Legal Process Outsourcing (LPO) Market Latest Trends, Development, Growth Analysis And Forecast by 2027
Category: #business  By Rahul Varpe  Date: 2021-12-16
  • share
  • Twitter
  • Facebook
  • LinkedIn
Legal Process Outsourcing (LPO) Market Latest Trends, Development, Growth Analysis And Forecast by 2027

The legal process outsourcing (LPO) market is anticipated to exhibit substantial growth by 2027 owing to the increasing usage of outsourcing services and greater regulatory focus on data security during LPO processes.

The COVID-19 pandemic expedited the adoption of remote work models worldwide, which has increased the importance of outsourcing services for litigation. It has not only pushed companies to work off-site but also prompted them to reassess their real estate needs.

Law firms have been more and more accepting of outsourcing options during the pandemic due to the numerous benefits associated with LPO solutions, including cost savings, flexibility, better turnaround time, and data security. Additionally, to address data security concerns linked with outsourcing services, government agencies have been updating their regulatory frameworks.

In line with this goal, in May 2021, the European Securities and Markets Authority (ESMA) released guidelines regarding outsourcing to cloud service provides. The ESMA guidelines are aimed at identifying, addressing, and monitoring risks and challenges that may arise from cloud outsourcing processes.

Request sample copy of this report @ https://www.decresearch.com/request-sample/detail/179

Moreover, newer industry players are also extending their reach in leading marketplaces to capitalize on emerging trends in the LPO space, further contributing to global legal process outsourcing (LPO) market growth. For instance, in June 2021, Sydney-based Sprintlaw announced its plans to expand into the UK market.

The Australian company uses its custom-built bots to automate legal tasks and make them simpler and more cost-efficient for small businesses and startups. With the launch of Sprintlaw UK, it has now extended its offerings to Wales and England, wherein it would provide fixed-fee legal packages and subscriptions as part of a legal consultancy model.

For extensive analysis, the legal process outsourcing (LPO) market has been segmented on the basis of service, location, and region. In terms of service, the market has further been categorized into contract drafting, e-discovery, compliance assistance, review & management, litigation support, patent support, and others.

Make Inquiry about this report @ https://www.decresearch.com/inquiry-before-buying/179

The compliance assistance sub-segment is expected to see steady growth by 2027, registering a considerable CAGR through the forecast period. Constantly changing regulations regarding taxes, international trade, data security, and employee benefits is expected to support the demand for LPO services for compliance assistance in the following years.

Based on location, the market has been divided into offshore and onshore. The onshore sub-segment is estimated to account for a sizable revenue share in the legal process outsourcing (LPO) market by the end of 2027. Language barriers in several countries are expected to drive the demand for onshore LPO services, which ensure precise document drafting and interpretation.

From the viewpoint of region, the North America legal process outsourcing (LPO) market is projected to garner profitable growth over the study timeframe driven by the rising importance of cybersecurity in legal outsourcing services in the region.

Stringent regulations pertaining to data security and privacy are anticipated to be favorable for adoption of LPO services for compliance assistance and litigation support across North America, thereby propelling regional market growth over 2021-2027.

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

Read More >>

More News By Rahul Varpe

Construction Site Preparation Equipment Market : Global Key Players, Trends, Share, Industry Size, Segmentation, Opportunities, Forecast
Construction Site Preparation Equipment Market : Global Key Players, Trends, Share, Industry Size, Segmentation, Opportunities, Forecast
By Rahul Varpe

The construction site preparation equipment market is expected to grow substantially by 2028 on account of rising number of public infrastructure development projects worldwide. In addition, increasing investments towards R&D activities from manu...

Concrete Chain Saw Market Global Industry Analysis, By System, Growth Potential, Share, Top Key Players, Trends & Forecast
Concrete Chain Saw Market Global Industry Analysis, By System, Growth Potential, Share, Top Key Players, Trends & Forecast
By Rahul Varpe

The concrete chain saw market is slated to witness exponential growth by 2028 on account of the booming construction and building maintenance sector around the world. In addition, growing awareness regarding the benefits of using a concrete chainsaw ...

Stand Tile Saw Market Estimation, Global Share, Industry Outlook, Price Trend, Growth Opportunity and Top Regional Forecast
Stand Tile Saw Market Estimation, Global Share, Industry Outlook, Price Trend, Growth Opportunity and Top Regional Forecast
By Rahul Varpe

The stand tile saw market is poised to expand substantially by 2028 on account of burgeoning number of construction activities around the globe. In addition, rapid urbanization and rising consumer spending across key regions are likely to further pro...