Legal Process Outsourcing Market Overview:
According to the recent studies conducted by Market Research Future (MRFR), the global legal process outsourcing market has been growing at 26% CAGR over 2017-2023. The market is likely to generate USD 25 bn revenue during the forecast period. The growth is owing to the rising demand for document drafting such as drafting agreements, drafting contracts, minutes of meetings, letters to the clients, and many others. Consistent growth in the cost of legal proceedings has encouraged the businesses to outsource services. Cost effectiveness is one of the key factors influencing the growth of the LPO market. The legal billing activities including collation of time sheets, preparation of invoices, and others are gaining momentum in the market.
The trial Legal Process Outsourcing Market has formed a niche in the market as with this process the business can understand and evaluate the customer’s processes and requirements. Technological progressions contribute significantly towards the revenue generation process in the market. AI (Artificial Intelligence) has been largely employed as an indispensable tool for extracting critical information.
This allows firms to concentrate more on client activities resulting in effectual delivery of services with increased accuracy levels. Rising demand for intelligent technology to access information from unstructured data coupled with comprehending and decoding it as a human drive the growth of legal process outsourcing market. Security concerns, however, limit the growth of the market. Key service providers are increasingly addressing these issues by incorporating worldwide accepted processes like Six Sigma.
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Major Key Players:
The global LPO market has been dominated by key players such as Wipro Limited (India), WNS Holdings (India), Integreon Managed Solutions Inc., and QuisLex Inc. (U.S).
According to the reports presented by Market Research Future (MRFR), the global legal process outsourcing market has been segmented based on organization size, component, business function, deployment type, region, and end users. The components have been segmented into service (legal research outsourcing, bookkeeping and billing, contract drafting, litigation support outsourcing, review and management, and patent support), software, and others.
Legal process outsourcing saves time as well as cost. It offers flexible employment and expert service thus offering different components with benefits. For instance, in billing and bookkeeping. The organization size segment has been sub-segmented into medium, large, and small enterprises. The end user segment has been further segmented into BFSI, government, automotive, healthcare, and many more. Legal process outsourcing aids in improving efficiency and curtailing cost when it comes to end users. Enhanced turnaround time of services and concentration on core activities are the benefits offered by legal process outsourcing, in turn marking a noteworthy rise in the market in these sectors.
Geographically, global Legal process outsourcing market has been spread across Asia-Pacific, Europe, USA, and Rest of the world. It is worth considering that the North America region leads the market. The legal process outsourcing market in this region is mostly gaining a remarkable foothold as it offers legal drafting services and all the benefits of a legal firm. Besides, Asia Pacific is most likely to develop at the highest CAGR in the near future.
The availability of an efficient workforce with language expertise along with administrative support has turned the Asia Pacific market into a lucrative destination for global LPO firms. China, India, Malaysia, and Sri Lanka are some of the key nations that offer LPO services in this region. Europe has been projected to hold the second largest market share over the forecast period 2017-2023. Surging employee retention rate, low cost of real estate, large recruitment pool of multilingual candidates, and expanding foreign investment are some of the aspects that make the LPO market profitable in this region.
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