The legal analytics market size is estimated to be USD 451.1 Million in 2017 and is projected to reach USD 1,858.9 Million by 2022, at a CAGR of 32.7% during the forecast period. Major factors driving the growth of the legal analytics market are growing demand for automation in legal analytics for data-driven decision-making, and increase in productivity and revenue of law firms.
Key players in the legal analytics market, such as Wolters Kluwer (Netherlands), Thomson Reuters (Canada), MindCrest, Inc. (US), UnitedLex Corporation (US), Argopoint LLC (US), LexisNexis (US), PREMONITION (US), CPA Global (UK), Analytics Consulting LLC (US), The Bureau of National Affairs (BNA) Inc. (US), IBM Corporation (US), Wipro Limited (India), etc., offer legal analytics solutions and services to cater to the needs and demands of end users. These players have adopted various growth strategies, such as expansions, contracts, acquisitions, and mergers with partnerships and new product launches as the key strategies. Partnerships and acquisitions have been the major strategies, accounting for more than half of the market share of all the growth strategies adopted by the major market players.
LexisNexis is focusing on both inorganic and organic strategies, such as acquisitions, new app launch, new tech launch, and new solution launch to grow in the legal analytics market. For instance, in June 2017, LexisNexis acquired Ravel Law (US), the next-generation legal research, analytics, and visualization platform. This acquisition will enable LexisNexis to expand its legal analytics suite of products through integration of Ravel Law’s judicial analytics and data visualization technology. In December 2016, LexisNexis introduced a new legal tech accelerator in the Silicon Valley to give startups a leg-up in the fast growing legal tech industry.
The Bureau of National Affairs (BNA), Inc. is focusing on a strategic mix of both organic and inorganic growth strategies to gain competitive advantage in the legal analytics market. For instance, in April 2017, Bloomberg BNA successfully announced the release of new client-driven enhancements and a new user interface for Bloomberg law that increase content discoverability through advanced search and streamlined navigation for better analysis. In July 2015, Bloomberg BNA entered into a strategic partnership with TrackMaven, a leading provider of competitive intelligence and social media platform to encompass solution for monitoring and delivering the most relevant information critical to the enterprise and an actionable insight into the social share of voice.
Legal Analytics Market by Component (Solution, Services), Analytics Type (Descriptive, Predictive), Case Type (Commercial Case Management, IP Management), Deployment Model (On-Premises, On-Demand), End User, and Region - Global Forecast to 2022
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