Legal Analytics Market - Forecast(2021 - 2026)

 

Legal Analytics Market Overview

Legal analytics market is expected to reach $4.7 billion by 2026 at a CAGR of 22.8% during the forecast period 2021-2026. Growth in the market is led by increasing adoption of smart technologies in the legal departments coupled with the rising demand for automated legal operations and analytical needs. This has also led to an increase in the adoption of more formal and structured legal software. 
Moreover, operational efficiency, resource management offered by legal analytics and advancements in legal technology is further anticipated to boost legal analytics market industry across the globe in the forecast period 2021-2026. The rising demand for Legal tech solutions has driven the market for legal software such as Legal Analytics solutions across not just legal firms but enterprises as well.

Legal analytics Market Report Coverage

The report: “Legal analytics Market report – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Legal analytics Market

By Analytics Type: Descriptive Analytics, Prescriptive Analytics, Predictive Analytics and Others
By Case Type: Intellectual Property Management, Antitrust Management, Commercial Case Management, Securities Litigation, Employment Litigation and Others
By Deployment Type: Cloud/On Demand and On Premises
By End User: Enterprise, Legal Firms, Government Entities and Others
By Geography: North America (U.S, Canada, Mexico), Europe(Germany, UK, France, Italy, Spain, Russia, Netherlands and Others), APAC(China, Japan India, SK, Australia, Indonesia, Malaysia and Others), South America(Brazil, Argentina, Chile, Colombia and others), and RoW (Middle east and Africa)

Key Takeaways

  • In 2020, North America dominated the legal analytics market share with more than 37% owing to early adoption of advanced technologies and high-quality of law services offered by third parties to their clients in countries like the U.S., Canada.
  • Legal analytics in Law Firms is growing at a CAGR of 27.2% in the forecast period. The application of data analysis methods and technologies within the field of law allows to improve efficiency, gain insight and realize greater value from available data and driving the market
  • The growing interest in applying AI in law is slowly transforming the profession and closing in on the work of paralegals, legal researchers, and litigators
  • Legal analytics top 10 companies include IBM, LexisNexis, Wipro, Cpa Global, Unitedlex Agropoint Llc., Wolters Kluwer, Mindcrest Premonition Analytics Consulting LLC, The Bureau of National Affairs (BNA), Inc. Thomson Reuters, Smokeball, Rocket Matter among others.
Legal Analytics Market, By Geography, 2020 (%)


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Legal Analytics Market Segment Analysis - By Deployment

On-demand segment is growing at a highest CAGR of 27.8% in the forecast period 2021-2026. Owing to scalability and agility of cloud-based technologies, several enterprises across the globe are expected to adopt On-demand segment. This deployment model provides various benefits, in terms of accessibility, efficiency, immediacy, scalability, and optimization. Similarly the rapid adoption of cloud based solution in various regions are also driving the market. 
According to a report given by American Bar Association in 2019, the cloud deployment in firms has increased to 58% in 2019 from 55% in 2018. Hence these benefits are analysed to drive the On-demand segment thereby accelerating the market for Legal analytics.

Legal Analytics Market Segment Analysis - By End User

Legal analytics in Law Firms is growing at a CAGR of 25.2% in the forecast period 2021-2026. The application of data analysis methods and technologies within the field of law to improve efficiency, gain insight and realize greater value from available data is driving the market. Legal analytics are used to yield actionable information that can improve processes and increase efficiency. In addition, Analytics applications can be used to mine and aggregate data from past cases to explore the information from various perspectives. 
Similarly, it is used to compare patterns in the decisions of judges in particular types of cases or the prevalence of particular types of cases over a given period of time. Moreover the advent of big data analytics, predictive analytics and other advanced tools to conduct informed speculation about the effects of potential changes in business strategies has been driving the market in the forecast period 2021-2026.

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