Legal process outsourcing services market has been witnessing remarkable growth lately, pertaining to the rise in the need for organizational cost cuttings across various nations. Typically, in order to minimize legal expenses, most of the companies based in the U.S. and UK are looking forward to completely outsourcing their proceedings to cut associated costs. In response, taking into account increasing need for LPO services, many legal firms have also been significantly expanding their in-house capabilities, significantly widening the scope of legal process outsourcing services industry. Not to mention, the increasing inclusion of next-generation technologies such as artificial intelligence (AI) and IoT will also have a remarkable impact on this business space. For the record, in 2016, LPO (legal process outsourcing) market held a revenue of USD 3 billion.
As cost saving is the prominent factor behind the increasing popularity of LPO services industry, most companies across the developed nations have been preferring to outsource work to the emerging economies. A couple of pivotal reasons behind the same is the availability of skilled personnel and optimized working efficiency. On these grounds, numerous firms across the Western turf have been looking forward to acquiring legal processing opportunities in the developing nations for securing their back-end services, thereby increasing the expanse of LPO market.
The report titled “Legal Process Outsourcing (LPO) Market Size By Service, By Location, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” has been published in April 2017. To understand the industry better, request a sample of this report @ https://www.gminsights.com/request-sample/detail/179
Speaking about regional landscape, it is prudent to mention that India legal process outsourcing services market is one of the most remunerative avenues for the global industry. One of the prominent reasons behind the same is the availability of numerous English speaking and affordable lawyers. In addition, the supportive governmental legislature is also one of the influencing factors of growth for legal processing outsourcing services market in the region. For instance, recently, the Indian government implemented a favorable FDI (foreign direct investment policy), which enabled many organizations to conveniently establish their business as ‘private limited’ companies. This has also encouraged foreign companies across myriad industrial domains to invest across India, given the benefits associated with cost of employment.
Nowadays, many giants in legal process outsourcing services market are increasingly adopting innovative technological developments in order to maintain high process accuracy. Speaking of which, some of the well-known players in LPO services industry are Axiom Law, UnitedLex Corporation, Pangea3 LLC, Integreon, Inc., and Elevate Services Inc. These companies have been rapidly expanding their regulatory investigation and litigation services to contract management for providing diversified services to their customers. The emergence of AI-based services is also playing vital role in the growth of legal process outsourcing services market share – indeed, a slew of service companies have deployed artificial intelligence across their organizations, as is observed lately. Strategical initiatives such as these have helped these organizations to extract more valuable data, helping law firms to carry more client-centric work. The growing requirement of AI-based services to collect data from unstructured statistics is likely to boost legal process outsourcing market trends.
In addition to technological advancements, the escalating deployment of digitalization across the private as well as the public sectors is also stimulating LPO services market growth. For the record, legal process outsourcing market from e-discovery services is slated to register an annual growth rate of more than 40% over 2017 to 2024, owing to the rise in the outsourcing of electronic documents.
The initiatives taken by regional governments with the implementation of the regulatory framework is slated to have a long-lasting effect on legal process outsourcing services industry trends over the years ahead. In recent times, organizational effectiveness maintained by various services providers with regards to regulatory adherence has also been forecast to boost product demand, thereby driving LPO market size.