Legal Analytics Market Definition
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.
The market study is broken down by Type (Descriptive Analytics, Prescriptive Analytics and Predictive Analytics) and major geographies with country level splits.
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Legal Analytics market throughout the predicted period.
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) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Wipro Limited (India).
AdvanceMarketAnalytics has segmented the market of Global Legal Analytics market by Type, Application and Region.
On the basis of geography, the market of Legal Analytics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Deployment Mode, the sub-segment i.e. Cloud will boost the Legal Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Solution will boost the Legal Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Corporates will boost the Legal Analytics market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
September 2019 - AbacusNext announced an updated version of the AbacusLaw mobile app that serves all users of the AbacusLaw practice management system. The new app provides features such as the ability to access case and client information even offline and provides complete visual redesign focused on easy access to and management of AbacusLaw information. The mobile app benefits both on-premises and cloud-based clients.
June 2019 - LexisNexis launched its Environmental Litigation module. The module provides detailed data and analytics on over 14,700 environmental cases pending in federal district court since 2009, including thousands of multi-district litigation cases. In addition to capturing all the environmental cases, Lex Machina used machine learning and natural language processing algorithms to find and tag environmental-related cases that were filed under other NOS codes.
- Growing Demand for Automation in Legal Analytics for Data-Driven Decision Making
- Increase in Productivity and Revenue of Law Firms
- High Demand due to Analytics Solution Helps in Risk Assessment and Informed Decision Making
- Legal Analytics Provide an Economical way to Perform Complete Legal Research and Strategize for a Defense along with the offense
- Increasing Demand for Legal Analytics Across Verticals
- Lack of Awareness Among Litigators and Law Schools
- Security and Privacy Threat
- Unstable Political Conditions
Key Target AudienceLegal Analytics Vendors, Managed Service Providers, LPO Service Providers, Artificial Intelligence (AI) Solution Providers, Predictive Analytics Providers, Third-party Vendors and Technology Providers
About ApproachThe research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
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