Legal AnalyticsMarket 2019 Global Industry Statistics By Companies - IBM, Wipro, Unitedlex, Wolters Kluwer, Mindcrest, Agropoint Llc., Cpa Global and Lexisnexis

Global Legal Analytics Market is accounted for $456.1 million in 2017 and is expected to reach $5100.3 million by 2026 growing at a CAGR of 30.8% during the forecast period. Increasing demand for automation in legal analytics for data-driven decision making and technological advancements are some of the factors fueling the market growth. However, lack of awareness among litigators is hampering the market growth.

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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. It involves data mining from data contained in documents related to case and docket entries. This is done by forecasting, legal strategy, comparative legal costs, process development, billing optimization, financial operations and resource management.

Based on component, Services segment has witnessed the steady growth during the forecast period owing to there is a need to improve quality and remain operational cost low. Moreover, it also results in revenue generation. By geography, North America holds the largest market share during the forecast period due to high-quality legal services provided by vendors in the region to their clients.

Some of the key players profiled in the Legal Analytics Market include IBM, Wipro, Unitedlex, Wolters Kluwer, Mindcrest, Agropoint Llc., Cpa Global and Lexisnexis.

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Market Segments:
Deployment Models Covered:
• On-Demand
• On-Premises

Analytics Types Covered:
• Prescriptive Analytics
• Predictive Analytics
• Descriptive Analytics
• Other Analytics Types

Case Types Covered:
• Commercial Case Management
• Intellectual Property Management
• Antitrust Management
• Employment Litigation
• Securities Litigation
• Other Case Types

Components Covered:
• Services
• Solution

End Users Covered:
• Law Firms
• Corporates
• Other End Users

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This release was published on openPR.