According to the report published by Zion Market Research, the global legal operations software market was approximately USD 1,075 million in 2018 and is expected to generate around USD 3,565 million by 2027, at a CAGR of around 14.2% between 2019 and 2027.
New York, NY, July 05, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Legal Operations Software AG Market by Deployment Mode (On-Premises and Cloud-Based), by Organization Size (Large Enterprises and SME), by Application (E-Billing, Matter/Case Management, Contract Management, Legal Project and Analytics Management, Knowledge Management, Legal Hold/e-Discovery, Document Management, Governance, Risk Management, and Compliance, Intellectual Property Management, and Others), and by End-User (Law Firms and Corporate): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2027”. According to the report, the global legal operations software market was approximately USD 1,075 million in 2018 and is expected to generate around USD 3,565 million by 2027, at a CAGR of around 14.2% between 2019 and 2027.
Legal operations software is also referred to as the enterprise legal management software, which is used by in-house legal departments of organizations to handle their daily operations. The most productive and beneficial part of legal operations management software is its ability to build relationships between matters, contacts, and events. Most of the cloud-based legal operations software systems offer the clients direct portals to save their documents, check progress, and send and receive messages. Legal operation software also streamlines the problem like timekeeping and improves track records along with allowing firms to utilize time to turn that time into money through an effective billing process. These software benefits are likely to boost the legal operations software market in the future.
Browse through 71 Tables & 35 Figures spread over 110 Pages and in-depth TOC on “Global Legal Operations Software AG Market: By Type, Applications, Industry Size, Share, Trends, Analysis, and Forecast, 2018–2027”.
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Based on deployment mode, the market for legal operations software includes on-premises and cloud-based. On-premises held a major market share in 2018. Additionally, the cloud-based segment is likely to register a higher CAGR in the future, as cloud-based systems services can be used on a pay-per-use basis, have a low dependency on in-house IT personnel, limited hardware infrastructure requirement, no incurred licensing costs, and low maintenance costs.
On the basis of organization size, the legal operations software market is fragmented into large enterprises and SME. Large enterprises held a major market share in 2018, as these enterprises are most likely to invest in e-billing, matter management, document management software, and legal hold software, whereas SMEs are most likely to invest in document management and contract management software.
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The application segment comprises e-billing, matter/case management, contract management, legal project and analytics management, knowledge management, legal hold/e-discovery, document management, governance, risk management, and compliance, intellectual property management, and others. Matter/case management and e-billing segments hold a larger market share, although the growth rates of other segments are much higher.
By end-user, the legal operations software market includes law firms and corporate. Law firms dominated the market in terms of revenue in 2018, as these firms are investing systems that can systematically manage various documents and files. Increase in the efficiency and streamlining different business processes are major concerns of any law firm.
Browse the full “Legal Operations Software AG Market by Deployment Mode (On-Premises and Cloud-Based), by Organization Size (Large Enterprises and SME), by Application (E-Billing, Matter/Case Management, Contract Management, Legal Project and Analytics Management, Knowledge Management, Legal Hold/e-Discovery, Document Management, Governance, Risk Management, and Compliance, Intellectual Property Management, and Others), and by End-User (Law Firms and Corporate): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2027” Report at https://www.zionmarketresearch.com/report/legal-operations-software-market
North America dominated the legal operations software market globally in 2018, due to excellent and supportive healthcare coverage and advancements in technology. The U.S. leads the North American market for legal operations software, owing to the presence of a large number of professionals who offer legal services at economical rates. Additionally, vendors in the legal operations software market are also focused on providing value-based pricing models depending on customer's needs and value perception across this region.
Europe is the second leading regional market globally and is expected to show significant growth in the years to come, as there has been a clear difference related to the spending rate on software purchased by corporate legal departments based on the department size in this region. The availability of different pricing structures for legal operation software solutions is increasing their adoption among various end-users in European countries.
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The Asia Pacific legal operations software market is likely to register the highest CAGR in the future. China, Philippines, and India have emerged as preferred destinations for law services outsourcing due to the availability of proficient and cost-efficient lawyers in these countries. The trends in the region’s legal industry are favorable toward increased expenditure on software and solutions by law firms and corporate legal departments.
Latin America and the Middle East and Africa are also important regional markets and are likely to experience moderate growth over the forecast period. In Saudi Arabia, AI (artificial intelligence) is likely to contribute around USD 138.2 billion by 2030 to the country’s economy, which is equivalent to 12.4% of its GDP. AI can complement human capabilities, enhance labor, and offer employees with new tools to develop their natural intelligence.
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Some leading players operating in the global legal operations software market are Wolters Kluwer ELM Solutions, MITRATECH, Onit, SimpleLegal, doeLEGAL, THOMSON Reuters, BusyLamp, LexisNexis, Elevate, and Acuity Management Solutions.
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This report segments the global legal operations software market into:
Global Legal Operations Software AG Market: Deployment Mode Analysis
Global Legal Operations Software AG Market: Organization Size Analysis
Global Legal Operations Software AG Market: Application Analysis
Global Legal Operations Software AG Market: End-User Analysis
Global Legal Operations Software AG Market: Regional Analysis
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