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Legal Analytics Market by Component (Solution, Services), Analytics Type (Descriptive, Predictive), Case Type (Commercial Case Management, IP Management), Deployment Model (On-Premises, On-Demand), End User, and Region - Global Forecast to 2022
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Published by MarketsandMarkets: 19 Jul 2017 | 105930 | In Stock
Related Topics: Office

Introduction

“The growing demand for automation in legal analytics for data-driven decision-making is one of the key factors that is expected to drive the legal analytics market”

The legal analytics market is projected to grow from USD 451.1 million in 2017 to USD 1,858.9 million by 2022, at a Compound Annual Growth Rate (CAGR) of 32.7% during the forecast period. Factors, such as increase in productivity and revenue of law firms, and growing demand for automation in legal analytics for data-driven decision-making are expected to drive the legal analytics market. Lack of awareness about legal analytics among litigators and law schools can restrain the growth of the market.

“Based on component, the service segment is estimated to lead the legal analytics market in 2017”

Based on component, the services segment is estimated to lead the legal analytics market in 2017. By deploying legal analytics services, users, such as corporates, law firms, and others, can analyze data by using predictive analytics, prescriptive analytics, and descriptive analytics to add value to their business.

“Based on analytics type, the descriptive analytics segment is expected to lead the legal analytics market in 2017”

Based on analytics type, the descriptive analytics segment is estimated to lead the legal analytics market in 2017. Descriptive analytics is widely used in legal departments, as it allows organizations to learn from past behaviors and understand how they might influence future outcomes.

“Based on case type, the commercial case management segment is expected to lead the legal analytics market in 2017”

Based on case type, the commercial case management segment is estimated to lead the legal analytics market in 2017. There are three types of commercial litigations cases, namely, employer and employee disputes, breach of contract, and corporate disputes. Legal analytics plays a crucial role in helping attorneys unravel the complexity of commercial litigation by providing them with relevant data and information. This information can be used to make legal decisions and provide better counsels to clients.

Based on deployment model, the on-demand segment is expected to lead the legal analytics market in 2017”

Based on deployment model, the on-demand segment is estimated to lead the legal analytics market in 2017, due to scalability and agility of cloud-based technologies, as increasing number of enterprises are expected to adopt cloud-based deployment models. These cloud-based deployment models provide various cost-saving benefits, which, in turn, are increasing the operational efficiency of different organizations.

“Based on end user, the corporates segment of the legal analytics market is projected to witness the highest growth during the forecast period”

Based on end user, the corporates segment of the legal analytics market is expected to witness the highest growth in the coming years. Corporates refer to legal departments of various corporations, such as pharmaceutical & healthcare, automotive, BFSI, manufacturing, media & entertainment, and others. The ever-changing preferences of corporate legal departments and increasing usage of artificial intelligence to extract valuable information from existing legal data to improve business performance and efficiency, has led to the increased adoption of the legal analytics in the corporate sector.

“The Europe legal analytics market is expected to grow at the highest CAGR during the forecast period”

The legal analytics market has been studied for North America, Europe, Asia Pacific (APAC), and RoW. The Europe region has been widely implementing legal analytics solutions to significantly improve the productivity of law firms and corporates. Furthermore, law schools and governments of various countries in the region are implementing legal analytics.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the legal analytics marketplace.

 By Company Type: Tier 1: 17%, Tier 2: 45%, and Tier 3: 38%

 By Designation: C-Level: 38%, Director Level: 55%, and Others: 7%

 By Region: North America: 42%, Europe: 30%, APAC: 18%, and RoW: 10%

Key vendors profiled in the report are as follows:

1. Wolters Kluwer (Netherlands)

2. Thomson Reuters (Canada)

3. MindCrest, Inc. (US)

4. UnitedLex Corporation (US)

5. Argopoint LLC (US)

6. LexisNexis (US)

7. PREMONITION (US)

8. CPA Global (UK)

9. Analytics Consulting LLC (US)

10. The Bureau of National Affairs (BNA) Inc. (US)

11. IBM Corporation (US)

12. Wipro Limited (India)

Research Coverage

The legal analytics market has been segmented on the basis of component, analytics type, case type, deployment model, end user, and region. Based on component, the legal analytics market has been segmented into solution and services. Based on analytics type, the market has been segmented into descriptive analytics, prescriptive analytics, and predictive analytics. Based on case type, the legal analytics market has been segmented into intellectual property management, antitrust management, commercial case management, and others (security litigation and class action suits). Based on deployment model, the legal analytics market has been segmented into on-premises and on-demand. Based on end user, the legal analytics market has been segmented into corporates, law firms, and others (educational institutions, and government departments & agencies). The legal analytics market has been studied for North America, Europe, APAC, and RoW (the Middle East & Africa and Latin America).

Key Benefits of Buying the Report:

The report will help market leaders and new entrants in the legal analytics market in the following ways:

The report will help market leaders/new entrants in this market by providing them the closest approximations of revenues of the legal analytics market and its subsegments. This report will also help stakeholders better understand the competitor landscape, gain more insight to better position their businesses, and implement suitable go-to-market strategies. The report will help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.

Table of Contents
for Legal Analytics Market by Component (Solution, Services), Analytics Type (Descriptive, Predictive), Case Type (Commercial Case Management, IP Management), Deployment Model (On-Premises, On-Demand), End User, and Region - Global Forecast to 2022

  • TABLE OF CONTENTS

    1 INTRODUCTION 12

    1.1 OBJECTIVES OF THE STUDY 12

    1.2 MARKET DEFINITION 12

    1.3 MARKET SCOPE 13

    1.3.1 MARKET SEGMENTATION 13

    1.4 YEARS CONSIDERED FOR THE STUDY 14

    1.5 CURRENCY 14

    1.6 STAKEHOLDERS 14

    2 RESEARCH METHODOLOGY 15

    2.1 RESEARCH DATA 15

    2.1.1 SECONDARY DATA 16

    2.1.2 PRIMARY DATA 16

    2.1.2.1 Breakdown of primaries 16

    2.1.2.2 Key industry insights 17

    2.2 MARKET SIZE ESTIMATION 19

    2.3 RESEARCH ASSUMPTIONS 20

    2.4 LIMITATIONS 20

    3 EXECUTIVE SUMMARY 21

    4 PREMIUM INSIGHTS 24

    4.1 ATTRACTIVE OPPORTUNITIES IN THE LEGAL ANALYTICS MARKET 24

    4.2 LEGAL ANALYTICS MARKET, BY COMPONENT 24

    4.3 LEGAL ANALYTICS MARKET, BY ANALYTICS TYPE 25

    4.4 LEGAL ANALYTICS MARKET, BY END USER & REGION 25

    4.5 LEGAL ANALYTICS MARKET, BY REGION 26

    5 MARKET OVERVIEW AND INDUSTRY TRENDS 27

    5.1 INTRODUCTION 27

    5.2 VALUE CHAIN 27

    5.3 STRATEGIC BENCHMARKING 28

    5.4 MARKET DYNAMICS 29

    5.4.1 DRIVERS 29

    5.4.1.1 Growing demand for automation in legal analytics for data-driven decision making 29

    5.4.1.2 Increase in productivity and revenue of law firms 30

    5.4.2 RESTRAINTS 30

    5.4.2.1 Lack of awareness among litigators and law schools 30

    5.4.3 OPPORTUNITIES 30

    5.4.3.1 Increasing demand for legal analytics across verticals 30

    5.4.4 CHALLENGES 31

    5.4.4.1 Security and privacy threat 31

    5.4.4.2 Unstable political conditions 31

    6 LEGAL ANALYTICS MARKET, BY COMPONENT 32

    6.1 INTRODUCTION 33

    6.2 SOLUTION 34

    6.3 SERVICES 35

    7 LEGAL ANALYTICS MARKET, BY ANALYTICS TYPE 36

    7.1 INTRODUCTION 37

    7.2 DESCRIPTIVE ANALYTICS 38

    7.3 PRESCRIPTIVE ANALYTICS 39

    7.4 PREDICTIVE ANALYTICS 40

    8 LEGAL ANALYTICS MARKET, BY CASE TYPE 41

    8.1 INTRODUCTION 42

    8.2 INTELLECTUAL PROPERTY MANAGEMENT 43

    8.3 ANTITRUST MANAGEMENT 43

    8.4 COMMERCIAL CASE MANAGEMENT 44

    8.5 OTHERS 45

    9 LEGAL ANALYTICS MARKET, BY DEPLOYMENT MODEL 46

    9.1 INTRODUCTION 47

    9.2 ON-PREMISES 48

    9.3 ON-DEMAND 49

    10 LEGAL ANALYTICS MARKET, BY END USER 50

    10.1 INTRODUCTION 51

    10.2 CORPORATES 52

    10.3 LAW FIRMS 52

    10.4 OTHERS 53

    11 REGIONAL ANALYSIS 54

    11.1 INTRODUCTION 55

    11.2 NORTH AMERICA 57

    11.3 EUROPE 60

    11.4 ASIA PACIFIC (APAC) 62

    11.5 REST OF THE WORLD (ROW) 64

    12 COMPETITIVE LANDSCAPE 67

    12.1 MICROQUADRANT OVERVIEW 67

    12.1.1 VISIONARY LEADERS 67

    12.1.2 INNOVATORS 67

    12.1.3 DYNAMIC DIFFERENTIATORS 67

    12.1.4 EMERGING COMPANIES 67

    12.2 COMPETITIVE BENCHMARKING 69

    12.2.1 STRENGTH OF PRODUCT PORTFOLIO 69

    12.2.2 BUSINESS STRATEGY EXCELLENCE 70

    13 COMPANY PROFILES 71

    (Business Overview, Strength of Product Portfolio, Business Strategy Excellence, Recent Developments, Key Relationships)*

    13.1 WOLTERS KLUWER 71

    13.2 THOMSON REUTERS 75

    13.3 MINDCREST, INC. 79

    13.4 UNITEDLEX CORPORATION 81

    13.5 ARGOPOINT LLC. 84

    13.6 LEXISNEXIS 86

    13.7 PREMONITION 89

    13.8 CPA GLOBAL 91

    13.9 ANALYTICS CONSULTING LLC 93

    13.10 THE BUREAU OF NATIONAL AFFAIRS (BNA), INC. 95

    13.11 INTERNATIONAL BUSINESS MACHINES (IBM) CORPORATION 98

    13.12 WIPRO LIMITED 100

    13.13 KEY INNOVATORS 102

    *Details on Business Overview, Strength of Product Portfolio, Business Strategy Excellence, Recent Developments, Key Relationships might not be captured in case of unlisted companies.

    14 APPENDIX 103

    14.1 INDUSTRY EXPERTS 103

    14.2 DISCUSSION GUIDE 104

    14.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 107

    14.4 INTRODUCING RT: REAL-TIME MARKET INTELLIGENCE 109

    14.5 AVAILABLE CUSTOMIZATIONS 110

    14.6 RELATED REPORTS 110

    14.7 AUTHOR DETAILS 111

List Of Tables
in Legal Analytics Market by Component (Solution, Services), Analytics Type (Descriptive, Predictive), Case Type (Commercial Case Management, IP Management), Deployment Model (On-Premises, On-Demand), End User, and Region - Global Forecast to 2022

LIST OF TABLES


TABLE 1 LEGAL ANALYTICS MARKET SIZE, BY COMPONENT, 2015-2022 (USD MILLION) 33

TABLE 2 SOLUTION: LEGAL ANALYTICS MARKET SIZE, BY REGION,

2015-2022 (USD MILLION) 34

TABLE 3 SERVICES: LEGAL ANALYTICS MARKET SIZE, BY REGION,

2015-2022 (USD MILLION) 35

TABLE 4 LEGAL ANALYTICS MARKET SIZE, BY ANALYTICS TYPE, 2015–2022 (USD MILLION) 37

TABLE 5 DESCRIPTIVE ANALYTICS: LEGAL ANALYTICS MARKET SIZE, BY REGION,

2015–2022 (USD MILLION) 38

TABLE 6 PRESCRIPTIVE ANALYTICS: LEGAL ANALYTICS MARKET SIZE, BY REGION,

2015–2022 (USD MILLION) 39

TABLE 7 PREDICTIVE ANALYTICS: LEGAL ANALYTICS MARKET SIZE, BY REGION,

2015–2022 (USD MILLION) 40

TABLE 8 LEGAL ANALYTICS MARKET SIZE, BY CASE TYPE, 2015–2022 (USD MILLION) 42

TABLE 9 INTELLECTUAL PROPERTY MANAGEMENT: LEGAL ANALYTICS MARKET SIZE,

BY REGION, 2015–2022 (USD MILLION) 43

TABLE 10 ANTITRUST MANAGEMENT: LEGAL ANALYTICS MARKET SIZE, BY REGION,

2015–2022 (USD MILLION) 43

TABLE 11 COMMERCIAL CASE MANAGEMENT: LEGAL ANALYTICS MARKET SIZE, BY REGION, 2015–2022 (USD MILLION) 44

TABLE 12 OTHERS: LEGAL ANALYTICS MARKET SIZE, BY REGION, 2015–2022 (USD MILLION) 45

TABLE 13 LEGAL ANALYTICS MARKET SIZE, BY DEPLOYMENT MODEL,

2015–2022 (USD MILLION) 47

TABLE 14 ON-PREMISES: LEGAL ANALYTICS MARKET SIZE, BY REGION,

2015–2022 (USD MILLION) 48

TABLE 15 ON-DEMAND: LEGAL ANALYTICS MARKET SIZE, BY REGION,

2015–2022 (USD MILLION) 49

TABLE 16 LEGAL ANALYTICS MARKET SIZE, BY END USER, 2015-2022 (USD MILLION) 51

TABLE 17 CORPORATES: LEGAL ANALYTICS MARKET SIZE, BY REGION,

2015-2022 (USD MILLION) 52

TABLE 18 LAW FIRMS: LEGAL ANALYTICS MARKET SIZE, BY REGION,

2015-2022 (USD MILLION) 52

TABLE 19 OTHERS: LEGAL ANALYTICS MARKET SIZE, BY REGION, 2015-2022 (USD MILLION) 53

TABLE 20 LEGAL ANALYTICS MARKET SIZE, BY REGION, 2015-2022 (USD MILLION) 55

TABLE 21 NORTH AMERICA: LEGAL ANALYTICS MARKET SIZE, BY COMPONENT,

2015-2022 (USD MILLION) 58

TABLE 22 NORTH AMERICA: LEGAL ANALYTICS MARKET SIZE, BY ANALYTICS TYPE,

2015-2022 (USD MILLION) 58

TABLE 23 NORTH AMERICA: LEGAL ANALYTICS MARKET SIZE, BY CASE TYPE,

2015-2022 (USD MILLION) 58

TABLE 24 NORTH AMERICA: LEGAL ANALYTICS MARKET SIZE, BY DEPLOYMENT MODEL, 2015-2022 (USD MILLION) 59

TABLE 25 NORTH AMERICA: LEGAL ANALYTICS MARKET SIZE, BY END USER,

2015-2022 (USD MILLION) 59

TABLE 26 EUROPE: LEGAL ANALYTICS MARKET SIZE, BY COMPONENT,

2015-2022 (USD MILLION) 61

TABLE 27 EUROPE: LEGAL ANALYTICS MARKET SIZE, BY ANALYTICS TYPE,

2015-2022 (USD MILLION) 61

TABLE 28 EUROPE: LEGAL ANALYTICS MARKET SIZE, BY CASE TYPE,

2015-2022 (USD MILLION) 61

TABLE 29 EUROPE: LEGAL ANALYTICS MARKET SIZE, BY DEPLOYMENT MODEL,

2015-2022 (USD MILLION) 62

TABLE 30 EUROPE: LEGAL ANALYTICS MARKET SIZE, BY END USER,

