NEW
YORK, June 20, 2024 /PRNewswire/ -- The
global legal process outsourcing services market size is
estimated to grow by USD
89.51 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of over 50.54% during the
forecast period. Emergence of new outsourcing destinations is
driving market growth, with a trend towards commoditization
leading to ascent in value chain. However, shortage of domain
expertise poses a challenge. Key market players include Capita Plc,
Clarivate PLC, Cobra Legal Solutions LLC, Conduent Inc., Dentons
Group, DWF Group plc, Ernst and Young Global Ltd., Exigent Group
Ltd., Grupo Konectanet SL, HCL Technologies Ltd., Infosys BPM Ltd.,
Integreon Managed Solutions Inc., Legal Advantage LLC, LegalBase,
Lexplosion Solutions Pvt. Ltd., Morae Global Corp., QuisLex Inc.,
UnitedLex Corp., Wipro Ltd., and WNS Holdings Ltd..
![Technavio has announced its latest market research report titled Global legal process outsourcing services market 2024-2028 Technavio has announced its latest market research report titled Global legal process outsourcing services market 2024-2028](https://mma.prnewswire.com/media/2442746/TECHNAVIO_Infographic.jpg)
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Legal Process
Outsourcing Services Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
50.54%
|
Market growth
2024-2028
|
USD 89510.3
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
36.26
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
36%
|
Key
countries
|
US, UK, India, Germany,
and Japan
|
Key companies
profiled
|
Capita Plc, Clarivate
PLC, Cobra Legal Solutions LLC, Conduent Inc., Dentons Group, DWF
Group plc, Ernst and Young Global Ltd., Exigent Group Ltd., Grupo
Konectanet SL, HCL Technologies Ltd., Infosys BPM Ltd., Integreon
Managed Solutions Inc., Legal Advantage LLC, LegalBase, Lexplosion
Solutions Pvt. Ltd., Morae Global Corp., QuisLex Inc., UnitedLex
Corp., Wipro Ltd., and WNS Holdings Ltd.
|
Market Driver
The legal process outsourcing market is experiencing growth due
to the commoditization of outsourcing services. Clients prioritize
innovative features, such as advanced document review strategies,
in addition to cost savings. Vendors focus on technology for due
diligence and litigation anticipation to differentiate themselves.
With increasing competition, vendors invest in enhanced products,
revenue generation, and brand name to maintain market position.
These factors will continue driving the growth of the global legal
process outsourcing services market.
The Legal Process Outsourcing (LPO) market is experiencing
significant growth, with various companies and legal service
providers offering services in this domain. Key trends include the
use of technology for efficient processing, such as artificial
intelligence and automation. Cost savings and access to specialized
expertise are major drivers for businesses opting for LPO services.
Countries like India and
the Philippines are popular
destinations due to their large talent pool and cost advantages.
The market is also witnessing an increase in the outsourcing of
complex tasks, such as contract drafting and intellectual property
research. Overall, LPO is transforming the legal industry by
providing cost-effective and efficient solutions to businesses
worldwide.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The legal process outsourcing services market confronts a
significant challenge due to the scarcity of domain expertise.
Vendors in emerging markets experience difficulties in hiring and
retaining specialized legal professionals, hindering their ability
to deliver top-tier services. This shortage is particularly
problematic for global legal process outsourcing systems, where
domain expertise is essential to manage processes across various
time zones. Consequently, the lack of domain expertise remains a
major concern for providers in the legal process outsourcing
industry and is expected to persist throughout the forecast
period.
- The Legal Process Outsourcing (LPO) market faces several
challenges in the implementation and management of outsourcing
services. Costs and efficiency are key concerns, with clients
seeking to reduce expenses while maintaining quality. Cultural
differences and communication gaps can also pose challenges,
particularly in areas like data security and compliance.
Additionally, the need for technology integration and data security
is paramount, as legal processes increasingly rely on digital
platforms. Furthermore, the regulatory environment is complex and
constantly evolving, requiring LPO providers to stay updated on the
latest laws and regulations. Lastly, the competition in the LPO
market is intense, with many providers vying for market share,
making it essential for companies to differentiate themselves
through superior service delivery and innovative solutions.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This legal process outsourcing services market report
extensively covers market segmentation by
- Service
- 1.1 Contract management
- 1.2 E-discovery services
- 1.3 Litigation support
- 1.4 Legal research
- 1.5 Others
- Location
- 2.1 Offshore outsourcing
- 2.2 On-shore outsourcing
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Contract management- The contract management
segment is the largest in the legal process outsourcing services
market. Companies frequently overlook contract management,
resulting in missed deadlines, unimplemented clauses, and
non-compliance with legal requirements. Small businesses
particularly benefit from contract management services, which
include drafting and reviewing contracts, creating databases,
analyzing contracts for specific needs, and ensuring contract
readiness for audits. Legal process service providers handle
negotiations and due diligence for high-volume agreements and
mergers and acquisitions. The increasing demand for these services
drives the growth of the global legal process outsourcing services
market through the contract management segment.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The Legal Process Outsourcing (LPO) Services Market represents a
significant segment of the broader Business Process Outsourcing
(BPO) industry. This market encompasses the use of AI, Automation
software, and Virtual Legal Assistants to provide various services
such as bookkeeping & billing, e-discovery, legal research
outsourcing, litigation support outsourcing, compliance assistance,
and patent support. These services can be delivered through
on-shore or offshore locations, with cloud storage and cloud ERP
systems facilitating seamless data access and collaboration.
Start-ups and in-house counsel increasingly rely on cost-effective
legal services offered by LPO providers to manage their legal costs
and access specialized legal expertise. LPO offerings span from
basic document review to complex litigation support and compliance
assistance, making it an indispensable tool for legal teams in
today's digital age.
Market Research Overview
The Legal Process Outsourcing (LPO) Services Market refers to
the outsourcing of non-core and routine legal tasks to third-party
service providers. This market has gained significant traction due
to the increasing need for cost savings, improved efficiency, and
access to specialized expertise. Services offered in this market
include document review, contract drafting, legal research, and
litigation support. The market caters to various industries such as
banking, financial services, and insurance, healthcare, and
technology. The use of advanced technologies like artificial
intelligence and machine learning is transforming the LPO industry,
enabling faster turnaround times and higher accuracy. The market is
expected to grow at a robust pace in the coming years due to the
increasing adoption of LPO services by organizations worldwide.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Service
-
- Contract Management
- E-discovery Services
- Litigation Support
- Legal Research
- Others
- Location
-
- Offshore Outsourcing
- On-shore Outsourcing
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio