Legal Process Outsourcing Market Analysis
Legal process outsourcing market to register a phenomenal CAGR of 35% over 2016-2024, on-shore LPO services to witness high demand
Legal Process Outsourcing (LPO) Market is set to undergo a rapid evolution in the next seven years. The industry which was valued USD 3 billion in 2016, is slated to record a massive revenue of USD 40 billion by 2024. Studies show that LPO market has created a paradigm shift in the business model of the firms by changing their way of conducting ongoing legal work. Legal process outsourcing is a core strategy that is widely adopted by both government and private entities. Rapid increase in the legal proceeding costs has led the companies to outsource these services via LPO services. Cost cutting is one of the prime factors driving the LPO industry trends.
U.S. LPO market size, by location, 2016 & 2024 (USD Million)
The swift expansion of Legal process outsourcing market can be majorly attributed to its wide end service spectrum which includes E-discovery, patent support, contract drafting, review & management, compliance assistance, and litigation support. E- discovery service market is set to record a shooting CAGR of 40% over 2017-2024. Increasing deployment of digital systems in the businesses is the major factor that is influencing the market trend. Outsourcing the electronic documents that are produced by these digital systems and fetching the meaningful information out of it is actually a troublesome job for the in-house legal department. These firms instead integrate their business model with LPO which considerably reduce their time and cost. Growing inclination toward legal research and IP monitoring for cost effectivity is providing significant growth opportunity to patent support services of LPO market.
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Onshore based legal process outsourcing industry is gaining a popularity over offshore based. The credit to this fact can be given to the shared regulatory framework on which onshore LPO works. Onshore LPO industry is anticipated to generate commendable revenue, driven by the adoption rate by organizations where there is an inter-connected business model. i.e. the firms which work conjointly with companies that belong to the same country.
Europe is one region which holds a prominent position in the global legal process outsourcing market particularly from onshore services. Increasing European Corporations’ preference for onshore services along with strict protective laws imposed by EU is catering the onshore LPO market in Europe. On the other hand, this region has comparatively lesser contribution toward the offshore legal process outsourcing market. With the growing concerns related to the legal expenses, corporate firms of European countries are proactively outsourcing their legal proceeding through professionals via LPO.
Countries like India, Philippines, and South Africa are witnessing an expanding offshore legal process outsourcing market. India market will prominently grow in the coming seven years. Favorable government initiatives such as FDI (foreign direct investment) is encouraging huge investments in these regions. Philippines legal process outsourcing industry share will witness considerable gains over the coming years. The growth can be attributed to this region being regarded as one of the most favorable offshore LPO destinations, owing to the low legal costs and strong infrastructure in this region.
With key players of the market focusing on acquiring renowned certifications like ISO 9001, and ISO 27001, the legal process outsourcing industry value in the next few years is anticipated to be commendable. As per an estimation given by Global Market Insights, Inc, Legal process outsourcing industry is projected to register a phenomenal CAGR of 35% over 2016-2024. Some of the prominent LPO industry participants include Integreon, Pangea3, QuisLex, Mindcrest, and United Lex.
Author Name :Satarupa De