2015-2022 (USD MILLION) 62

TABLE 31 ASIA PACIFIC: LEGAL ANALYTICS MARKET SIZE, BY COMPONENT,

2015-2022 (USD MILLION) 63

TABLE 32 ASIA PACIFIC: LEGAL ANALYTICS MARKET SIZE, BY ANALYTICS TYPE,

2015-2022 (USD MILLION) 63

TABLE 33 ASIA PACIFIC: LEGAL ANALYTICS MARKET SIZE, BY CASE TYPE,

2015-2022 (USD MILLION) 63

TABLE 34 ASIA PACIFIC: LEGAL ANALYTICS MARKET SIZE, BY DEPLOYMENT MODEL,

2015-2022 (USD MILLION) 64

TABLE 35 ASIA PACIFIC: LEGAL ANALYTICS MARKET SIZE, BY END USER,

2015-2022 (USD MILLION) 64

TABLE 36 ROW: LEGAL ANALYTICS MARKET SIZE, BY COMPONENT,

2015-2022 (USD MILLION) 64

TABLE 37 ROW: LEGAL ANALYTICS MARKET SIZE, BY ANALYTICS TYPE,

2015-2022 (USD MILLION) 65

TABLE 38 ROW: LEGAL ANALYTICS MARKET SIZE, BY CASE TYPE, 2015-2022 (USD MILLION) 65

TABLE 39 ROW: LEGAL ANALYTICS MARKET SIZE, BY DEPLOYMENT MODEL,

2015-2022 (USD MILLION) 65

TABLE 40 ROW: LEGAL ANALYTICS MARKET SIZE, BY END USER, 2015-2022 (USD MILLION) 66

TABLE 41 MARKET RANKING FOR THE LEGAL ANALYTICS MARKET, 2017 70

List Of Figures, Charts and Diagrams
in Legal Analytics Market by Component (Solution, Services), Analytics Type (Descriptive, Predictive), Case Type (Commercial Case Management, IP Management), Deployment Model (On-Premises, On-Demand), End User, and Region - Global Forecast to 2022

LIST OF FIGURES


FIGURE 1 LEGAL ANALYTICS MARKET: RESEARCH DESIGN 15

FIGURE 2 BREAKDOWN OF PRIMARY INTERVIEW: BY COMPANY TYPE, DESIGNATION,

AND REGION 16

FIGURE 3 DATA TRIANGULATION 18

FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 19

FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 19

FIGURE 6 ASSUMPTIONS 20

FIGURE 7 BASED ON DEPLOYMENT MODEL, THE ON-DEMAND SEGMENT OF THE LEGAL ANALYTICS MARKET IS EXPECTED TO GROW AT A HIGHER CAGR DURING THE FORECAST PERIOD 22

FIGURE 8 NORTH AMERICA IS ESTIMATED TO ACCOUNT FOR THE LARGEST SHARE OF THE LEGAL ANALYTICS MARKET IN 2017 22

FIGURE 9 GROWING DEMAND FOR AUTOMATION LEGAL ANALYTICS FOR DATA-DRIVEN DECISION MAKING IS EXPECTED TO DRIVE THE LEGAL ANALYTICS MARKET DURING THE FORECAST PERIOD 24

FIGURE 10 BASED ON COMPONENT, THE SERVICES SEGMENT IS PROJECTED TO GROW AT A HIGHER CAGR DURING THE FORECAST PERIOD 24

FIGURE 11 THE PREDICTIVE ANALYTICS SEGMENT IS ESTIMATED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD 25

FIGURE 12 NORTH AMERICA IS ESTIMATED TO LEAD THE LEGAL ANALYTICS MARKET IN 2017 25

FIGURE 13 EUROPE LEGAL ANALYTICS MARKET IS PROJECTED TO GROW AT THE HIGHEST CAGR FROM 2017 TO 2022 26

FIGURE 14 LEGAL ANALYTICS MARKET VALUE CHAIN ANALYSIS 27

FIGURE 15 STRATEGIC BENCHMARKING: ORGANIC GROWTH STRATEGIES 28

FIGURE 16 DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN THE LEGAL ANALYTICS MARKET 29

