Technavio, a tech-focused market research firm, has published a new report on the global LPO market, which is expected to grow at a CAGR of close to 29% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global legal process outsourcing (LPO) market into the following key regions: the Americas, APAC, and EMEA.
Source: Technavio
Top three contributors for the global LPO market are elaborated below:
LPO market in the Americas: The high expenditure incurred during legal proceedings is prompting law firms and organizations in the Americas to outsource their processes to low-cost destinations. The availability of professionals who provide legal services at lower wages is anticipated to drive further growth of the LPO market in the Americas during the forecast period.
According to Ishmeet Kaur, a lead analyst at Technavio, specializing in research on enterprise application, “South America is an emerging market as some firms in this region have started outsourcing their legal processes. LPO service providers implement the nearshoring model to expand their businesses in Latin American countries such as Brazil and Costa Rica.”
LPO market in EMEA: Poland is one of the major LPO service providers in Central and Eastern European region. The low cost of real estate, growing foreign investment, flexible labor laws, high employee retention rate, and large hiring pool of multilingual candidates are some of the major factors that boost the growth of the LPO market in Poland. The UK, Germany, Spain, and France are the other prominent revenue generating countries in the LPO market in EMEA.
LPO market in APAC: Most LPO service providers are found in APAC. The availability of a skilled workforce that possesses language proficiency and government support has made the Asian market an attractive destination for global LPO firms. India, the Philippines, China, Sri Lanka, and Malaysia are the major countries that offer LPO services in the APAC region.
The leading vendors operating in the global LPO market are:
- Clutch
- Infosys
- Integreon
- QuisLex
- UnitedLex
Other prominent vendors in the market include Capita, Capgemini, Cobra Legal Solutions, CPA Global, Exigent, HCL Technologies, Legal Advantage, LegalBase, Mindcrest, NewGalexy, Nextlaw Labs, Wipro, and WNS.
A more detailed analysis is available in the Technavio report titled, ‘Global LPO Market 2017-2021’.
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