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Legal analytics is the management process of extracting actionable knowledge from data to assist in-house legal leaders and decision-makers on topics as diverse as matter forecasting, process improvement, comparative costs, billing optimization, resource management, and financial operations.
Legal analytics refers to the managing process of extracting knowledge from existing legal data to help in-house legal teams and decision-makers on certain legal matters. This is done by forecasting, legal strategy, comparative legal costs, process development, billing optimization, financial operations and resource management.
Legal analytics involves data mining from data contained in documents related to case and docket entries.
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This data is then accumulated to provide previously unknown insights into the behavior of the judges, lawyers, organizations such as courts law firm and parties involved.
Legal Analytics provide an economical way to perform complete legal research and strategize for a defense along with offense. While preparing for both can put a constraint on the amount of time and resources that can be dedicated to research.
Therefore, legal analytics solutions are required to extract the knowledge and present it into argument able form.
Legal Analytics provide an economical way to perform complete legal research and strategize for a defense along with offense. This puts a constraint on the amount of time and resources that can be dedicated to research.
Analytics solution helps in risk assessment and informed decision making. Thus factors such as growing demand for automation in legal analytics to simplify the data-driven process and to make increase in revenue of law firms are anticipated to drive the market during the forecast period.
There is lack of acceptance and awareness about legal analytics solutions. Many small and medium size law businesses are unacquainted about legal analytics solutions and they are following traditional methodologies for efficient decision-making.
legacy law organizations are still adopting the traditional method of storing and dealing huge storehouse of data. Moreover, various law school organizations are unaware about the functioning and benefits of legal analytics solutions.
Thus, organizations and law companies are need to be aware about legal analytics solutions. Thus lack of awareness is expected to restrain the market in near future.
Objectives of the study:
- To determine and forecast the global legal analytics market based on component, analytics type, case type, deployment model, end user, and region from 2017 to 2022, and analyze various macro and micro-economic factors that affect market growth
- To forecast the size of market segments with respect to four main regions, namely, North America, Europe, Asia Pacific (APAC), and RoW (Middle East & Africa (MEA) and Latin America)
- To provide detailed information regarding major factors, such as drivers, restraints, opportunities, and challenges influencing the growth of the market
- To strategically analyze each submarket with respect to individual growth trends, prospects, and contribution to the total market
- To analyze the opportunities in the market for stakeholders by identifying high-growth segments of the legal analytics market
- To profile key market players, provide comparative analysis based on business overviews, product offerings, regional presence, business strategies, key financials, with the help of in-house statistical tools to understand the competitive landscape
- To track and analyze competitive developments, such as mergers & acquisitions, product developments, partnerships & collaborations, and Research & Development (R&D) activities in the market
This report studies the global Legal Analytics market, analyzes and researches the Legal Analytics development status and forecast in United States, EU, Japan, China, India and Southeast Asia. This report focuses on the top players in global market, like
Wolters Kluwer (Netherlands)
Thomson Reuters (Canada)
MindCrest, Inc. (US)
UnitedLex Corporation (US)
Argopoint LLC (US)
Table of Content:-
Global Legal Analytics Market Size, Status and Forecast 2022
1 Industry Overview of Legal Analytics
1.1 Legal Analytics Market Overview
1.1.1 Legal Analytics Product Scope
1.1.2 Market Status and Outlook
1.2 Global Legal Analytics Market Size and Analysis by Regions
1.2.1 United States
1.2.6 Southeast Asia
1.3 Legal Analytics Market by Type
1.3.1 Descriptive Analytics
1.3.2 Prescriptive Analytics
1.3.3 Predictive Analytics
1.4 Legal Analytics Market by End Users/Application
1.4.2 Law Firms
2 Global Legal Analytics Competition Analysis by Players
2.1 Legal Analytics Market Size (Value) by Players (2016 and 2017)
2.2 Competitive Status and Trend
2.2.1 Market Concentration Rate
2.2.2 Product/Service Differences
2.2.3 New Entrants
2.2.4 The Technology Trends in Future
3 Company (Top Players) Profiles
3.1 Wolters Kluwer (Netherlands)
3.1.1 Company Profile
3.1.2 Main Business/Business Overview
3.1.3 Products, Services and Solutions
3.1.4 Legal Analytics Revenue (Value) (2012-2017)
3.1.5 Recent Developments
3.2 Thomson Reuters (Canada)
3.2.1 Company Profile
3.2.2 Main Business/Business Overview
3.2.3 Products, Services and Solutions
3.2.4 Legal Analytics Revenue (Value) (2012-2017)
3.2.5 Recent Developments
3.3 MindCrest, Inc. (US)
3.3.1 Company Profile
3.3.2 Main Business/Business Overview
3.3.3 Products, Services and Solutions
3.3.4 Legal Analytics Revenue (Value) (2012-2017)
3.3.5 Recent Developments
3.4 UnitedLex Corporation (US)
3.4.1 Company Profile
3.4.2 Main Business/Business Overview
3.4.3 Products, Services and Solutions
3.4.4 Legal Analytics Revenue (Value) (2012-2017)
3.4.5 Recent Developments
3.5 Argopoint LLC (US)
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