Legal Analytics Market - Overview

Technology is revolutionizing the legal services industry. 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 courts law firm and parties involved. It also involves gaining insights from subjects of lawsuits such as patents and others that are part of the litigation ecosystem. Litigators use legal analytics to disclose trends and patterns in past lawsuits that notify about legal strategy which anticipate outcomes in ongoing cases. Legal analytics depends on progressive technologies such as natural language processing (NLP) and machine learning, to structure, analyze and obtain the required information from raw data present in case dockets and documents. Legal analytics involves statistical modelling and forecasting to reveal gainful information about the management, case handling and operations of legal department. Legal analytics solutions helps in assessing all the recordings, documents and other related files of particular case and old cases and patents similar to that in order to reveal the intended knowledge.

Legal Analytics Market - Trends & Opportunities

The legal situation, with its complex inputs and at times subjective outputs, may create difficulty to calculate and measure activities and provide results. Legal departments in cooperate sector operate across different regions, business lines and divisions, using non-consistent processes which is making data collection and value-added analysis difficult. Legal Analytics provide an economical way to perform complete legal research and strategize for a defense along with offense. While preparing for both can put a constraint on the amount of time and resources that can be dedicated to research. Therefore, legal analytics solutions are required to extract the knowledge and present it into argument able form. Legal Analytics provide an economical way to perform complete legal research and strategize for a defense along with offense. This puts a constraint on the amount of time and resources that can be dedicated to research. Analytics solution helps in risk assessment and informed decision making. Thus factors such as growing demand for automation in legal analytics to simplify the data-driven process and to make increase in revenue of law firms are anticipated to drive the legal analytics market during the forecast period.

There is lack of acceptance and awareness about legal analytics solutions. Many small and medium size law businesses are unacquainted about legal analytics solutions and they are following traditional methodologies for efficient decision-making. Also, legacy law organizations are still adopting the traditional method of storing and dealing huge storehouse of data. Moreover, various law school organizations are unaware about the functioning and benefits of legal analytics solutions. Thus, organizations and law companies are need to be aware about legal analytics solutions. Thus lack of awareness is expected to restrain the legal analytics market in near future.

Legal Analytics Market - Segmentation

Legal analytics market can be segmented on the basis of component, case type, deployment model, end user and geography. On the basis of component, legal analytics market is segmented into solution and services. On the basis of deployment model, the legal analytics market has been divided into on-premises and on-demand, On the basis of case type, legal analytics market t is segmented into intellectual property management, antitrust management, commercial case management and others. On the basis of end user, the legal analytics market is segmented into corporates, law firms and others. On the basis of geography, legal analytics market  is segmented into North America, Asia Pacific (APAC), Middle East & Africa (MEA), Europe and South America.

Legal Analytics Market - Key Players

Key players for legal analytics market are Wolters Kluwer, Thomson Reuters, Mind crest, Inc., Unitedlex Corporation, Argopoint LLC. , Lexisnexis, Premonition, CPA Global, Analytics Consulting LLC, The Bureau of National Affairs (BNA), Inc., International Business Machines (IBM) Corporation, Wipro Limited and Key Innovator.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

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
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Legal Analytics Market

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