The legal analytics market is expected to grow from US$ 451.1 Million in 2019 to US$ +1,858.9 Million by 2026, at a Compound Annual Growth Rate (CAGR) of +38% from 2019 to 2026.
Legal analytics refers to the managing process of extracting knowledge from existing legal data to help in-house legal teams and decision-makers on certain legal matters. This is done by forecasting, legal strategy, comparative legal costs, process development, billing optimization, financial operations, and resource management. Legal analytics involves data mining from data contained in documents related to case and docket entries. This data is then accumulated to provide previously unknown insights into the behavior of the judges, lawyers, organizations such as court law firms and parties involved.
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Top Key Players:
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)
Among regions, North America is predicted to be the leading Legal Analytics market 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 the latest technologies, this region is also experiencing rapid automation in legal services across various end-use industries. Furthermore, the widespread adoption of legal analytics solutions and services is also boosting the growth of this market in North America.
Legal Analytics Market segment by Type:
- Descriptive Analytics,
- Prescriptive Analytics,
- Predictive Analytics
Legal Analytics Market segment by Application:
- Law Firms,
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The research report on the Legal Analytics market provides an in-depth analysis of this business sphere in question, with respect to a plethora of vital factors such as the market size with regards to volume and valuation. The report elucidates, in extensive detail, a concise brief about the industry segmentation as well as a highly dependable evaluation of the present status of this market. The competitive landscape of this industry arena and its regional spectrum have been enumerated in excruciating detail in the study.
Highlights of the Report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Legal Analytics Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
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