According to a recently released report by a leading market research company Technavio, Technavio legal outsourcing is projected to grow more than 30% by 2024 and have a total increase of $18.07 billion between 2021 and 2025.
According to Technavio, the Legal Process Outsourcing Services Market 2021-2025 report established estimates for several markets, with those anticipated to have the most revenue share in the United States, United Kingdom, Japan, Germany and India.
"Our analysts expect the market to grow by a CAGR of 32.45% through 2024," Technavio’s Legal Process Outsourcing Services Market 2021-2025 said in its report.
Legal outsourcing excepting to continue industry growth according to the new report, Legal Process Outsourcing Services Market by Service and Geography - Forecast and Analysis 2021-2025, released by Technavio.
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The past is generally a good predictor of the future, and Technavio noted in the report that three years ago, the outsourcing market stood at $334.5 million, increasing to $347.31 million in 2020, and $361.62 million in 2021. By the end of this year, it is forecast to hit $377 million, according to the report.
Technavio noted in its report that industry growth of 4.47% CAGR is forecast from 2019 to 2024, a total growth of $81.73 million. The report also notes the Asian-Pacific region may see incremental growth during the five-year period, with a 35.02% contribution likely, paired with a 73.79% contribution from hardware.
Technavio noted that three years ago, the United States’ slice of the legal outsourcing industry pie stood at 24.12%, trailing only the Asia Pacific region. South America had a 20.15% share and Europe trailed with only 7.09% of the regional share, according to the report.
According to Technavio, the Legal Process Outsourcing Services Market 2021-2025 report used Porter's five force analysis to dissect the industry’s competitive services and market. While the report expected fragmentation to continue, shifts are possible as the structure of the market evolves amid consolidation or some vendors leaving the market.
According to the report, its analysis was passed upon market segments of services or geography along with a set of sub-services, including litigation support, legal research, cloud, e-discovery and contract management. Within two years, the report expects cloud computing to fuel growth in the legal outsourcing market.
According to a press release about the release of the report, Technavio is a leading global technology research and advisory firm specializing identifying, researching and analyzing emerging market trends and market opportunities for businesses with a client base of more than 100 Fortune 500 companies.