Legal analytics is the process of incorporating data into decision-making on topics affecting law firms and lawyers, such as matter forecasting, legal strategy, and resource management. When used appropriately, legal analytics provides a competitive advantage by providing unparalleled transparency and insight into in-house counsel members, departments, and decision-makers.
Machine learning implementations are widely used to structure complex legal data in response to increasing technological innovations. Moreover, increasing demand for analytical tools to achieve automated legal organization is another key factor driving the growth of the market. In addition, increased productivity and profitability of law firms boosts market growth. However, the high cost set up of legal analytics and lack of knowledge about analytics technology hamper the market growth. Furthermore, the adoption of machine learning and artificial intelligence in analytics provides ample growth opportunities for market growth.
The legal analytics market is segmented on the basis of offering, deployment model, case type, analytics type, end-user, and region. On the basis of offering, the market is categorized into solution and services. By service, the market is bifurcated into professional services and managed services. On the basis of deployment model, the market is classified into on-premise and cloud. By case type, the market is fragmented into commercial case management, intellectual property management, antitrust management, and others. On the basis of analytics type, the market is segregated into descriptive analytics, predictive analytics, and prescriptive analytics. On the basis of end-user, the market is divided into law firms and in-house legal counsel. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major players in the market are Clarivate, Lexisnexis, Microsoft Corporation, Thomson Reuters, Everlaw Inc., IBM Corporation, Premonition LLC, Wipro Limited, Wolters Kluwer, Evisort, Onna, Proofpoint Inc., UnitedLex Corporation, Abacus Data Systems, Axiom, Mindcrest Inc., and Smokeball.
Machine learning implementations are widely used to structure complex legal data in response to increasing technological innovations. Moreover, increasing demand for analytical tools to achieve automated legal organization is another key factor driving the growth of the market. In addition, increased productivity and profitability of law firms boosts market growth. However, the high cost set up of legal analytics and lack of knowledge about analytics technology hamper the market growth. Furthermore, the adoption of machine learning and artificial intelligence in analytics provides ample growth opportunities for market growth.
The legal analytics market is segmented on the basis of offering, deployment model, case type, analytics type, end-user, and region. On the basis of offering, the market is categorized into solution and services. By service, the market is bifurcated into professional services and managed services. On the basis of deployment model, the market is classified into on-premise and cloud. By case type, the market is fragmented into commercial case management, intellectual property management, antitrust management, and others. On the basis of analytics type, the market is segregated into descriptive analytics, predictive analytics, and prescriptive analytics. On the basis of end-user, the market is divided into law firms and in-house legal counsel. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major players in the market are Clarivate, Lexisnexis, Microsoft Corporation, Thomson Reuters, Everlaw Inc., IBM Corporation, Premonition LLC, Wipro Limited, Wolters Kluwer, Evisort, Onna, Proofpoint Inc., UnitedLex Corporation, Abacus Data Systems, Axiom, Mindcrest Inc., and Smokeball.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the legal analytics market analysis from 2021 to 2031 to identify the prevailing legal analytics market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the legal analytics market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global legal analytics market trends, key players, market segments, application areas, and market growth strategies.
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- SWOT Analysis
Key Market Segments
By Offering
- Solution
- Services
- Service Type
- Professional Services
- Managed Services
By Case Type
- Commercial Case Management
- Intellectual Property Management
- Antitrust Management
- Others
By by Deployment Mode
- On-premise
- Cloud
By Analytics Type
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
By End-user
- Law Firms
- In-house Legal Counsel
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest Of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Microsoft Corporation
- clarivate analytics
- LEXISNEXIS.
- Wolters Kluwer
- Onna Technologies Inc.
- UnitedLex Corporation
- Axiom Global Inc.
- Smokeball Digital Solutions, LLC
- Thomson Reuters Corporation
- Everlaw, Inc.
- Wipro Limited
- Evisort, Inc.
- Mindcrest
- IBM Corporation (U.S.)
- Premonition Technologies, Inc.
- Proofpoint, Inc.
