Legal,Process,Outsourcing,Mark law Legal Process Outsourcing Market Size is anticipated to arri
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Legal process outsourcing (LPO) market size was valued at USD 1.89 billion in 2014 and is anticipated to arrive at USD 13.44 billion till 2022, growing at 27.8% over the forecast period. Effective and efficient utilization of resources coupled with cost efficiency are the major factors driving the global LPO market size. Outsourcing legal activities facilitates major competitors to manage workforce and time effectively. In addition, it also helps them to focus completely on core business functions that are responsible for revenue generation. Emerging nations such as the Philippines, India and South Africa have a considerable time difference from the U.S. and Europe, which helps provide a round-the-clock workforce whenever required. Moreover, countries with common law systems in place would share the same basic legal framework. Thus, Philippines and India have emerged as leading offshore destinations.Get sample pages from latest research report @Litigation support outsourcing market size is expected to grow at a CAGR of over 29% from 2015 to 2022. Cost saving, scalability, as well as flexibility offered is expected to fuel the industry. The cost of legal services in regions such as India is negligible as compared to North America. Outsourcing costs per hour have been reported to be as low as USD 50, which is expected to considerably boost savings.Confidentiality risk is expected to restrain LPO market growth over the forecast period. Sustaining confidentiality and data security by outsourcing services to offshore or onshore locations is likely to be a prime challenge for the industry demand. However, the impact of this barrier is anticipated to minimize owing to increasing awareness among organizations regarding security and safety over the forecast period.Location AnalysisOffshore LPO market size was valued at over USD 1.5 billion in 2014, and is likely to reach USD 10 billion by 2022. These services are mainly delivered to countries such as the Philippines and India. They involve outsourcing of legal services to providers as well as to the law firms in other jurisdictions.On-shore outsourcing attracts organizations that have a preference to collaborate with other companies in the same country. It offers several benefits such as shared regulatory framework which is likely to drive demand. The segment is anticipated to grow at 28% over the next seven years.Service Analysise-discovery market size was valued at over USD 475 million in 2014. As electronic documents contain a large amount of data and metadata, identification and production of information through outsourcing might offer profits, especially for the law firm.Other services include review and management, contract drafting, compliance assistance, patent support and litigation support among others. Patent support is commonly known as intellectual property that includes IP portfolio management, docketing and patent drafting & review. It accounted for over 21% of the total LPO market share in 2014 and is estimated to exceed USD 3 billion by 2022.Regional AnalysisNorth America LPO industry is anticipated to exceed USD 1.1 billion by 2022 owing to large number of firms in the U.S. prefer to outsource repetitive legal activities over the forecast period. MEA LPO market size was valued at USD 90 million in 2014 and is forecast to grow at over 27% up to 2022. This can be mainly attributed to growing focus on provision of legal services.Asia Pacific, on account of China and India LPO market size, was valued at USD 1.2 billion in 2014. Countries such as India provide quantifiable advantages including the availability of numerous English speaking lawyers whose pay rate is considerably lower than those of their U.S. counterparts. Indian vendors have been aiming to address the necessary requirements to target UK and U.S. based clients.Competitive Market ShareThe major players such as Integreon, Cobra Legal solutions, CPA Global, Pangea3, UnitedLex and Clutch accounted for over 40% of the total LPO market share in 2014. Other participants are ADEC Group, Bodhi Global Services, Clairvolex, Exigent, Infosys, Mindcrest, and Quislex.
Legal,Process,Outsourcing,Mark