Market Analysis
Market Research Future (MRFR) predicts the global LPO Market size to reach USD 25 billion at a CAGR of 11% from 2020 to 2027 (forecast period).
Multiple Factors to Bolster Market Growth:
The rise in globalization, increased internet use, and other factors are driving the market. Gaining external expertise and being available around the clock are two further advantages that help the industry. Data storage at a low cost necessitates corporate archiving, which works as a market directing factor.
Legal process outsourcing industry opportunities are expected to be abundant in the coming years. The practice of avoiding risk for LPO management demonstrates potential opportunities in the legal process outsourcing business.
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COVID-19 to have Temporary Impact on the Global Market
COVID has severely harmed the legal process outsourcing industry. COVID had a significant impact on the LPO business in many countries. To prevent the virus from spreading, the companies have returned their employees to their homes. The LPO industry is expected to develop by a large percentage in the coming fiscal year, which will have a significant impact on the country's economic trade. COVID has hampered services on a daily basis.
The government responds to the COVID 19 pandemic by enacting a number of regulatory measures. It has supplied valuable policy and measure information. The government's policies also provide information on temporary trade measures imposed as a result of the pandemic.
Market Segmentation:
The worldwide LPO Market has been segmented into components, organization size, and service location.
By component, the global LPO Market has been segmented into Software and Services.
By organization size, the global LPO Market has been segmented into Small & Medium-Sized Enterprises and Large Enterprises.
By service location, the global LPO Market has been segmented into On-Shore Outsourcing and Offshore Outsourcing.
Regional Analysis:
North America to Dominate the Global Market:
North America is recognized as the primary producer of LPO, accounting for the majority of the market share. Because of the outsourcing of electronic elements with a big amount of data and metadata, this region has a high demand. The LPO Market share in Europe projects out and is predicted to expand during the forecast period. The largest CAGR is predicted in Asia Pacific rising markets such as China, India, and Japan, and legal process outsourcing organizations are interested in targeting these areas to suit the demands and requirements of the customer. Globally, the LPO Market is estimated to reach USD 25 billion by 2023, growing at a 26 percent CAGR between 2017 and 2023. In the historical period of South Africa, which is the destination of LPO enterprises, the Middle East and Africa demonstrate demand as well as growth.
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Key Players;
LPO Market main players include Clutch Group, Cobra Legal Solutions, LLC (US), Infosys Limited (India), HCL Technologies Limited (India), Capgemini SE (France), Capita (UK), Mindcrest (US), QuisLex, Inc. (US), UnitedLex Corporation (US), and many others.
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About Market Research Future (MRFR):
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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