According to the new market research
report " Legal Analytics Market
by Component (Solution, Services), Analytics Type (Descriptive, Predictive),
Case Type (Commercial Case Management, IP Management), Deployment Model
(On-Premises, On-Demand), End User, and Region - Global Forecast to 2022", The legal analytics market is expected to grow from
USD 451.1 Million in 2017 to USD 1,858.9 Million by 2022, at a Compound Annual
Growth Rate (CAGR) of 32.7% from 2017 to 2022. The market is primarily driven
by the growing demand for automation in legal analytics for data-driven
decision-making, and increase in productivity and revenue of law firms.
Based on component, the services segment
of the legal analytics market is expected to witness the highest growth during
the forecast period
Based
on component, the legal analytics market has been segmented into solution and
services. The services segment is expected to witness the highest growth during
the forecast period, as there is a need to enhance quality and keep operational
cost low. Moreover, it also results in revenue generation.
Based on analytics type, the predictive
analytics segment of the legal analytics market is expected to grow at the
highest CAGR during the forecast period
Based
on analytics type, the legal analytics market has been segmented into descriptive
analytics, prescriptive analytics, and predictive analytics. The predictive
analytics segment is expected to witness the highest growth during the forecast
period, as predictive analytics is the core enabler of the Big data, allowing
legal business providers to use historical data combined with customer insight
to predict future events. This analytics type helps in understanding probable
risks and opportunities in a market.
Browse and
in-depth TOC on "Legal Analytics Market"
41
- Tables
54
- Figures
111
- Pages
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for PDF Brochure@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=85524032
Based on case type, the commercial case management segment of the legal
analytics market is expected to grow at the highest CAGR during the forecast
period
Based on case type, the commercial case management
segment of the legal analytics market is estimated to witness the highest
growth during the forecast period, as there is a need for relevant general
litigation tags, including orders for contested dismissal or summary judgment,
declaratory judgment, multi-district litigation, class action, jury trial,
bench trial, and appeal.
Based on deployment model, the on-demand segment of the legal analytics
market is expected to grow at the highest CAGR during the forecast period
Based on deployment model, the on-demand segment of
the legal analytics market is estimated to witness the highest growth, owing to
the advent of Big Data and cloud computing.
Based on end user, the law firms segment is estimated to lead the legal
analytics market in 2017
Based on end user, the law firms segment of the
legal analytics market is expected to witness the highest growth in the coming
years. Legal analytics are used in law firms to make the legal process more
efficient, and derive in-depth insight and forecast the outcome of the case.
Furthermore, law firms are significantly adopting legal analytics, as it
reduces manual efforts and saves time.
North America is expected to lead the legal analytics market during the
forecast period
North America is estimated to lead the legal
analytics market in 2017, owing to high-quality legal services provided by
vendors in the region to their clients. Moreover, this region is witnessing
rapid automation in legal services across various end-use industries, and
widespread adoption of legal analytics solutions and services.
The report
encompasses the competitive landscape, which presents the positioning of 18 key
vendors of legal analytics solutions and services, based on their product
offerings and business strategies. Some of the major solution and service
vendors include the Wolters Kluwer (Netherlands), Thomson Reuters (Canada),
MindCrest, Inc. (US), UnitedLex Corporation (US), Argopoint LLC (US),
LexisNexis (US), PREMONITION (US), CPA Global (UK), Analytics Consulting LLC
(US), The Bureau of National Affairs (BNA) Inc. (US), IBM Corporation (US), and
Wipro Limited (India).
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Research Insight: https://www.marketsandmarkets.com/ResearchInsight/legal-analytics-market.asp
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/legal-analytics-market.asp
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