The risks factors such as economic, technological, and operational factors in internal and external businesses is increasing, which proves to be challenging for various companies. In addition, legal process outsourcing (LPO) service providers offer legal outsourcing services and risk management processes to ward off these business threats.
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Consequently, several organizations are increasingly focusing on implementing risk management solutions to manage risks, which, in turn, will propel the rate of revenue generation in the market.
Legal Process Outsourcing Services market is anticipated to grow rapidly and post a CAGR of close to +29% during the forecast period.
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LPO services involve outsourcing of legal support services to LPO firms in other jurisdictions. Until now offshore outsourcing held a majority of share of the total LPO market, however, onshore LPO has gained significant demand in recent years and is expected to grow at a rate higher than the global average.
Onshore outsourcing is proving to be an attractive solution for corporations that prefer collaboration with organizations in the same jurisdiction and also helps enhance data confidentiality and improves the process efficiency owing to benefits of shared regulatory frameworks under the same jurisdiction. An emerging opportunity in this market exists in terms of offering hybrid service delivery model, i.e.
combined onshore and offshore legal process outsourcing.
Top Key Operating Vendors:
Clutch, Infosys, Integreon, QuisLex, UnitedLex, Capita, Capgemini, Cobra Legal Solutions, CPA Global, Exigent, Legal Advantage, LegalBase, Mindcrest, NewGalexy
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The contract management outsourcing segment accounted for the majority market share during 2016 and will continue to dominate the market for the next four years. Some of the major factors responsible for the market segment's growth is the increasing use of contract management solutions in various processes such as contract review and analysis, summarization, integration of papers and electronic documents, contractual risk analysis, and quality management processes.
Furthermore, contract management solutions are also used to verify if the contracts are ready for audit.
The Global Legal Process Outsourcing Services Market is a highly fragmented, niche market with the presence of a limited number of vendors. Providers in the market compete based on pricing, innovation, service, reputation, distribution, and promotion.
As the market is still in its development stage, small vendors with innovative solutions have the chances of being acquired by large players in the market.
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Table of Contents:
Global Legal Process Outsourcing Services Market Research Report 2017
Chapter 1 Legal Process Outsourcing Services Market Overview
Chapter 2 Global Economic Impact on Industry
Chapter 3 Global Market Competition by Manufacturers
Chapter 4 Global Production, Revenue (Value) by Region
Chapter 5 Global Supply (Production), Consumption, Export, Import by Regions
Chapter 6 Global Production, Revenue (Value), Price Trend by Type
Chapter 7 Global Market Analysis by Application
Chapter 8 Manufacturing Cost Analysis
Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10 Marketing Strategy Analysis, Distributors/Traders
Chapter 11 Market Effect Factors Analysis
Chapter 12 Global Market Forecast
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