BANGALORE, India, Nov. 16, 2021 /PRNewswire/ -- The LPO Market is Segmented by Type (File Management, Intellectual Property Services, Legal Research Service), by Application (Law Firm, Enterprise, Government). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Business Services Category.
The global Legal Process Outsourcing (LPO) market size is projected to reach USD 72090 Million by 2027, from USD 10560 Million in 2020, at a CAGR of 31.6% during 2021-2027.
Major factors driving the growth of LPO market are:
The LPO market is projected to be driven by companies' desire to focus on their core operations while outsourcing non-essential duties. Other factors expected to boost the Legal Process Outsourcing market growth include initiatives taken by various businesses to reduce overheads by downsizing their workforce.
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TRENDS INFLUENCING THE GROWTH OF THE LEGAL PROCESS OUTSOURCING MARKET
Increasing preference of companies to outsource the legal process to developing countries due to their lower pay rates are expected to drive LPO market growth. Legal processes can be outsourced to countries like India, which can provide tangible benefits. Lawyers fluent in English, are plentiful in India, and they may be hired at significantly lower pay rates than in the United States. Outsourcing firms with sufficient expertise and competency can assist in boosting client relationships and increasing output.
Furthermore, the supply of real estate is being limited all throughout the world, particularly in metropolitan areas, due to rising population, continued urbanization, and migration. As a result, real estate prices are rising while the average amount of commercial space available to businesses is decreasing. Organizations are reacting to the crisis by reducing employee numbers and outsourcing some non-core jobs. These causes are causing a surge in legal process outsourcing requests thereby driving the LPO market.
Large business process outsourcing companies are progressively dominating the LPO market, investing heavily in the higher-margin LPO market. The amount of money being invested in LPO is increasing, and a number of new partnerships between law firms and service providers have lately been formed. Furthermore, the growing maturity of the LPO market has been highlighted by an increase in the number of significant outsourcing contracts with corporations.
In the legal sector, technological improvements and innovations are projected to open up new growth opportunities for the LPO market players, allowing them to cultivate a transparent relationship with their clients. To keep up with the legal industry's transformation, law firms are using Natural Language Processing (NLP) and document automation capabilities.
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