FIGURE 17 THE SERVICES SEGMENT OF THE LEGAL ANALYTICS MARKET IS EXPECTED TO GROW AT A HIGHER CAGR DURING THE FORECAST PERIOD 33

FIGURE 18 THE PREDICTIVE ANALYTICS SEGMENT OF THE LEGAL ANALYTICS MARKET IS THE EXPECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD 37

FIGURE 19 THE COMMERCIAL CASE MANAGEMENT SEGMENT OF THE LEGAL ANALYTICS MARKET IS EXPECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD 42

FIGURE 20 THE ON-DEMAND SEGMENT OF THE LEGAL ANALYTICS MARKET IS EXPECTED TO GROW AT A HIGHER CAGR DURING THE FORECAST PERIOD 47

FIGURE 21 BASED ON END USER, THE CORPORATES SEGMENT OF THE LEGAL ANALYTICS MARKET IS EXPECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD 51

FIGURE 22 NORTH AMERICA IS PROJECTED TO LEAD THE LEGAL ANALYTICS MARKET DURING THE FORECAST PERIOD 55

FIGURE 23 LEGAL ANALYTICS MARKET SNAPSHOT 56

FIGURE 24 NORTH AMERICA LEGAL ANALYTICS MARKET SNAPSHOT 57

FIGURE 25 EUROPE LEGAL ANALYTICS MARKET SNAPSHOT 60

FIGURE 26 LEGAL ANALYTICS MARKET: COMPETITIVE LEADERSHIP MAPPING, 2017 68

FIGURE 27 WOLTERS KLUWER: COMPANY SNAPSHOT 71

FIGURE 28 PRODUCT OFFERINGS SCORECARD 72

FIGURE 29 BUSINESS STRATEGIES SCORECARD 73

FIGURE 30 THOMSON REUTERS: COMPANY SNAPSHOT 75

FIGURE 31 PRODUCT OFFERINGS SCORECARD 76

FIGURE 32 BUSINESS STRATEGIES SCORECARD 77

FIGURE 33 PRODUCT OFFERINGS SCORECARD 79

FIGURE 34 BUSINESS STRATEGIES SCORECARD 80

FIGURE 35 PRODUCT OFFERINGS SCORECARD 81

FIGURE 36 BUSINESS STRATEGIES SCORECARD 82

FIGURE 37 PRODUCT OFFERINGS SCORECARD 84

FIGURE 38 BUSINESS STRATEGIES SCORECARD 85

FIGURE 39 PRODUCT OFFERINGS SCORECARD 86

FIGURE 40 BUSINESS STRATEGIES SCORECARD 87

FIGURE 41 PRODUCT OFFERINGS SCORECARD 89

FIGURE 42 BUSINESS STRATEGIES SCORECARD 90

FIGURE 43 PRODUCT OFFERINGS SCORECARD 91

FIGURE 44 BUSINESS STRATEGIES SCORECARD 92

FIGURE 45 PRODUCT OFFERINGS SCORECARD 93

FIGURE 46 BUSINESS STRATEGIES SCORECARD 94

FIGURE 47 PRODUCT OFFERINGS SCORECARD 95

FIGURE 48 BUSINESS STRATEGIES SCORECARD 96

FIGURE 49 INTERNATIONAL BUSINESS MACHINES (IBM) CORPORATION: COMPANY SNAPSHOT 98

FIGURE 50 PRODUCT OFFERINGS SCORECARD 99

FIGURE 51 BUSINESS STRATEGIES SCORECARD 99

FIGURE 52 WIPRO LIMITED: COMPANY SNAPSHOT 100

FIGURE 53 PRODUCT OFFERINGS SCORECARD 101

FIGURE 54 WIPRO LIMITED: BUSINESS STRATEGIES SCORECARD 101

Additional Details

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MarketsandMarkets

Publisher Information

Reference

105930 | TC 5426

Number of Pages

113

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PDF

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