Legal Analytics Market by Component (Solution, Services), Analytics Type (Descriptive, Predictive), Case Type (Commercial Case Management, IP Management), Deployment Model (On-Premises, On-Demand), End User, and Region - Global Forecast to 2022
[111 Pages Report] The legal analytics market is projected to grow from an estimated USD 451.1 Million in 2017 to USD 1,858.9 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 32.7% during the forecast period. The base year considered for the study is 2016.
Objectives of the study:
- To determine and forecast the global legal analytics market based on component, analytics type, case type, deployment model, end user, and region from 2017 to 2022, and analyze various macro and micro-economic factors that affect market growth
- To forecast the size of market segments with respect to four main regions, namely, North America, Europe, Asia Pacific (APAC), and RoW (Middle East & Africa (MEA) and Latin America)
- To provide detailed information regarding major factors, such as drivers, restraints, opportunities, and challenges influencing the growth of the market
- To strategically analyze each submarket with respect to individual growth trends, prospects, and contribution to the total market
- To analyze the opportunities in the market for stakeholders by identifying high-growth segments of the legal analytics market
- To profile key market players, provide comparative analysis based on business overviews, product offerings, regional presence, business strategies, key financials, with the help of in-house statistical tools to understand the competitive landscape
- To track and analyze competitive developments, such as mergers & acquisitions, product developments, partnerships & collaborations, and Research & Development (R&D) activities in the market
The research methodology used to estimate and forecast the legal analytics market size begins with capturing of data of key vendor revenues through secondary research, such as annual reports, white papers, certified publications, databases, such as Factiva and Hoovers, press releases, and investor presentations of legal analytics solutions and service vendors, as well as articles from recognized industry associations, statistics bureaus, and government publishing sources. Vendor offerings were also taken into consideration to determine market segmentations. The bottom-up procedure was employed to arrive at the overall global legal analytics market size from the revenues of key market players. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key individuals, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.
The breakdown of the profiles of primary participants is depicted in the figure below:
To know about the assumptions considered for the study, download the pdf brochure
The legal analytics market ecosystem includes key players, such as the 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) that provide legal analytics solutions and services.
Key Target Audience for Legal Analytics Market
- Legal Analytics Vendors
- Managed Service Providers
- LPO Service Providers
- Artificial Intelligence (AI) Solution Providers
- Predictive Analytics Providers
- Third-party Vendors
- Technology Providers
Scope of the Legal Analytics Market Research Report
The research report categorizes the market to forecast the revenues and analyze the trends in each of the following subsegments:
By Component
- Solution
- Services
By Analytics Type
- Descriptive Analytics
- Prescriptive Analytics
- Predictive Analytics
By Case Type
- Commercial Case Management
- Intellectual Property Management
- Antitrust Management
- Others* (Security Litigation and Class Action Suits)
By Deployment Model
- On-Premises
- On-Demand
By End User
- Corporates
- Law Firms
- Others*(Educational Institutions, Government Departments, and Agencies)
By Region
- North America
- Europe
- Asia Pacific (APAC)
- RoW
Available Customizations
Along with the given market data, MarketsandMarkets offers customization as per the company’s specific requirements. The following customization options are available for the report:
Geographic Analysis
- Further country-level breakdown of the North America legal analytics market
- Further country-level breakdown of the Europe market
- Further country-level breakdown of the APAC market
Company Information
- Detailed analysis and profiles of additional market players
The global legal analytics market is projected to grow from USD 451.1 Million in 2017 to USD 1,858.9 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 32.7% during the forecast period. The growing demand for automation in legal analytics for data-driven decision-making, and increase in productivity and revenue of law firms are some of the major factors driving the market.
