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North American Legal Process Outsourcing Market size to reach $4 Bn by 2027
Published Date: 2021-09-27
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North American Legal Process Outsourcing (LPO) Market size is predicted to cross USD 4 billion by 2027, according to a latest forecast report by Graphical Research.
The growing adoption of AI and machine learning technologies will drive the market growth. According to a survey conducted by RELX, a provider of information-based analytics and decision tools, the AI usage among the U.S. enterprises increased to 72%, in 2019 jumping from 48% in 2018. This has encouraged legal process outsourcing service providers to implement AI-related business models, transforming the legal sector. Document production and proofreading of files are effectively performed with the help of an automation software program. AI-equipped software such as lawyer bots has automated lower-level repetitive manual tasks.
The COVID-19 pandemic has enforced enterprises to rely heavily on legal process outsourcing services for maintaining business continuity. The disruption in business workflow and difficulty in managing in-house legal department have encouraged enterprises to outsource their legal work. Several legal companies struggled to manage their workload and related unplanned work amidst the pandemic. The companies focused on adopting new technology tools and developed partnerships with LPO service providers to meet the customers’ demand for their services.
Browse detailed statistical insights from the report, “North America Legal Process Outsourcing (LPO) 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 rising expansion of law firms is accelerating the North America market. According to the Federation of Law Societies of Canada (FLSC), there were over 126,400 lawyers across Canada's 14 provincial and territorial law societies in 2019. These law firms are increasingly outsourcing a wide range of legal services to cut down their expenses, lighten the workload, enlarge their capabilities, and increase flexibility. The availability of high skilled lawyers across the U.S. is encouraging legal specialists to outsource domestically. It also allows them to safely store information within the home country at a reduced cost.
Growing digitization in the BFSI sector is offering strong growth opportunities to the North America system integration market. Customers are increasingly using digital banking services for better convenience and security. For instance, according to the Bank of America, 70% of its clients use digital services for their financial needs. As high-quality customer service is essential for banks and financial institutions to expand their client base and sustain the growing competition, they are adopting system integration services to digitize operations across different branches.
E-discovery services is projected to expand at a significant rate in the market. The Federal Rules of Civil Procedure (FRCP) is demanding affordable and streamlined Electronically Stored Information (ESI) including e-mails, voicemails discoverable, and e-calendars. ESI has become a legally defined process for maintenance and discovery of digital data stored in the U.S. E-discovery services are crucial to produce ESI to reduce complexity and simplify large-scale complicated litigation processes.
The North American LPO market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:
North America Market, By Service
- Contract drafting
- Compliance assistance
- Review & management
- Patent support
- Litigation support
North America Market, By Location
The above information has been provided for the following countries:
- North America