Industry Background:
The legal analytics market is expected to witness significant growth during the forecast period. Legal analytics manages the process of extracting knowledge from current legal data to help internal legal teams and decision-makers on certain legal matters. This is done by forecasting strategy, comparative legal costs, process development, financial operations, and resource management. Litigators use legal analytics to reveal trends and patterns in past litigation that inform legal strategy and anticipate outcomes in current cases. Further, it relies on advanced technologies, such as machine learning and natural language processing, to clean up, structure, and analyze raw data from millions of case dockets and documents.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Wolters Kluwer (Netherlands), Thomson Reuters (Canada), MindCrest (United States), UnitedLex Corporation (United States), Argopoint (United States), LexisNexis (United States), Premonition (United States), Analytics Consulting (United States), The Bureau of National Affairs (BNA) (United States) and IBM Corporation (United States) |
This growth is primarily driven by High Demand due to Analytics Solution Helps in Risk Assessment and Informed Decision Making and Legal Analytics Provide an Economical way to Perform Complete Legal Research and Strategize for a Defense along with the offense.
Globally, a noticeable market trend is evident Growing Demand for Automation in Legal Analytics for Data-Driven Decision Making
The Business Services sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Wolters Kluwer (Netherlands), Thomson Reuters (Canada), MindCrest (United States), UnitedLex Corporation (United States), Argopoint (United States), LexisNexis (United States), Premonition (United States), Analytics Consulting (United States), The Bureau of National Affairs (BNA) (United States) and IBM Corporation (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The legal analytics market is highly competitive, with a large number of players. The players are focused on improving legal research and reducing the time and cost associated with legal research. Also, the market is estimated to grow in the future due to the rise in demand for data-driven insights and the increased usage of AI and machine learning in the legal sector. Further, the companies are planning strategic activities such as partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Key Developments in the Market:
In December 2022, Wolters Kluwer acquired Della AI, a software company, uses machine learning and natural language processing to extract insights from unstructured legal data. This acquisition aimed to strengthen AI and analytics capabilities and provide enhanced solutions for its legal and regulatory customers.
In May 2022, Thomson Reuters launched Legal Tracker Advanced, a new AI-powered solution designed to help corporate legal departments drive spend management and operational efficiencies. This launch further aimed to strengthen company's spend management, drive operational efficiencies, and improve workflow processes through AI analytics and industry benchmark data.
Influencing Trend:
Growing Demand for Automation in Legal Analytics for Data-Driven Decision Making and Increase in Productivity and Revenue of Law Firms
Market Growth Drivers:
High Demand due to Analytics Solution Helps in Risk Assessment and Informed Decision Making and Legal Analytics Provide an Economical way to Perform Complete Legal Research and Strategize for a Defense along with the offense
Challenges:
Security and Privacy Threat and Unstable Political Conditions
Restraints:
Lack of Awareness Among Litigators and Law Schools
Opportunities:
Increasing Demand for Legal Analytics Across Verticals
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Legal Analytics Market
- Analysis about New Entrants in Legal Analytics Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Legal Analytics Study Sheds Light on
The Legal Analytics Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Legal Analytics industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Legal Analytics industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.