The legal analytics market has been segmented on the basis of component, analytics type, case type, deployment model, end user, and region. Based on component, the market has been further classified into solution and services. The services segment is expected to grow at the highest CAGR during the forecast period. Based on analytics type, the market has been segmented into descriptive analytics, prescriptive analytics, and predictive analytics. The descriptive analytics segment is expected to lead the market during the forecast period. Based on deployment model, the market has been divided into on-premises and on-demand. The on-demand segment is expected to grow at the highest CAGR during the forecast period. Based on end user, the market has been segmented into law firms, corporates, and others. Based on case type, the market has been segmented into intellectual property management, antitrust management, commercial case management, and others. The legal analytics market has been studied for North America, Asia Pacific, Europe, and Rest of the World (RoW).
As per the geographic analysis, North America is expected to lead the legal analytics market during the forecast period. This can be attributed to high-quality legal services provided by the vendors in the region, majorly in the US and Canada, to their clients. Furthermore, this region has been extremely responsive towards adopting latest technologies. North America is witnessing rapid automation in legal services across various end-use industries, and widespread adoption of legal analytics solutions and services, which is fueling the growth of the market in North America.
Factors restraining the growth of the legal analytics market include lack of awareness and understanding about legal analytics. Most small and medium-sized law firms are not aware about legal analytics solutions and continue to use the traditional approach or methodology for effective decision-making. Legacy law firms are still following the traditional way of storing and managing huge repository of data. Additionally, several law school firms are unware about the functioning and benefits of legal analytics solutions. Thus, both enterprises and law firms need to be updated about legal analytics and its benefits. Key players in the market 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 focusing on developing legal analytics solution and services by adopting different growth strategies, such as partnerships and collaborations, contracts, mergers and acquisitions, new product launches, and business expansions to increase their market share in the legal analytics market.
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Table of Contents
1 Introduction (Page No. - 12)
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.4 Years Considered for the Study
1.5 Currency
1.6 Stakeholders
2 Research Methodology (Page No. - 15)
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakdown of Primaries
2.1.2.2 Key Industry Insights
2.2 Market Size Estimation
2.3 Research Assumptions
2.4 Limitations
3 Executive Summary (Page No. - 21)
4 Premium Insights (Page No. - 24)
4.1 Attractive Opportunities in the Legal Analytics Market
4.2 Market By Component
4.3 Market By Analytics Type
4.4 Market By End User & Region
4.5 Market By Region
5 Market Overview and Industry Trends (Page No. - 27)
5.1 Introduction
5.2 Value Chain
5.3 Strategic Benchmarking
5.4 Market Dynamics
5.4.1 Drivers
5.4.1.1 Growing Demand for Automation in Legal Analytics for Data-Driven Decision Making
5.4.1.2 Increase in Productivity and Revenue of Law Firms
5.4.2 Restraints
5.4.2.1 Lack of Awareness Among Litigators and Law Schools
5.4.3 Opportunities
5.4.3.1 Increasing Demand for Legal Analytics Across Verticals
5.4.4 Challenges
5.4.4.1 Security and Privacy Threat
5.4.4.2 Unstable Political Conditions
6 Legal Analytics Market, By Component (Page No. - 32)
6.1 Introduction
6.2 Solution
6.3 Services
7 Market, By Analytics Type (Page No. - 36)
7.1 Introduction
7.2 Descriptive Analytics
7.3 Prescriptive Analytics
7.4 Predictive Analytics
8 Legal Analytics Market, By Case Type (Page No. - 41)
8.1 Introduction
8.2 Intellectual Property Management
8.3 Antitrust Management
8.4 Commercial Case Management
8.5 Others
9 Market, By Deployment Model (Page No. - 46)
9.1 Introduction
9.2 On-Premises
9.3 On-Demand
10 Legal Analytics Market, By End User (Page No. - 50)
10.1 Introduction
10.2 Corporates
10.3 Law Firms
10.4 Others
11 Regional Analysis (Page No. - 54)
11.1 Introduction
11.2 North America
11.3 Europe
11.4 Asia Pacific (APAC)
11.5 Rest of the World (RoW)
12 Competitive Landscape (Page No. - 67)
12.1 Microquadrant Overview
12.1.1 Visionary Leaders
12.1.2 Innovators
12.1.3 Dynamic Differentiators
12.1.4 Emerging Companies
12.2 Competitive Benchmarking
12.2.1 Strength of Product Portfolio
12.2.2 Business Strategy Excellence
13 Company Profiles (Page No. - 71)
(Business Overview, Strength of Product Portfolio, Business Strategy Excellence, Recent Developments, Key Relationships)*
13.1 Wolters Kluwer
13.2 Thomson Reuters
13.3 Mindcrest
13.4 Unitedlex
13.5 Argopoint
13.6 Lexisnexis
13.7 Premonition
13.8 Cpa Global
13.9 Analytics Consulting LLC
13.10 The Bureau of National Affairs (BNA)
13.11 IBM
13.12 Wipro
13.13 Key Innovators
*Details on Business Overview, Strength of Product Portfolio, Business Strategy Excellence, Recent Developments, Key Relationships Might Not Be Captured in Case of Unlisted Companies.
