Legal Process Outsourcing Market to grow at 35% CAGR from 2017 to 2024: Fractovia.org Legal process outsourcing market is projected to chart a lucrative growth path in the coming years with the shifting trends of corporate firms to pursue the ongoing legal operations via LPO. Cost cutting is one of the major factors thriving the business landscape globally. Sudden rise in the cost of legal proceedings have pushed most of the companies to outsource their legal services through skilled professionals. The overall industry is set to take a giant leap in the next seven years in terms of revenue. As per Global Market Insights, Inc., “LPO market which was worth USD 3 billion in 2016, is slated to record a stupendous revenue of USD 40 billion by the end of 2024. The industry is characterized by the increasing focus of the market participants to obtain certifications like ISO 27001, and ISO 9001.
Rapid expansion of the industry is quite evident from its wide range of services which include E discovery, contract drafting, review & management, litigation support, patent support, and compliance assistance. LPO market from E- discovery will record an upward swing in the coming years owing to the growing trend of deploying digital systems in the business models. As per estimates, E- discovery service market is slated to register a shooting CAGR of 40% over the period of 2017-2024. Increasing preference for IP monitoring and legal research is providing a lucrative ground to patent support services segment. Regionally, Europe witnesses a significant command over the global LPO industry. Strict regulatory norms by EU to promote onshore services along with growing European Corporations’ inclination toward this service is increasing the Europe onshore service market demand. The growing popularity of onshore based LPO market over offshore based can be credited to the shared regulatory structure on which this onshore based system works. While these mandatory roll outs in Europe is having a negative impact on the regional offshore service trend, on the other hand countries like Philippines, India, South Africa are observing a huge demand for offshore LPO market. India legal process outsourcing industry is expected to grow exceptionally in the years ahead, driven by the easy and affordable availability of lawyers coupled with favorable governments initiatives such as FDI across the region.
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U.S. LPO market size, by location, 2016 & 2024 (USD Million)
Top notch companies engaged in the global legal process outsourcing market include Integreon, QuisLex, Pangea3, United Lex, and Mindcrest,
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Industry Coverage
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