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.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.
Key Developments in the Market:
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.
- 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
- Growing Demand for Automation in Legal Analytics for Data-Driven Decision Making
- Increase in Productivity and Revenue of Law Firms
- Lack of Awareness Among Litigators and Law Schools
Increasing Demand for Legal Analytics Across Verticals
Security and Privacy Threat and Unstable Political Conditions
AMA Research follow 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 showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse 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 include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Legal Analytics Study Sheds Light on
The Legal Analytics Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey 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, the survey 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 value they currently claim, or capture the new addressable opportunity.
Frequently Asked Questions (FAQ):1. What is the growth rate predicted for the Global Legal Analytics Market?
The Legal Analytics market is expected to see a CAGR of % during projected year 2020 to 2026.
2. Who are the top performing companies in Legal Analytics Market?
Top performing companies in the Global Legal Analytics market are 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), to name a few.
3. Which region dominated the worldwide market for Legal Analytics in 2020?
North America is dominating the Legal Analytics Market.