14 Appendix (Page No. - 103)
14.1 Industry Excerpts
14.2 Discussion Guide
14.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
14.4 Introducing RT: Real-Time Market Intelligence
14.5 Available Customizations
14.6 Related Reports
14.7 Author Details
List of Tables (41 Tables)
Table 1 Legal Analytics Market Size, By Component, 2015-2022 (USD Million)
Table 2 Solution: Market Size, By Region, 2015-2022 (USD Million)
Table 3 Services: Market Size, By Region, 2015-2022 (USD Million)
Table 4 Market Size By Analytics Type, 2015–2022 (USD Million)
Table 5 Descriptive Analytics: Market Size, By Region, 2015–2022 (USD Million)
Table 6 Prescriptive Analytics: Market Size, By Region, 2015–2022 (USD Million)
Table 7 Predictive Analytics: Market Size, By Region, 2015–2022 (USD Million)
Table 8 Market Size By Case Type, 2015–2022 (USD Million)
Table 9 Intellectual Property Management: Market Size, By Region, 2015–2022 (USD Million)
Table 10 Antitrust Management: Market Size, By Region, 2015–2022 (USD Million)
Table 11 Commercial Case Management: Market Size, By Region, 2015–2022 (USD Million)
Table 12 Others: Market Size, By Region, 2015–2022 (USD Million)
Table 13 Market Size By Deployment Model, 2015–2022 (USD Million)
Table 14 On-Premises: Market Size, By Region, 2015–2022 (USD Million)
Table 15 On-Demand: Market Size, By Region, 2015–2022 (USD Million)
Table 16 Legal Analytics Market Size, By End User, 2015-2022 (USD Million)
Table 17 Corporates: Market Size, By Region, 2015-2022 (USD Million)
Table 18 Law Firms: Market Size, By Region, 2015-2022 (USD Million)
Table 19 Others: Market Size, By Region, 2015-2022 (USD Million)
Table 20 Legal Analytics Market Size, By Region, 2015-2022 (USD Million)
Table 21 North America: Market Size, By Component, 2015-2022 (USD Million)
Table 22 North America: Market Size, By Analytics Type, 2015-2022 (USD Million)
Table 23 North America: Market Size, By Case Type, 2015-2022 (USD Million)
Table 24 North America: Market Size, By Deployment Model, 2015-2022 (USD Million)
Table 25 North America: Market Size, By End User, 2015-2022 (USD Million)
Table 26 Europe: Legal Analytics Market Size, By Component, 2015-2022 (USD Million)
Table 27 Europe: Market Size, By Analytics Type, 2015-2022 (USD Million)
Table 28 Europe: Market Size, By Case Type, 2015-2022 (USD Million)
Table 29 Europe: Market Size, By Deployment Model, 2015-2022 (USD Million)
Table 30 Europe: Market Size, By End User, 2015-2022 (USD Million)
Table 31 Asia Pacific: Market Size By Component, 2015-2022 (USD Million)
Table 32 Asia Pacific: Market Size, By Analytics Type, 2015-2022 (USD Million)
Table 33 Asia Pacific: Market Size, By Case Type, 2015-2022 (USD Million)
Table 34 Asia Pacific: Market Size, By Deployment Model, 2015-2022 (USD Million)
Table 35 Asia Pacific: Market Size, By End User, 2015-2022 (USD Million)
Table 36 RoW: Legal Analytics Market Size, By Component, 2015-2022 (USD Million)
Table 37 RoW: Market Size, By Analytics Type, 2015-2022 (USD Million)
Table 38 RoW: Market Size, By Case Type, 2015-2022 (USD Million)
Table 39 RoW: Market Size, By Deployment Model, 2015-2022 (USD Million)
Table 40 RoW: Market Size, By End User, 2015-2022 (USD Million)
Table 41 Market Ranking for the Market, 2017
List of Figures (54 Figures)
