Varie
Rising Economic Crimes Are Driving The Legal Services Market Growth At A Rate Over 10%
The global legal services market size is expected to grow from $713.12 billion in 2021 to $788.94 billion in 2022 at a compound annual growth rate (CAGR) of 10.6%. The growth in the legal services market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market for legal services is expected to reach $1112.75 billion in 2026 at a CAGR of 9.0%.
The emergence of the alternative legal service providers market is a key trend in the legal industry. ALSPs are non-traditional, niche companies that specialize in providing high-demand legal services such as document review, contract management, litigation support, electronic discovery, contract lawyers and staffing, legal research, and IP management. They are essentially focused on the "business of law", leveraging a combination of legal, business and technology capabilities, to provide services to both corporates and law firms. Businesses are increasingly employing ALSPs for many routine legal services, and law firms are outsourcing non-revenue generating tasks, such as project management, business analysis, billing, and expenses to ALSPs.
The legal services market is segmented by type of service into B2B legal services, B2C legal services, hybrid legal services and criminal law practices. The B2B legal services was the largest segment of the legal services market segmented by type of service, accounting for 54.8% of the total in 2021. Going forward, the hybrid legal services segment is expected to be the fastest growing segment in the legal services market segmented by type of service, at a CAGR of 9.0% during 2021-2026.
The legal services market is also segmented by size of law firm into large law firms and SME law firms, by mode into online and offline, by type of practice into litigation, corporate, labor/employment, real estate, patent litigation, tax, bankruptcy and others (regulatory, M&A, antitrust, environmental), and by end-user into individuals, financial services, mining and oil & gas, manufacturing, construction, IT services, other services and others.
North America was the largest region in the legal services market, accounting for 55.0% of the total in 2021. It was followed by Western Europe , and then the other regions. Going forward, the fastest-growing regions in the legal services market will be South America and the Middle East , where growth will be at CAGRs of 11.1% and 10.6% respectively. These will be followed by Africa and Eastern Europe .
Legal Software (focus on machine learning) Global Market Report 2022 – By Application (Ediscovery, Legal Research), By End User (Corporate Legal Departments, Law Firms), By Technology (Machine Learning And Deep Learning, Natural Language Processing), By Deployment Mode (Cloud, On-Premise) – Market Size, Trends, And Global Forecast 2022-2026
Professional Services Global Market Report 2022 - By Type (Design, Research, Promotional And Consulting Services, Legal Services, Accounting Services, All Other Professional, Scientific, and Technical Services), By Service Provider (Large Enterprise, Small and Medium Enterprise), By Mode (Online, Offline) - Market Size, Trends, And Global Forecast 2022 - 2026
Cyber Insurance Market - By Type Of Distribution (Brokers, Tied Agents And Branches, Bancassurance), By Type Of Insurance (Standalone, Package, Personal), By Size Of Business (Mid, Large, Small), By Type Of Claim (Ransomware, Hacker, Business Email Compromise, Malware/Virus, Phishing, Third Party, Rogue Employee, Legal Action, Paper Records, Programming Error, Staff Mistake, Lost/Stolen Laptop/Device), By End-Use (Professional Services, Media, Healthcare, Government Bodies (Public), Financial Services, Retail And Wholesale, Education, Manufacturing, IT Services), And By Region, Opportunities And Strategies – Global Forecast To 2030
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally, it has strategy enablement specialists in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.
The Business Research Company's flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
The Business Research Company
Europe : +44 207 1930 708
Asia : +91 8897263534
Americas: +1 315 623 0293
Email: info@tbrc.info
: https://in.linkedin.com/company/the-business-research-company
: https://twitter.com/tbrc_info
: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
: http://blog.tbrc.info/
Logo: https://mma.prnewswire.com/media/1751581/tbrc_logo.jpg