- Abacus Data Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: LEGAL ANALYTICS MARKET, BY OFFERING
CHAPTER 5: LEGAL ANALYTICS MARKET, BY CASE TYPE
CHAPTER 6: LEGAL ANALYTICS MARKET, BY BY DEPLOYMENT MODE
CHAPTER 7: LEGAL ANALYTICS MARKET, BY ANALYTICS TYPE
CHAPTER 8: LEGAL ANALYTICS MARKET, BY END-USER
CHAPTER 9: LEGAL ANALYTICS MARKET, BY REGION
CHAPTER 10: COMPETITIVE LANDSCAPE
CHAPTER 11: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the legal analytics market size was valued at $1.5 billion in 2021, and is estimated to reach $6.8 billion by 2031, growing at a CAGR of 16% from 2022 to 2031.Legal analytics is 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. In addition, legal analytics is an exciting and promising application that’s made a monumental impact on everything from law schools, to legal best practices, and even litigation strategy. Moreover, legal analytics can also help legal leaders to understand their ideal client, and where their practice stands compared to competitors, so they can devise a more effective marketing strategy that resonates with their target audience.
Rise in adoption of automated legal analytics by firms and organizations aided in propelling the growth of the global legal analytics solutions during the forecast period, hence empowering the demand for legal analytics solution. Moreover, increase in productivity and revenue of law firms during the period has positively impacted legal analytics industry. However, high initial set-up cost of legal analytics is anticipated to hamper the legal analytics market during the forecast period. On the contrary, technological advancements such as machine learning and artificial intelligence in legal analytics for better insights is expected to offer remunerative opportunities for the expansion of the legal analytics market forecast.
On the basis of case type, the commercial case management segment dominated the overall legal analytics market in 2021 and is expected to continue this trend during the forecast period. This is attributed to the increase in commercial cases and adoption of legal analytics for faster resolution. However, the antitrust management segment is expected to witness the highest growth owing to rise in competition among key players and need of merger and acquisitions to gain hold position in market.
By offering, the solution segment dominated growth of the legal analytics market in 2021, and is expected to maintain its dominance in the upcoming years due to rise in adoption of analytics in legal firms and law enforcers departments for valuable insights. However, the services segment is expected to witness highest growth rate during the forecast period. Increase has been witnessed in the adoption of legal analytics services among end users over time, as they ensure effective functioning of solutions throughout the process. Moreover, increase in adoption of data analytics software and cloud platforms is expected to boost the demand for the services segment.
Region wise, the legal analytics market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its higher expenditure on technological solutions However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the growth in number of startups and the expanding infrastructure in the region, which is expected to fuel the growth of the legal analytics industry in the region during the forecast period.
The outbreak of COVID-19 is anticipated to have a positive impact on the growth of the legal analytics market. As government and legal firms move toward digitalization, the legal analytics solution is a great option, as it provides agile efficiency by eliminating manual tasks. In addition, lawyers can build strong litigation strategies that succeed by deriving information from real-life scenarios. With data analytics, lawyers don’t require to go over pages of previous case material and law book texts. Legal analytics can strengthen the overall legal research methodology and help come at a conclusion. It can also assist in making vital business decisions related to the expansion or future planning of law firms. Due to such benefits, it creates numerous growth opportunities for the market post pandemic.
The report focuses on growth prospects, restraints, and analysis of the global legal analytics market trends. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the global legal analytics market share.
KEY FINDINGS OF THE STUDY
By end user, the law firms segment accounted for the largest legal analytics market share in 2021.By region, North America generated the highest revenue in 2021.
By analytics type, descriptive analytics segment accounted for the largest legal analytics market share in 2021.
By deployment mode, the on-premise segment generated the highest revenue in 2021.
The key players profiled in the legal analytics market analysis are Clarivate, Lexisnexis, Microsoft Corporation, Thomson Reuters, Everlaw Inc., IBM Corporation, Premonition LLC, Wipro Limited, Wolters Kluwer, Evisort, Onna, Proofpoint Inc., UnitedLex Corporation, Abacus Data Systems, Axiom, Mindcrest Inc. and Smokeball. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Companies Mentioned
- Microsoft Corporation
- clarivate analytics
- LEXISNEXIS.
- Wolters Kluwer
- Onna Technologies Inc.
- UnitedLex Corporation
- Axiom Global Inc.
- Smokeball Digital Solutions, LLC
- Thomson Reuters Corporation
- Everlaw, Inc.
- Wipro Limited
- Evisort, Inc.
- Mindcrest
- IBM Corporation (U.S.)
- Premonition Technologies, Inc.
- Proofpoint, Inc.
- Abacus Data Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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