At 31.8% CAGR, Legal Process Outsourcing Market Size Set to Register 62.2 billion USD by 2027

Market Study Report has released a new research study on Legal Process Outsourcing market Analysis 2021-2027 inclusive of one or more factors covering regional opportunities, application landscape, product demand trends, and end-use portfolio of the industry over the forecast timeframe. The report also outlines the competitive framework of the Legal Process Outsourcing industry detailing the SWOT analysis and market share dominance of the prominent players.

Legal Process Outsourcing refers to an offshore unit that undertakes legal work assigned by corporations in which in-house legal department or organizations from areas is costly to perform. LPO provides various benefits such as enhanced data security and sophisticated service delivery models and also reduced costs which drives the market growth.

Global Legal Process Outsourcing Market to reach USD 62.2 billion by 2027. Global Legal Process Outsourcing Market is valued approximately at USD 9 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 31.8% over the forecast period 2021-2027.

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Major market player included in this report are

  • American Discovery
  • Amstar Litigation Support
  • Cobra Legal Solutions, LLC
  • CPA Global Limited
  • Elevate Services Inc.
  • Infosys BPM Ltd.
  • Integreon, Inc.
  • Lex Outsourcing
  • Mindcrest, Inc.
  • QuisLex

For instance, India’s legal services are low-priced as compared US and cost up to 70% than US legal firms. The rise in the use of internet combined with rapid globalization is also a driving factor for the market. The restraining factor for the market is LPO companies realizing that their infrastructure is not well equipped or optimize to handle the shift to work-from-home. Also increased risk of confidential data breaches is also a restraining factor.

Artificial intelligence is a new tool which is likely to assist the legal process outsourcing and give opportunities to the sector reach scalable heights of growth. Installation of tools such as natural language processing and document automation by the legal entities will also augment the growth of the market by giving opportunities.

The key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World are considered for the regional analysis of global Legal Process Outsourcing market.¬† Asia Pacific is expected to grow at a significant rate in the forecasted period. The region’s growth is attributed to countries such as India and Philippines being the most preferred destinations for the legal service or legal work outsourcing because of the presence of efficient lawyers as well as low costs.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study.

Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Service:

Contract Drafting

Compliance Assistance

E-Discovery

Review & Management

Patent Support

Litigation Support

By Location:

Offshore

Onshore

Furthermore, years considered for the study are as follows:

Historical year – 2018, 2019

Base year – 2020

Forecast period – 2021 to 2027.

Target Audience of the Global Legal Process Outsourcing Market in Market Study:

Key Consulting Companies & Advisors

Large, medium-sized, and small enterprises

Venture capitalists

Value-Added Resellers (VARs)

Third-party knowledge providers

Investment bankers

Investors

Full Report Summary At: https://www.marketstudyreport.com/reports/global-legal-process-outsourcing-market-by-service-contract-drafting-compliance-assistance-e-discovery-review-management-patent-support-litiga?utm_source=marketwatch.com&utm_medium=AG

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