Market Overview:
The global legal analytics market is expected to grow at a CAGR of 16.5% from 2018 to 2030. The market growth is attributed to the increasing demand for descriptive, prescriptive, and predictive analytics in the legal sector. The application segment of the global legal analytics market is divided into corporates, law firms, and others. The corporates segment dominated the global legal analytics market in 2017 and is projected to maintain its dominance during the forecast period. North America accounted for the largest share of the global legal analytics market in 2017 owing to technological advancements and early adoption of new technologies in this region.
Product Definition:
Legal analytics is the application of data mining, predictive modeling, and other quantitative methods to legal data in order to improve legal decision making. The importance of legal analytics is that it can help lawyers make better decisions by providing them with information that they might not have been able to find otherwise.
Descriptive Analytics:
Descriptive analytics is a branch of statistics that deals with the collection, organization, and analysis of data for the purpose of learning about past events. It helps in gaining insights into current trends by using historical information. Descriptive analytics has gained popularity owing to its ability to provide concrete examples and aid decision making based on realistic scenarios.
It also helps in forecasting future outcomes by using statistical models on historical datasets which include customer buying behavior, website traffic patterns etc.
Prescriptive Analytics:
Prescriptive analytics is a technique that uses historical data to predict future trends. It helps in identifying patterns from the past and present events to forecast future outcomes with accuracy. The major application of this technique is in predicting the outcome of a case based on historic documents such as depositions, witness statements, etc. Prescriptive analytics also finds its use in analyzing trending data across various social media platforms such as blogs, forums, etc.
Application Insights:
Corporates was the largest application segment in the global legal analytics market in 2017. The use of legal analytics for corporate governance, compliance, risk management and strategic decision-making is expected to drive growth over the forecast period. Furthermore, increasing demand for data driven decisions by boards of directors to improve business operations and profitability is expected to propel growth further.
Law firms are anticipated to be one of the fastest growing segments over the forecast period owing to increased usage across different practice areas such as employment & labor law, real estate law and intellectual property law among others. The use of predictive modeling techniques has enabledlawyers at smaller firms with greater resources efficiency than before while maintaining high quality standards required by clients in large enterprises will also boost industry growth further.
Regional Analysis:
North America accounted for the largest revenue share in 2017. The U.S., as a leading nation in the legal analytics market, has been witnessing an increasing demand for legal analytics solutions over the years. The growth of this market is attributed to various factors such as high disposable income and growing awareness about technology adoption among lawyers and paralegals/ assistants, coupled with law firms’ willingness to invest in these solutions owing to their cost-effectiveness compared to that of litigation or arbitration processes. Moreover, North America being home for some of the world's biggest players such as IBM Corporation; Microsoft Corporation; Google LLC; and Amazon Web Services Inc.; has led it dominate this regional segment also known as GALANA (Global Alliance For Legal Analytics And Information).
Asia Pacific is expected to witness significant growth over the forecast period due its developing economy along with increased awareness amongst users regarding benefits offered by these systems like time & cost saving, efficiency improvement etc.
Growth Factors:
- Increasing demand for big data and analytics services by law firms to improve their decision-making process.
- Proliferation of legal startups that are using technology to disrupt the traditional law firm model, thereby creating new opportunities for legal analytics providers.
- Rapid growth in litigation spending by corporations as they seek to protect their interests through aggressive legal strategies.
- The increasing use of predictive modeling and other artificial intelligence (AI) technologies in the legal sector, which is helping lawyers become more efficient and effective in their work.
- The growing trend of outsourcing non-core functions such as document review and due diligence to third-party service providers, creating a larger market for legal analytics solutions
Scope Of The Report
Report Attributes
Report Details
Report Title
Legal Analytics Market Research Report
By Type
Descriptive Analytics, Prescriptive Analytics, Predictive Analytics
By Application
Corporates, Law Firms, Others
By Companies
Wolters Kluwer (Netherlands), Thomson Reuters (Canada), MindCrest (US), UnitedLex Corporation (US), Argopoint (US), LexisNexis (US), Premonition (US), Analytics Consulting (US), The Bureau of National Affairs (BNA) (US), IBM Corporation (US)
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
198
Number of Tables & Figures
139
Customization Available
Yes, the report can be customized as per your need.
