DUBLIN, October 28, 2021--(BUSINESS WIRE)--The "Legal Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
Legal Analytics Market is expected to register a CAGR of 6% during the forecast period, 2020 - 2026. Legal Analytics provides valuable insights to help lawyers gain a winning edge in the highly competitive business and practice of law
Wolters Kluwer N.V.
Thomson Reuters Corporation
Lexisnexis ( RELX plc )
Abacus Data Systems
CS Disco Inc.
Analytics Consulting LLC
Key Market Trends
Contract Management Offers Potential Growth
New regulatory requirements, globalization, increases in contract volumes and complexity have resulted in increasing recognition of the importance and benefits of effective contract management, thereby increasing the demand for contract management.
The growing recognition of the need to automate and improve contractual processes and satisfy increasing compliance and analytical needs has also led to an increase in the adoption of more formal and structured contract management procedures and an increase in the availability of software applications designed to address these needs.
Therefore, key vendors have also grown eager to create investment products around contract management.
For instance, in October 2019, Thomson Reuters partnered with a contract firm OpenLaw for a document automation proof of concept (POC). This proof of concept demonstrates how users could incorporate blockchain-enabled smart contract provisions into any legal template they create within Contract Express, including the many automated standard documents available from Practical Law.
Additionally, in October 2019, Contract Logix launched a PremiumT and ExpressT platform which allows the customers to customize contract data to match the business and individual needs.
Therefore, contract management helps the customers to automate their contracting processes while minimizing risk, increasing compliance, and driving profitability. Such associated benefits help to have a positive outlook on the market.
North America to Hold the Largest Market Share
North America is one of the fastest-growing regions when it comes to legal analytics and vendors offering legal analytics services also are expanding in this region. For instance, in 2018, AbacusNext a US-based company launched a mobile app for OfficeTools. With the app, users can log time as they make calls in transit, launch all business-critical communications with the Contacts feature, and view upcoming activities and appointments.
As the awareness about legal analytics is increasing in the region, companies are expanding their presence by increasing their offering across different industries to capture the market share. For instance, in 2018, Mitratech Holdings Inc. acquired ThinkSmart LLC. The acquisition of ThinkSmart allowed Mitratech to further help customers to reduce risk overall whether legal, regulatory or operational, by providing them with unprecedented visibility, predictability, and control.
Moreover, Mitratech Holdings Inc also predicted that in the United States spend by law departments in legal analytics would increase to 145 USD million in 2019 from 75 USD million in 2015. This indicates the trend of legal analytics in North America.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Growing Demand for Automation in Legal Analytics for Data-Driven Decision Making
4.3.2 Increase in Productivity and Revenue of Law Firms
4.4 Market Restraints
4.4.1 Lack of Awareness Among Litigators and Law Schools
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Technology Snapshot
4.8 By Practice Areas
4.8.1 Capital Market and Corporate Governance
4.8.2 Financial Documentation Services
4.8.3 Intellectual Property Management
4.8.4 Case Management
4.8.5 M & A and Environmental Laws
4.8.6 Others ( Employment law, Compliance & Data Protection )
5 MARKET SEGMENTATION
5.1 By Tools
5.2 By Deployment Mode
5.3 By Industry
6 COMPETITIVE LANDSCAPE
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/7rvabh
View source version on businesswire.com: https://www.businesswire.com/news/home/20211028005911/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900