October 09, 2019
According to the new research report available at MarketStudyReport.com under the title ‘Global Legal Process Outsourcing (LPO) Market 2019 by Company, Regions, Type and Application, Forecast to 2024’, the worldwide legal process outsourcing market is expected to accumulate US $24100 million by the year 2024.
Legal process outsourcing (LPO) is the practice adopted by corporation and law firms for getting legal support facilities from an external legal support provider or an outside law firm. When the LPO provider is hired within the country, it is called onshore LPO and includes services requiring physical attendance. However, when the LPO provider is based in some other country, it is called offshore LPO and offers all services, except those necessitating physical presence.
As per the report, LPO market was worth US $4550 million in 2018 and is projected to grow at 32% by the year 2024. Also, the research provides a comprehensive insight about segmental growth, trends, drivers, challenges, opportunities impacting the market growth.
Speaking of the product type, the market is segmented as onshore outsourcing and offshore outsourcing. Legal process outsourcing market from onshore segment is predicted to register momentous growth over the forecast timeframe, as it is safer than offshore outsourcing. Another benefit of onshore LPO aiding the segmental growth is the shared regulatory framework, which modernizes the business processes.
Considering the application spectrum, the LPO market is fragmented as review management, litigation support, E discovery, contract drafting, patent support and others. While based on regional landscape, the market is bifurcated into five major regions which are North America, Asia Pacific, Europe, South America and Middle East & Africa.
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Moreover, India LPO market is presumed to grow significantly over the analysis period, owing to the presence of highly qualified legal practitioners at lesser cost as compared to those in the United States. Consequently, Asia Pacific will dominate the legal process outsourcing market in the upcoming years, driven by the market growth in developing regions like China and Southeast Asia.
The prominent companies operating in the LPO market include Infosys, CPA Global, Cobra Legal Solutions, Capita, Integreon, QuisLex, Accace, Unitedlex, American Discovery, Clutch Group, Amstar Litigation Support, and Evalueserve.