Legal analytics is redefining the future of legal practice, thereby assisting decision-makers and strategist in effective decision-making. It helps in analyzing the history and behavior of clients, prospects, and other insights, thanks to the booming technologies like Big Data and artificial intelligence. In addition, data-driven decision-making that is calling for a rise in demand for automation in legal analytics coupled with the increasing productivity and law firm revenues are the major factors likely to push the global legal analytics market towards massive growth in the coming years.
Market overview
The global legal analytics market that is projected to be worth USD 451.1 Million in 2017 is expected to reach a value of USD 1,858.9 Million by 2022, growing at a CAGR of 32.7% during the forecast period from 2017 to 2022.
Based on analytics type, the descriptive analytics segment is expected to hold the largest market share, whereas the predictive analytics segment is estimated to grow at the highest CAGR over the forecast period. This growth is mainly because predictive analytics is the core enabler of the Big Data, thus allowing legal business providers to use historical data coupled with customer insight for predicting future events. On the basis of case type, the commercial case management is expected to witness the highest growth over the forecast period, owing to the rising need for relevant general litigation tags, including orders for contested dismissal or summary judgment, declaratory judgment, multi-district litigation, class action, jury trial, bench trial, and appeal.
Among end-users, the law firms segment is expected to be the leading market in 2017, and grow at the highest CAGR in the coming years. This growth can be attributed to the high adoption of legal analytics in law firms, since it helps in reducing manual efforts and saving time, thereby making the legal process more efficient.
How is the market progressing, geographically?
Among regions, North America is predicted to be the leading market for legal analytics over the forecast period. This growth is mainly because of the high-quality legal services that are being offered by the vendors in this region, primarily in the U.S. and Canada. Along with witnessing a rapid adoption of latest technologies, this region is also experiencing rapid automation in legal services across various end-use industries. Furthermore, widespread adoption of legal analytics solutions and services is also boosting the growth of this market in North America.
What are the factors impacting the growth of this market?
The growth of the worldwide market for legal analytics is being majorly influenced by the following factors:
- Rising demand for automation in legal analytics for data-driven decision making
- Increased productivity and revenue of law firms
In addition, growing demand for legal analytics across major verticals is also expected to further create an array of opportunities for the growth of this market.
However, lack of knowledge and understanding regarding legal analytics among litigators and law schools is the major factor that is likely to hamper the growth of this market. Most of the SMEs, due to lack of knowledge are still using traditional approach for effective decision-making. Moreover, security and privacy threats and unstable political conditions are the major challenges to be tackled by the leading vendors involved in this market.
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Key players and growth strategies involved
The major players operating in the global market for legal analytics include Wolters Kluwer (Netherlands), Thomson Reuters (Canada), MindCrest, Inc. (US), UnitedLex Corporation (US), Argopoint LLC (US), LexisNexis (US), PREMONITION (US), CPA Global (UK), Analytics Consulting LLC (US), The Bureau of National Affairs (BNA) Inc. (US), IBM Corporation (US), and Wipro Limited (India). These companies are adopting various growth strategies, such as partnerships and collaborations, contracts, mergers & acquisitions, new product launches, and business expansions in order to enhance their market share in this market as well as develop legal analytics solutions and services.
