Legal Process Outsourcing Market to grow at 35% CAGR from 2017 to 2024

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Legal Process Outsourcing Market to surpass 40bn
by 2024 Global Market Insights Inc.
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Industry Overview

• Legal Process Outsourcing Industry analysis is
  covered in this latest research report that aims
  to help those taking daily business decisions by
  providing market trends information, competitive
  landscape scenario, forecasts and more.
• Legal Process Outsourcing (LPO) Market is set to
  undergo a rapid evolution in the next seven
  years. The industry which was valued USD 3
  billion in 2016, is slated to record a massive
  revenue of USD 40 billion by 2024. Studies show
  that LPO market has created a paradigm shift in
  the business model of the firms by changing their
  way of conducting ongoing legal work. Legal
  process outsourcing is a core strategy that is
  widely adopted by both government and private
  entities. Rapid increase in the legal proceeding
  costs has led the companies to outsource these
  services via LPO services. Cost cutting is one of
  the prime factors driving the LPO industry
  trends.
• Onshore based legal process outsourcing industry
  is gaining a popularity over offshore based. The
  credit to this fact can be given to the shared
  regulatory framework on which onshore LPO works.
  Onshore LPO industry is anticipated to generate
  commendable revenue, driven by the adoption rate
  by organizations where there is an
  inter-connected business model.

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• The swift expansion of Legal process outsourcing
  market can be majorly attributed to its wide end
  service spectrum which includes E-discovery,
  patent support, contract drafting, review
  management, compliance assistance, and litigation
  support. E- discovery service market is set to
  record a shooting CAGR of 40 over 2017-2024.
  Increasing deployment of digital systems in the
  businesses is the major factor that is
  influencing the market trend. Outsourcing the
  electronic documents that are produced by these
  digital systems and fetching the meaningful
  information out of it is actually a troublesome
  job for the in-house legal department. These
  firms instead integrate their business model with
  LPO which considerably reduce their time and
  cost. Growing inclination toward legal research
  and IP monitoring for cost effectivity is
  providing significant growth opportunity to
  patent support services of LPO market.
• Europe is one region which holds a prominent
  position in the global legal process outsourcing
  market particularly from onshore services.
  Increasing European Corporations preference for
  onshore services along with strict protective
  laws imposed by EU is catering the onshore LPO
  market in Europe. On the other hand, this region
  has comparatively lesser contribution toward the
  offshore legal process outsourcing market. With
  the growing concerns related to the legal
  expenses, corporate firms of European countries
  are proactively outsourcing their legal
  proceeding through professionals via LPO.

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U.S. LPO market size, by location, 2016 2024
(USD Million)

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Industry Coverage
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• Countries like India, Philippines, and South
  Africa are witnessing an expanding offshore legal
  process outsourcing market. India market will
  prominently grow in the coming seven years.
  Favorable government initiatives such as FDI
  (foreign direct investment) is encouraging huge
  investments in these regions. Philippines legal
  process outsourcing industry share will witness
  considerable gains over the coming years. The
  growth can be attributed to this region being
  regarded as one of the most favorable offshore
  LPO destinations, owing to the low legal costs
  and strong infrastructure in this region.
• With key players of the market focusing on
  acquiring renowned certifications like ISO 9001,
  and ISO 27001, the legal process outsourcing
  industry value in the next few years is
  anticipated to be commendable. As per an
  estimation given by Global Market Insights, Inc,
  Legal process outsourcing industry is projected
  to register a phenomenal CAGR of 35 over
  2016-2024. Some of the prominent LPO industry
  participants include Integreon, Pangea3, QuisLex,
  Mindcrest, and United Lex.

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