Legal Analytics Market
Legal analytics is the application of analyzing and extracting data from the existing legal data in the field of law. It helps the decision-makers to take legal decisions that can increase efficiency and improve processes. It involves data mining and aggregation of data from past cases to which help in gaining insights from subjects of lawsuits.
The rising demand for automated legal operations with increasing adoption of smart technologies are the key driving factors for the legal analytics market. The growth in the market is also led by the advantages of resource management and operational efficiency that are offered by legal analytics. It also provides an economical way to perform legal research and design strategies accordingly. However, ethical concerns relating to privacy and security is restricting the global legal analytics market. In addition, growing demand for data-driven decisions with the help of analytics is expected to drive the market in the coming years.
This report provides a detailed analysis of legal analytics market, which includes current industry situations such as market size, growth, and demands, market outlook, major players with their key strategies such as investment, mergers and acquisitions, value chain analysis and swot analysis. It covers the market canvas and the growth opportunities in the coming years. The report has been made with an in-depth analysis along with important inputs from the various industry experts. The research is carried out with both extensive primary and secondary data sources with bottom-up and top-down approaches.
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The segmentation of the global legal analytics market is based on the analytics type, case type, deployment, and end use. On the basis of analytics type, the global legal analytics market can be segmented into descriptive analytics, predictive analytics, and prescriptive analytics. On the basis of components, the global legal analytics market can be segmented into solution and services. On the basis of case type, the global legal analytics market can be segmented into commercial case management, IP management, and others. On the basis of deployment, the global legal analytics market can be segmented into on-premise and on-demand. On the basis of end use, the global legal analytics market can segment into and law firms, corporates, government, and others.
Based on the geographical regions covered, the global legal analytics market is analyzed across North America, Europe, Asia-Pacific and Latin America, the Middle East and Africa (LAMEA). North America is expected to lead the global legal analytics market due to the rising adoption of legal analytics services and solution.
The key players in the global legal analytics market include IBM Corporation (US), Wipro Limited (India), Analytics Consulting LLC (US), Wolters Kluwer (Netherlands), MindCrest, Inc. (US), The Bureau of National Affairs (BNA) Inc. (US) Argopoint LLC (US), LexisNexis (US), CPA Global (UK), UnitedLex Corporation (US), Thomson Reuters (Canada) and PREMONITION (US).