Legal Process Outsourcing Market COVID-19 Impact, Research Report- Forecast till 2027
Global Legal Process Outsourcing Market, By Component (Software, Services), By Organization Size (Small & Medium-Sized Enterprises, Large Enterprises), By Service Location (On-Shore Outsourcing, Offshore Outsourcing), By End Users - Forecast 2027
The global legal process outsourcing market is growing rapidly over 26% of CAGR and is estimated to reach USD 25 Billion by the end of forecast period 2020-2027, asserts Market Research Future (MRFR). This growth can be attributed to increasing demand for document drafting such as letters to the clients, document drafting, agreements and many others. Steady increase in the cost of legal proceedings has led the companies to outsource services. Cost-efficiency is one of the major factors profiting the LPO market. The legal billing activities including preparation of invoices, collation of time sheets and others are gaining a prominent foothold in the market. The litigation process has created a niche in the market as with this process the company can analyze and understand the customer's requirements and processes.
Technological advancements contribute towards the significant revenue growth. AI (Artificial Intelligence) is an essential tool for extracting valuable data. This enables firms to focus more on client work resulting in efficient delivery of services with high accuracy levels. Surging demand for intelligent technology to obtain information from unstructured data coupled with understanding and reading it as a human propels the growth of legal process outsourcing market.
Security concerns restrain the growth of the market, however major providers are addressing these concerns by implementing globally standard processes such as Six Sigma and many more.
The global legal process outsourcing market has been segmented on the basis of component, organization size, deployment type, business function, end users, and region.
The components are segmented into software, service (bookkeeping and billing, legal research outsourcing, litigation support outsourcing, contract drafting, patent support, and review and management) and many more. Legal process outsourcing saves costs as well as time, expert service, flexible employment, thus providing various components with benefits, for instance in bookkeeping and billing. The market is segmented on the basis of organization size, which is segmented into small and medium-sized enterprises, large enterprises.
The market is also segmented on the basis of end users who are government, BFSI, healthcare, automotive and many more. Legal process outsourcing helps in cost reduction and high efficiency when it comes to end users. Improved turnaround time of services and focus on core functions are the benefits provided by legal process outsourcing, in turn marking a significant surge in the market in these sectors.
Geographically, global Legal process outsourcing market is spread across USA, Europe, Asia-Pacific and Rest of world. It is worth noting that the North America region dominates the market. The legal process outsourcing market in this region is primarily gaining a prominent foothold as it provides legal drafting solutions and all the advantages of a legal firm.
Also, Asia Pacific is most likely to generate the highest CAGR in the coming years. The availability of a skilled workforce with language proficiency along with government support has turned the Asia Pacific market an attractive destination for global LPO firms. India, China, Sri Lanka, and Malaysia are some of the major countries that offer LPO services in this region.
On the other hand, Europe is estimated to be the second largest market share during the forecast period 2017-2023. The low cost of real estate, high employee retention rate, growing foreign investment, and large hiring pool of multilingual candidates are some of the factors that make this market profitable in this region.
The companies such as WNS Holdings (India), Wipro Limited (India), QuisLex Inc. (U.S), Integreon Managed Solutions Inc. (U.S and UnitedLex Corporation (U.S) are the leading of provider of legal process outsourcing services in the market.
Wipro Limited (India) has announced that it has been named a winner in the ‘HFS Research Blueprint Report on Retail Customer Engagement Services.’ It has maintained its strong client relationships, huge growth in automation, and has further broadened its portfolio across retail sector.
UnitedLex announced that it has been selected by General Electric Co. (GE) to deliver innovative legal services for the company’s global law function. In this agreement, UnitedLex will partner with GE to optimize legal functions to support litigation and investigations.
Access Report @ https://www.marketresearchfuture.com/reports/legal-process-outsourcing-market-4572
About Market Research Future
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Market Research Future
Phone: +1646 845 9312
Email: [email protected]