Figure 1 Legal Analytics Market: Research Design
Figure 2 Breakdown of Primary Interview: By Company Type, Designation, and Region
Figure 3 Data Triangulation
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Market Size Estimation Methodology: Bottom-Up Approach
Figure 6 Assumptions
Figure 7 Based on Deployment Model, the On-Demand Segment of the Market is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 8 North America is Estimated to Account for the Largest Share of the Market in 2017
Figure 9 Growing Demand for Automation Legal Analytics for Data-Driven Decision Making is Expected to Drive the Legal Analytics Market During the Forecast Period
Figure 10 Based on Component, the Services Segment is Projected to Grow at A Higher CAGR During the Forecast Period
Figure 11 The Predictive Analytics Segment is Estimated to Grow at the Highest CAGR During the Forecast Period
Figure 12 North America is Estimated to Lead the Legal Analytics Market in 2017
Figure 13 Europe Market is Projected to Grow at the Highest CAGR From 2017 to 2022
Figure 14 Market Value Chain Analysis
Figure 15 Strategic Benchmarking: Organic Growth Strategies
Figure 16 Drivers, Restraints, Opportunities, and Challenges in the Market
Figure 17 The Services Segment of the Market is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 18 The Predictive Analytics Segment of the Market is the Expected to Grow at the Highest CAGR During the Forecast Period
Figure 19 The Commercial Case Management Segment of the Market is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 20 The On-Demand Segment of the Market is Expected to Grow at A Higher CAGR During the Forecast Period
Figure 21 Based on End User, the Corporates Segment of the Market is Expected to Grow at the Highest CAGR During the Forecast Period
Figure 22 North America is Projected to Lead the Legal Analytics Market During the Forecast Period
Figure 23 Legal Analytics Market Snapshot
Figure 24 North America Market Snapshot
Figure 25 Europe Market Snapshot
Figure 26 Market: Competitive Leadership Mapping, 2017
Figure 27 Wolters Kluwer: Company Snapshot
Figure 28 Product Offerings Scorecard
Figure 29 Business Strategies Scorecard
Figure 30 Thomson Reuters: Company Snapshot
Figure 31 Product Offerings Scorecard
Figure 32 Business Strategies Scorecard
Figure 33 Product Offerings Scorecard
Figure 34 Business Strategies Scorecard
Figure 35 Product Offerings Scorecard
Figure 36 Business Strategies Scorecard
Figure 37 Product Offerings Scorecard
Figure 38 Business Strategies Scorecard
Figure 39 Product Offerings Scorecard
Figure 40 Business Strategies Scorecard
Figure 41 Product Offerings Scorecard
Figure 42 Business Strategies Scorecard
Figure 43 Product Offerings Scorecard
Figure 44 Business Strategies Scorecard
Figure 45 Product Offerings Scorecard
Figure 46 Business Strategies Scorecard
Figure 47 Product Offerings Scorecard
Figure 48 Business Strategies Scorecard
Figure 49 IBM: Company Snapshot
Figure 50 Product Offerings Scorecard
Figure 51 Business Strategies Scorecard
Figure 52 Wipro: Company Snapshot
Figure 53 Product Offerings Scorecard
Figure 54 Business Strategies Scorecard
Growth opportunities and latent adjacency in Legal Analytics Market
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