LONDON--(EON: Enhanced Online News)--According to the latest market study released by Technavio, the global legal process outsourcing (LPO) services market is expected to reach USD 8.71 billion by 2021, growing at a CAGR of almost 29%.
“contract management solutions include contract review and analysis, summarization, integration of papers and electronic documents, contractual risk analysis, and quality management processes. They also verify if the contracts are ready for audit.”
This research report titled ‘Global LPO Services Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. Analysts have presented the various facets of the market with a focus on identifying the key industry influencers.
LPO can be executed via onshoring, offshoring, and hybrid techniques. Onshore is also known as reshore LPO. The onshoring technique has the advantage of a shared regulatory framework. The major concern with offshore outsourcing is security. This compels companies to opt for onshoring over offshoring LPO. These factors will propel the growth of the onshoring LPO market during the forecast period.
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Technavio’s analysts categorize the global LPO services market into seven major segments by services. They are:
- IP technical support outsourcing
- Review services outsourcing
- Legal research outsourcing
- Litigation support outsourcing
- E-discovery services outsourcing
- Contract management outsourcing
The top three service segments for the global LPO services market are:
Contract management outsourcing (CMO)
The CMO segment dominated the global LPO market, accounting for almost 27% of the market share in 2016. CMO is an integral part of LPO. Companies often accept contracts but forget to manage and follow up on them. This leads to missing deadlines, implementation of clauses, automatic renewals, and careful reporting of other legal and regulatory requirements. Companies often lack proper integration with other company document and record management systems.
According to Amrita Choudhury, a lead enterprise application research analyst from Technavio, “contract management solutions include contract review and analysis, summarization, integration of papers and electronic documents, contractual risk analysis, and quality management processes. They also verify if the contracts are ready for audit.”
E-discovery services outsourcing
The e-discovery services outsourcing segment dominated the global LPO market, accounting for nearly 29% of the market share in 2016. E-discovery services involve the process of identifying, collecting, reading, and categorizing documents related to lawsuits. This inexpensive mode of storing data, which requires thorough corporate archiving, drives the growth of the segment. The availability of documents in digital formats, such as Word, Excel, JPEGs, and other images and e-mails, has increased the storage capacity and the cost of reviewing.
“LPO service providers have in-house lawyers who advise and assist in reducing the expenditure that is incurred while reviewing legal documents. The outsourcing of e-discovery services also helps companies avoid enlisting the services of lawyers who overcharge,” says Amrita.
Litigation support outsourcing
The litigation support outsourcing segment in the global LPO market will post a CAGR of almost 29%. Lawsuit proceedings incur high expenses and companies find it challenging to decide the budget for their legal departments. Litigations do not contribute to a company's profits and a civil lawsuit against a company requires intensive negotiations. The implementation of successful litigation strategies calls for accurate and cost-effective plans to mine data.
Litigation support service providers offer solutions such as coding, document updates and verification, and application development. Different algorithms are used for bibliographic coding, in-text coding, and questionnaire or form coding. Service providers gather different types of documents and convert them into a uniform searchable electronic format.
The top vendors highlighted by Technavio’s research analysts in this report are:
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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