Legal Process Outsourcing Market Growth 2021

1. Legal Process Outsourcing Market, By Component Trend Analysis, Competitive Market Share & Forecast, 2021-2027

2. Global Legal Process Outsourcing Market- Industry Trends & Forecast Report 2027 A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global legal process outsourcing (LPO) Market was worth USD 7,179.2 million in 2020 and is further projected to reach USD 28,545.1 million by 2027, at a CAGR of 23.5% during the forecast period (2021-2027). The integration of technology such as artificial intelligence with legal process outsourcing services has propelled the growth of the global legal process outsourcing market. Additionally, a growing number of well-educated and fluent English-speaking lawyers from emerging countries such as the Philippines, China, Australia, and others is also contributing to the growth of the market.

3. Growth Drivers  Cost-Efficient Handling of Legal Resources Legal process outsourcing to countries like India can provide tangible benefits. For example, many lawyers in India are fluent in English and can be hired at much lower pay rates than in the United States; thus, the company has to pay much less for outsourcing, making it a cost-effective procedure. In addition, outsourcing firms with adequate experience and a high level of competency can improve client relationships and increase output. Sample copy:https://www.blueweaveconsulting.com/report/global-legal-process-outsourcing-market/report-sample

4. Restraints  Communication and Cultural Barriers Owing to cultural and communication differences, legal companies and law firms find it challenging to outsource their data. In legal process outsourcing, poor communication can lead to poor responsiveness, unmet priorities, inadequate governance, or a lack of understanding. Therefore, before proceeding further, the companies check whether the country has similar communication and cultural norms so that they can understand each other to avoid the problems mentioned above.

5. Impact of COVID-19 The COVID-19 pandemic has wreaked havoc on several economies around the world. Due to the high infection rates and adverse impact on public health systems, various countries had to enforce nationwide lockdowns, which significantly impacted industrial supply chains, trade, and related services. Nevertheless, the COVID-19 pandemic has had a positive impact on the global legal process outsourcing industry. India dominates the Legal Process Outsourcing industry as the most common location for Legal Process Outsourcing service providers. Business development was initially hampered due to the restrictions imposed by the government as a result of the declaration of a nationwide lockdown that commenced on March 24, 2020, and continued till May 3, 2020.

6. Global Legal Process Outsourcing Market: Regional Insights Geographically, the global legal process outsourcing market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. The Asia-Pacific accounted for the largest market share in 2020. The markets in these regions are expected to register a healthy CAGR during the forecast period, owing to an abundant supply of low-cost labor and the high penetration of legal professionals.

7. Competitive Landscape The global legal process outsourcing market has an established ecosystem comprising of some major companies. The key players in the market are Clarivate Plc, UnitedLex, Integreon Inc., Axiom Law, WNS (Holding) Limited, Cobra Legal Solutions, Elevate Services Inc., Infosys Limited, Sunlexis, VEE Technologies, Alcor, DWF Mindcrest Inc., Lexplosion Solutions Private Limited, Quislex, Exigent, and others.

8. Key Players Key Players for the market are Clarivate Plc, UnitedLex, Integreon Inc., Axiom Law, WNS (Holding) Limited, Cobra Legal Solutions, Elevate Services Inc., Infosys Limited, Sunlexis, VEE Technologies, Alcor, DWF Mindcrest Inc., Lexplosion Solutions Private Limited, Quislex, Exigent, and others

9. Recent Development •         In January 2021, UnitedLex incorporated Microsoft Cloud services in order to scale globally. UnitedLex Vantage is a comprehensive, turnkey technology framework designed to convert the legal function into a first-class digital citizen and revolutionize the consumer experience. UnitedLex has been integrating Microsoft applications into its product portfolio since 2008 and has extensive experience working closely with Microsoft. •         In January 2020, leading global alternative legal services provider Exigent announced a new division in forensic consulting, strengthening its litigation services to include expert witness services.

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