- Based on Components (Solution and Services), Analytics (Descriptive Analytics, Prescriptive Analytics and Predictive Analysis) Case (Intellectual Property Management, Antitrust Management and Commercial Case Management) Deployment (On-Premises and On-Demand) Geographical Analysis & Forecasts, 2016-2022
Legal analytics is the application of data analysis methods and technologies within the field of law. The data gathered is used to improve efficiency, gain insights and extract a greater value from the provided data. According to a detailed study made by Progressive Market, the legal analytics market will incur a massive financial boost to $1,858.9 million in the forecast period of 2016 to 2022. The compound annual growth rate registered is 32.7%.
There are certain market dynamics which determine the growth of the legal analytics market. Driving factors include high demand for automation in legal analytics, demand for data-driven decision marketing, and an increase in productivity and revenue of law firms boost its growth. Opportunities include high demand for legal analytics across verticals. Factors such as lack of awareness among litigators and law schools one of the restraints.
The Porters Five Force analysis will help professionals identify the bargaining power of suppliers, buyers, barriers to entry and the competitive scenario among different legal firms. The value chain analysis will give an insight on the role of vendors and stakeholders.
The legal analytics market is divided on the basis of various segments. On the basis of components, the legal analytics market is divided into solution and services. On the basis of analytics type, it is divided into descriptive analytics, prescriptive analytics, and predictive analysis. The legal analytics market is segmented into intellectual property management, antitrust management, and commercial case management. The market contains on-premises and on-demand segmentation under deployment models. The end users are corporates and law firms among the others.
Geographically segmented, the legal analytics market is divided for Europe, Asia-Pacific, North America, and rest of the world (RoW). The report provides in-depth segmentation for each of the countries in these continents. The report includes key market trends, market size and forecast, growth factors and opportunities for each of the segmentation.
The major players in the industry are Wolters Kluwer, Mindcrest Inc, Thomson Reuters, Argopoint LLC, Unitedlex Corporation, Premonition, Lexisnexis, CPA Global, Analytics Consulting LLC, International Business Machines Corporation, The Bureau of National Affairs Inc, Wipro Limited, and Key Innovators. The report includes business overview, operating business segments, business performance, and their key strategies and developments. The companies are focusing on expanding their business in potential geographical regions and aiming to collaborate with other players in the form of mergers and acquisitions.
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