Global Legal Practice Management Software Market | Size, Share, Trends, Analysis and Forecast | Research Report by Technavio
The global legal practice management software market size is poised to grow by USD 933.52 million during 2020-2024, progressing at a CAGR of almost 10% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Legal Practice Management Software Market 2020-2024 (Graphic: Business Wire)
Technological advancements are affecting every field and so is the case with the legal practice market. This market is adopting the cloud-based legal practice management software as one of the primary growth factors for the legal case management software market. Cloud systems are preferred by companies as the services can be used on a pay-per-use basis. Factors such as the limited requirement for hardware infrastructure, the low dependency on in-house IT personnel, the minimal maintenance costs, and no licensing costs enable the companies to focus on their core competencies. Also, the additional features such as the flexibility of cloud systems to scale up and down depending on the company's requirements, high speed of deployment, and lower upfront costs are encouraging more companies to adopt cloud-based software services. This is expected to increase during the forecast period, which will drive market growth.
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Emergence of Legal Process Outsourcing will be a Key Market Trend
Many larger firms are outsourcing legal processes, as it minimizes the operational costs and enables them to reach optimum economies of scale. LPO enables companies to increase their focus on their core business processes and enables companies to access legal expertise at a lower cost at the outsourced location. This will also tie into the increased focus of enterprises on core competencies and will drive the evolution of the legal process outsourcing which in turn will drive the growth of the legal practice management software market.
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Legal Practice Management Software Market 2020-2024: Key Highlights
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Five Forces Analysis
Market Segmentation by Deployment
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