Global Legal Analytics Market Report Segments:
The global Legal Analytics market is segmented on the basis of:
Types
Descriptive Analytics, Prescriptive Analytics, Predictive Analytics
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Corporates, Law Firms, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Wolters Kluwer (Netherlands)
- Thomson Reuters (Canada)
- MindCrest (US)
- UnitedLex Corporation (US)
- Argopoint (US)
- LexisNexis (US)
- Premonition (US)
- Analytics Consulting (US)
- The Bureau of National Affairs (BNA) (US)
- IBM Corporation (US)
Highlights of The Legal Analytics Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Descriptive Analytics
- Prescriptive Analytics
- Predictive Analytics
- By Application:
- Corporates
- Law Firms
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Legal Analytics Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Legal analytics is the application of quantitative methods to legal research and analysis. Legal analytics can help lawyers identify trends in court decisions, understand how judges are interpreting statutes and case law, and predict outcomes of litigation.
Some of the major companies in the legal analytics market are Wolters Kluwer (Netherlands), Thomson Reuters (Canada), MindCrest (US), UnitedLex Corporation (US), Argopoint (US), LexisNexis (US), Premonition (US), Analytics Consulting (US), The Bureau of National Affairs (BNA) (US), IBM Corporation (US).
The legal analytics market is expected to grow at a compound annual growth rate of 16.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Legal Analytics Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Legal Analytics Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Legal Analytics Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Legal Analytics Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Legal Analytics Market Size & Forecast, 2018-2028
4.5.1 Legal Analytics Market Size and Y-o-Y Growth
4.5.2 Legal Analytics Market Absolute $ Opportunity
Chapter 5 Global Legal Analytics Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Legal Analytics Market Size Forecast by Type
5.2.1 Descriptive Analytics
5.2.2 Prescriptive Analytics
5.2.3 Predictive Analytics
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Legal Analytics Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Legal Analytics Market Size Forecast by Applications
6.2.1 Corporates
6.2.2 Law Firms
6.2.3 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Legal Analytics Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Legal Analytics Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Legal Analytics Analysis and Forecast
9.1 Introduction
9.2 North America Legal Analytics Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Legal Analytics Market Size Forecast by Type
9.6.1 Descriptive Analytics
9.6.2 Prescriptive Analytics
9.6.3 Predictive Analytics
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Legal Analytics Market Size Forecast by Applications
9.10.1 Corporates
9.10.2 Law Firms
9.10.3 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Legal Analytics Analysis and Forecast
10.1 Introduction
10.2 Europe Legal Analytics Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Legal Analytics Market Size Forecast by Type
10.6.1 Descriptive Analytics
10.6.2 Prescriptive Analytics
10.6.3 Predictive Analytics
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Legal Analytics Market Size Forecast by Applications
10.10.1 Corporates
10.10.2 Law Firms
10.10.3 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Legal Analytics Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Legal Analytics Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Legal Analytics Market Size Forecast by Type
11.6.1 Descriptive Analytics
11.6.2 Prescriptive Analytics
11.6.3 Predictive Analytics
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Legal Analytics Market Size Forecast by Applications
11.10.1 Corporates
11.10.2 Law Firms
11.10.3 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Legal Analytics Analysis and Forecast
12.1 Introduction
12.2 Latin America Legal Analytics Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Legal Analytics Market Size Forecast by Type
12.6.1 Descriptive Analytics
12.6.2 Prescriptive Analytics
12.6.3 Predictive Analytics
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Legal Analytics Market Size Forecast by Applications
12.10.1 Corporates
12.10.2 Law Firms
12.10.3 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Legal Analytics Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Legal Analytics Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Legal Analytics Market Size Forecast by Type
13.6.1 Descriptive Analytics
13.6.2 Prescriptive Analytics
13.6.3 Predictive Analytics
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Legal Analytics Market Size Forecast by Applications
13.10.1 Corporates
13.10.2 Law Firms
13.10.3 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Legal Analytics Market: Competitive Dashboard
14.2 Global Legal Analytics Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Wolters Kluwer (Netherlands)
14.3.2 Thomson Reuters (Canada)
14.3.3 MindCrest (US)
14.3.4 UnitedLex Corporation (US)
14.3.5 Argopoint (US)
14.3.6 LexisNexis (US)
14.3.7 Premonition (US)
14.3.8 Analytics Consulting (US)
14.3.9 The Bureau of National Affairs (BNA) (US)
14.3.10 IBM Corporation (US)
