Legal Case Management Software Market to hit $1911.24 Million, Globally by 2028 at 12.4% of CAGR: The Insight Partners

Legal Case Management Software Market is emerging with Growing Trend of Paperless Procedures in Law Firms by 2028

NEW YORK, UNITED STATES, November 18, 2021 /EINPresswire.com/ — According to The Insight Partners’ latest market study on “Legal Case Management Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Deployment and End-user,” the market was valued at US$ 776.14 million in 2020 and is projected to reach US$ 1,911.24 million by 2028; it is expected to grow at a CAGR of 12.4% from 2021 to 2028.

Market Size Value in – US$ 776.14 Million in 2020
Market Size Value by – US$ 1911.24 Million by 2028
Growth rate – CAGR of 12.4% from 2021-2028
Forecast Period – 2021-2028
Base Year – 2021
No. of Pages – 139
No. Tables – 62
No. of Charts & Figures – 70
Historical data available – Yes
Segments covered – Deployment, End-User, and Geography
Regional scope – North America; Europe; Asia Pacific; Latin America; MEA
Country scope – US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage – Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Commercialization of 5G Technology

5G is a fifth-generation cellular technology that operates at a higher frequency than its predecessors to provide the fastest download speed, with the help of radio waves. Owing to the speed of 5G, it is considered a viable alternative to cable and satellite internet. It is expected to have a positive impact on the legal industry, and it would play a significant role in the decision-making process of the law firms. For instance, during the discovery stage of a lawsuit, part of a lawyer's job is to access troves of data from clients, and the amount of data, lawyers can review at client’s location is always restricted by how efficient their technology network is. The 5G-enabled devices with fast download speed would facilitate better mobility to lawyers, allowing them to conduct investigative tasks at a client's place. Similarly, the advent or the commercialization of the 5G technology is expected to influence the growth of in-house legal counsel. For instance, according to Pennsylvania bankruptcy attorney, in-house counsel would be able to analyze their own data more efficiently. Therefore, 5G can reduce the rate at which data projects are outsourced to law firms. Thus, the above mentioned factors are contributing to the growth of the legal case management software market.

The growth of the legal case management software market is attributed to the rising government initiatives to promote technology adoption across industries. Governments across the world have taken various initiatives to optimize the use of technologies extract benefit from the same. The legal industry over the years has undergone shifts from traditional case management systems to advanced digital case management.

Impact of COVID-19 Pandemic on Legal Case Management Software Market
The COVID-19 pandemic has had a negative impact on the legal procedures across the world. With no immediate solution in sight to the economic recession, law firms are facing immense challenges. Although most of industries, including restaurants, entertainment, and travel, have been ravaged, law firms are also fighting to continue serving their clients while avoiding financial losses. To continue to run their companies and represent their clients in a hassle-free manner, law firms are opting for tools enabled with cutting-edge technologies and techniques. Thus, the rise in technology adoption across the legal industry is contributing to the legal case management software market growth during the pandemic.

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North America held the largest share of the legal case management software market in 2020, followed by Europe and Asia Pacific, respectively. Further, the market in Asia Pacific is projected to witness the highest CGAR during the forecast period. The legal case management software market is segmented on the basis of deployment, end-user, and geography. Based on deployment, the market is further segmented into on-premise and cloud. The cloud segment represented a larger share of the overall market in 2020. In terms of end-user, the legal case management software market is segmented into small & medium enterprise and large enterprise. In 2020, the small & medium enterprise segment accounted for a substantial share of the market.
App4Legal; Beveron Technologies; Legal Files Software, Inc.; Legal Suite; Legal Track; Lex Mantra (Agranika Techlabs LLP); ProInd; Themis Solutions Inc. (Clio); Thomson Reuters Corporation; MyCase are among the few major companies operating in the legal case management software market.

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• In 2021, Legal Files Software, Inc. implemented its legal case and matter management software for the Cayuga County Attorney’s Office, as a fulfillment of its contract with the County.
• In 2021, MyCase participated in ABA TECHSHOW 2021 event. The company showcased some of their newest updates, including in-app document editing and built-in internal chat development, to enable easy communication among law firm colleagues.

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Source: EIN Presswire