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Legal Process Outsourcing Market is Projected to Grow at USD 35.9 billion by 2025

Category: Technology
Submitted by MarketResearchGrowth, 2 day(s) ago

May 22, 2020: The global legal process outsourcing market size is projected to reach USD 35.9 billion by 2025, expanding at a CAGR of 31.8% from 2019 to 2025, according to a new report by Grand View Research, Inc. The growth can be chiefly attributed to the emergence of alternative legal service delivery models and virtual law firms.
Technological advancements and innovations in the legal industry are expected to offer new growth avenues in the sector, helping law firms inculcate a transparent relationship with clients. Law firms are deploying Natural Language Processing (NLP) and document automation capabilities to fall in line with the reinvention of the legal industry.
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Artificial Intelligence (AI) is another factor that has taken the LPO industry to a new level. Software equipped with AI capabilities is garnering utmost importance among lawyers and firms to save their time. Document production and proofreading of documents are efficiently done with the help of automation software. Use of team collaboration software is further streamlining the execution of all documentation processes. All such technological developments have greatly aided lawyers by decreasing costs and increasing convenience.
Electronic discovery (e-discovery) services have grown in prominence, which can be attributed to amendments by the Federal Rules of Civil Procedure, making Electronically Stored Information (ESI) such as e-mails, e-calendars, and voicemails discoverable on handheld devices in litigation. The development of ESI will reduce the complexity and cost of e-discovery processes and is expected to simplify large-scale complex litigation processes.
View summary of this report @ https://www.radiantinsights.com/research/legal-process-outsourcing-market
Further key findings from the study suggest:
• On-shore outsourcing is expected to grow at a significant rate over the forecast period, owing to benefits such as enhanced data security and sophisticated service delivery models
• The litigation support segment is expected to register a CAGR of more than 34.0% over the forecast period
• Majority of the LPO providers are emphasizing on maintaining their locally-registered office in U.S. and setting up back offices in Asia Pacific in order to strengthen their foothold in the global market
• Key players in the legal process outsourcing (LPO) market include Clairvolex; Clutch Group; Mindcrest Inc.; and Pangea3.
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