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APAC Legal Process Outsourcing (LPO) Market revenue to hit $20 Bn by 2027
Published Date: 2021-09-27
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APAC Legal Process Outsourcing (LPO) Market size is poised to surpass USD 20 billion by 2027, according to a latest forecast report by Graphical Research.
The significant cost savings make Asia Pacific an attractive outsourcing location for global companies. Countries including China, India, and the Philippines are popular destinations for LPO services due to the significant time difference compared to the U.S. and Europe. This time difference enables a continuous workforce and 24/7 accessibility to support services. Furthermore, the cost of legal services in India is far lesser in comparison to North America. For instance, a good lawyer in the U.S. can cost anywhere from USD 100 to USD 1,000 an hour compared to the hourly cost of a lawyer in India that can be negotiated down to USD 292 per hour. This price flexibility allows companies to manage their budgets and increase profitability in the competitive market. The improving macroeconomic environment, skilled workforce, and growing domestic sector will continue to attract large companies to outsource their services in the Asia Pacific LPO market.
The ongoing coronavirus pandemic has increased LPO demand in 2020 due to lockdowns executed in different countries. The COVID-19 outbreak and its subsequent impacts on the economy resulted in unprecedented challenges for several organizations. These include reduced demand, shrinking revenues, widening fiscal deficits, and contraction in the global markets. These factors have encouraged businesses to reconsider their in-house legal teams and adopt modern ways of working. The pandemic has encouraged LPO service providers to adopt new business models for communication to remain agile during disruption and uncertainty.
Browse detailed statistical insights from the report, “Asia Pacific Legal Process Outsourcing Market Forecast 2027 By Location (Offshore, Onshore), By Service (Contract Drafting, Compliance Assistance, E-discovery, Review & Management, Patent Support, Litigation Support), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The adoption of AI is anticipated to become a significant factor in the e-discovery LPO services market growth. Developments in AI-based e-discovery analytics are drastically increasing the speed and enhancing the quality of the e-discovery process. Several reputable law firms are using the latest analytic technologies to offer high-quality services to customers. The advent of AI will boost the e-discovery market over the forecast timeframe.
The onshore LPO services are experiencing steady growth over recent years due to the expansion of SMEs across the region. Maintaining in-house legal departments leads to high costs associated with hiring, training & retaining personnel, encouraging smaller firms to outsource non-core activities. Additionally, the availability of a skilled workforce is encouraging corporates to outsource legal practices across Asian countries. Supportive government initiatives to develop internet infrastructure and expand connectivity to rural areas will propel the LPO industry across Asia Pacific. For instance, the Chinese government aims to complete the development of 5G networks during the 14th Five-Year Plan (2021 - 2025) period to increase network speed and coverage.
The APAC LPO market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2027 for the following segments:
Asia Pacific Market, By Service
- Contract Drafting
- Compliance Assistance
- Review & Management
- Patent Support
- Litigation Support
Asia Pacific Market, By Location
The above information has been provided for the following countries:
- Asia Pacific
- South Korea