London, 03 December 2014: TechNavio, the independent tech-focused global research firm, has published a report on the Global Legal Process Outsourcing Market 2015-2019, which is expected to grow at a CAGR of 27.40 percent during the forecast period of 2014-2019.
The Legal Process Outsourcing industry is different from knowledge-based service industries, and it is relatively new compared to other outsourcing industries. Legal services are expensive to implement, and the cost of collecting, reviewing, and managing documents has also increased exponentially as each and every company suffers from litigation. Therefore, companies are looking to outsource services such as document reviews, contract management, and legal research to external service providers.
“In recent years, the market is more focused on innovating technology for due diligence and litigation anticipation,” says Faisal Ghaus, Vice President of TechNavio.
“There are many legal process outsourcing vendors in the market. With the increase in market competition and improvement in the financial environment, vendors are concentrating on providing better offerings and moving up the value chain.”
Key Market Drivers
- Significant Cost Reduction
- Increased Focus of Enterprises on Core Competencies
- Emergence of Outsourcing Destinations
Key Market Trends
- Integration of Predictive Coding
- Movement Up in Value Chain
- Alignment of Legal Services and Procurement
Key Market Vendors
- Clutch Group
- Infosys Ltd.
- Integreon
- QuisLex, Inc.
- UnitedLex Corp.
To define the market circumstances in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
