)
Latin America (Mexico, Brazil, Peru, Chile, and others)
Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
Eastern Europe (Poland and Russia)
Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

A complete backdrop analysis, which includes an assessment of the parent market
Important changes in market dynamics
Market segmentation up to the second or third level
Historical, current, and projected size of the market from the standpoint of both value and volume
Reporting and evaluation of recent industry developments
Market shares and strategies of key players
Emerging niche segments and regional markets
An objective assessment of the trajectory of the market
Recommendations to companies for strengthening their foothold in the market

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