Legal Process Outsourcing Market in E-discovery services to grow at 40% CAGR from 2017 to 2024 - PowerPoint PPT Presentation

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Legal Process Outsourcing Market in E-discovery services to grow at 40% CAGR from 2017 to 2024

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More Information @ The e-discovery services market will grow significantly over the forecast timeline due to the rising demand from law firms to outsource activities which are less in value, in order to target tasks such as delivering tactical legal advice. Organizations are more inclined towards managing core responsibilities, and outsource transactional operations that do not necessitate high degree of expert knowledge. – PowerPoint PPT presentation

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Title: Legal Process Outsourcing Market in E-discovery services to grow at 40% CAGR from 2017 to 2024


1
Legal Process Outsourcing Market to hit 40bn by
2024 Global Market Insights Inc.
2
Key Insights from Legal Process Outsourcing
Market
  • 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.
  • 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.

3
Continued...
  • 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.
  • 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.

4
Continued...
  • 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. 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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U.S. LPO market size, by location, 2016 2024
(USD Million)

6

Browse Full Market Research Report On Legal
Process Outsourcing Market _at_ http//bit.ly/2qznUI
c Request for a Sample of this Research
Report _at_ https//www.gminsights.com/request-sample
/detail/179
7
360 Analysis
  • By Location Trends
  • The onshore legal process outsourcing market is
    anticipated to witness high growth over the
    future, as it is considered a comparatively safer
    alternative in comparison to outsourcing
    offshore. It offers benefits such as shared
    regulatory framework, which streamlines the
    business processes. It is a profitable option for
    organizations that desire working together with
    companies within the same country.
  • By Region Trends
  • India legal process outsourcing market size will
    grow significantly from 2016 to 2024 due to the
    presence of numerous English speaking lawyers
    whose incomes are lesser than those of their U.S.
    based counterparts. Indian service providers have
    also worked to address the necessary requirements
    to target UK and U.S. based clients.
  • Competitive Market Share
  • Industry participants in legal process
    outsourcing (LPO) market include Integreon, Inc.,
    UnitedLex Corporation, Elevate Services Inc.,
    Pangea3 LLC, Axiom Law, etc. The players are
    focusing on offering higher-value services such
    as supporting compliance management.


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