1. Market Research

Legal Analytics Market: Global Forecast until 2022

  • July 2017
  • 113 pages
  • ID: 5018014
In this report:
Due to these factors, the commercial case management segment is estimated to account for the largest share of ##.##% of the legal analytics market, by case type, in 2017 and is expected to grow at the fastest CAGR during the forecast period.
The intellectual property management segment in Europe is estimated to grow at the highest CAGR of ##.##% during the forecast period.

Summary

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"The increasing demand for automation in legal analytics for data-driven decision-making is one of the main factors that is predicted to push the legal analytics market"

The legal analytics market is forecasted to grow from $451.10M in 2017 to $1858.90M by 2022, at a Compound Annual Increase rate of 32.70 percent during the forecast period. Factors, including growth in productivity and revenue of law firms, and increasing demand for automation in legal analytics for data-driven decision-making are forecast to steer the legal analytics market. Lack of awareness about legal analytics among litigators and law schools can restrain the increase of the market.

"Established on component, the service segment is estimated to result the legal analytics market in 2017"

Established on component, the services segment is estimated to result the legal analytics market in 2017. By deploying legal analytics services, users, including corporates, law firms, and others, can analyze info by using predictive analytics, prescriptive analytics, and descriptive analytics to add value to their business.

"Established on analytics type, the descriptive analytics segment is anticipated to lead the legal analytics market in 2017"

Established on analytics type, the descriptive analytics segment is estimated to result the legal analytics market in 2017. Descriptive analytics is widely used in legal departments, as it allows institutions to learn from past behaviors and understand how they might influence future outcomes.

"Established on case type, the commercial case management segment is anticipated to lead the legal analytics market in 2017"

Established on case type, the commercial case management segment is estimated to result the legal analytics market in 2017. There are three types of commercial litigations cases, that is, employer and employee disputes, breach of contract, and corporate disputes. Legal analytics plays a crucial role in helping attorneys unravel the complexity of commercial litigation by providing them with relevant data and data. This information can be used to make legal decisions and provide better counsels to clients.

Established on deployment model, the on-demand segment is anticipated to lead the legal analytics market in 2017"

Established on deployment model, the on-demand segment is estimated to result the legal analytics market in 2017, due to scalability and agility of cloud-based technologies, as growing number of enterprises are anticipated to adopt cloud-based deployment models. These cloud-based deployment models offer several cost-saving benefits, which, in turn, are rising the operational efficiency of distinct organizations.

"Established on final user, the corporates segment of the legal analytics market is forecasted to witness the highest rise during the estimate period"

Established on end-user, the corporates segment of the legal analytics market is anticipated to witness the highest increase in the next years. Corporates refer to legal departments of different corporations, including pharmaceutical & healthcare, automotive, Banking, Financial services and Insurance (BFSI), manufacturing, media & entertainment, and others. The ever-changing preferences of corporate legal departments and growing usage of artificial intelligence to extract valuable information from existing legal data to enhance business performance and efficiency, has led to the increased adoption of the legal analytics in the corporate market.

"The Europe legal analytics market is anticipated to grow at the highest compound annual growth rate (CAGR) during the outlook period"

The legal analytics market has been studied for North America (NA), EU, Asia Pacific (APAC), and RoW. The Europe area has been widely implementing legal analytics solutions to significantly improve the productivity of law firms and corporates. Moreover, law schools and governments of several countries in the territory are implementing legal analytics.

Comprehensive interviews were managed with Chief Executive Officers, marketing directors, innovative products and technology directors, and executives from numerous main institutions operating in the legal analytics marketplace.

- By Company Type: Tier 1: 17.0 percent, Tier 2: 45.0 percent, and 1/3 3: 38.0 percent

- By Designation: C-Level: 38.0 percent, Director Level: 55.0 percent, and Others: 7.0 percent

- By area: North america (NA): 42.0 percent, Europe: 30.0 percent, APAC: 18.0 percent, and RoW: 10.0 percent

Segment Research

The legal analytics market has been split on the basis of component, analytics type, case type, deployment model, final user, and area. Established on component, the legal analytics market has been divided into solution and services. Established on analytics type, the sector has been broken down into descriptive analytics, prescriptive analytics, and predictive analytics. Established on case type, the legal analytics market has been split into intellectual property management, antitrust management, commercial case management, and others (security litigation and class action suits). Established on deployment model, the legal analytics market has been divided into on-premises and on-demand. Established on end-user, the legal analytics market has been broken down into corporates, law firms, and others (educational institutions, and government departments & agencies). The legal analytics market has been studied for North America continent, Europe (EU), Asia-Pac, and RoW (the Middle East (ME) & African continent and Latin America area).

Main highlights

The study will facilitate industry key players and new industry entrants in the legal analytics market in these ways:

The analysis will facilitate industry top players/new sector entrants in this sector by providing them the closest approximations of revenues of the legal analytics market and its sub-segments. This industry report will also assist partners better comprehend the competitor overview, gain more insight to better position their businesses, and implement suitable go-to-market approaches. The market research will facilitate partners comprehend the pulse of the sector and offer them with info on main market drivers, market restraints, opportunities, and alternatives.

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