Global Legal Research Software Market Expected to Reach USD 1,386.2 Million by 2027, With a CAGR Of 16.9% | Growth Market Reports
PUNE, India, July 28, 2021 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Global Legal Research Software Market by Product Types (Cloud-based, On Premise), by Applications (Large Enterprises and SMEs), by End Users (Corporate Law Firms, Legal Departments, and Others), and by Regions: Size, Share, Trends and Opportunity Analysis, 2017-2027", the market was valued at USD 406.1 Million in 2019 and is expected to grow at a healthy growth rate of 16.9% by the year 2027. The Legal Research Software Market is anticipated to grow significantly during forecast period. Legal research software enables lawyers to conduct legal research. This software offers various tools for lawyers to study case laws, statutes, and specific legal practice areas. It helps lawyers in the process of storing, accessing, extracting, gathering, analyzing, and managing case documents and files. Law firms use legal research software while preparing for trial or working through a case to regulate applicable precedents and make sense of data points. Legal research tools help in minimizing errors and provides users an edge in maximizing value and closing the case.
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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
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This report also includes a complete analysis of industry players that cover their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.
Highlights on the segments of the Legal Research Software Market
Based on product types, the global legal research software market is divided into cloud-based and on-premise. The cloud-based segment is anticipated to hold a significant share of the market, owing to its low cost compared to on-premise and large data storage.
The cloud-based segment is expected to dominate the market during the forecast period, due to the increasing adoption of the cloud-based model by companies. Cloud-based software is operated effortlessly and offers a set of specialized tools for lawyers, which consists of time tracking, storing, accessing, extracting, gathering, analyzing, and managing case documents and files.
In terms of applications, the market is segmented into large enterprises and SMEs. The large enterprises segment is anticipated to account for a key share of the market, owing to the increasing use of legal research software. The legal research software enables large enterprises to store and maintain large data.
The SMEs segment is projected to grow at a rapid pace, as cloud-based legal research software requires low installation cost and customization.
On the basis of end-users, the global legal research software market is categorized into law firms, corporate legal departments, and others. The corporate legal department segment is expected to account for a key market share, as legal research software enables the corporate legal department to reduce costs, reduce repetitive tasks, streamline work and processes, and increase productivity.
The law firm segment is expected to grow at a considerable pace during the forecast period, as law firms are adopting legal research software to increase efficiency and save time. Legl research software enables law firms to find useful information for writing documents and writing cases.
In terms of regions, the global Legal Research Software Market is segregated into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America accounted for a significant share of the global market in 2019. The market in Europe is projected to expand at a substantial pace during the forecast period. Increasing number of legal research software vendors in countries such as Germany, France, and the UK and rising number of technological advancements are expected to drive the demand for legal research software in the region.
The market in Asia Pacific is segmented into China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. China held a key share of the market in 2019. The market in the region is expected to expand at a high CAGR during the forecast period. Major legal service providers in China are international law firms, local law firms, and online legal service portals such as legal research software. High-tech initiatives are growing rapidly in China due to increasing innovation and favorable government policies.
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Read 132 Pages Research Report with Detailed ToC on "Global Legal Research Software Market by Product Types (Cloud-based, On Premise), by Applications (Large Enterprises and SMEs), by End Users (Corporate Law Firms, Legal Departments, and Others), and by Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028"
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