Report : Legal Case Management Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment (On-Premises, Cloud), End-User (Small and Medium Enterprises and Large Enterprises), and Geography
According to the new research report titled “Legal Case Management Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 1,911.24 million by 2028, registering a CAGR of 12.4% from 2021 to 2028.
Legal case management software, also known as matter management software, offers the convenience to lawyers to keep a track of their practice (including past, ongoing, or future cases and clients). The software may enable paper assembly of pertinent case specifics, opposition notes where applicable, time tracking, and any other case-related material. To collect relevant case details, legal case management software is often combined with e-discovery tools, and to monitor man-hours and process fees from clients, it also integrates or comes bundled with legal billing software. A legal case management software also benefits by ensuring client satisfaction and data centralization. Word-of-mouth referrals and online ratings, as well as the credibility of a law firm, are all dependent on client satisfaction. Law firms ensure that client messages, deadlines, and assignments are not slipped through the cracks with the right case management software, ensuring that the clients have a satisfactory experience every time. Furthermore, the centralized case management software systems enable parties involved in the case to upload and retrieve data from a single source.
The global legal case management software market is majorly driven by the rising government initiatives to promote the adoption of technologically advanced solutions across all industries, including the legal sector. Additionally, the integration of technologies such as artificial intelligence and virtual assistance with the case management solutions is among the factors fueling the growth of the market over the years. The rising trend of going paperless across the legal sector is further influencing the adoption of digital solutions for case and practice management. However, the concerns related to cybersecurity and data privacy are restricting their adoption among law firms.
Impact of COVID-19 Pandemic on North America Legal Case Management Software Market
North American countries are known for the highest acceptance for technologies, which boosts the pace of development of new technologies in these countries. Rapid technological developments can be attributed to favorable government policies to boost innovation and reinforce infrastructure capabilities. Thus, any impact on industries directly affects the region's economic progress. The US is the world's worst-affected country by the COVID-19 outbreak. The pandemic has had a negative impact on the legal procedures in the region. With no immediate solution in sight to the economic recession, law firms in the US are facing immense challenges. Although most of industries, including restaurants, entertainment, and travel, have been ravaged, law firms around the country are 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 in North America are opting for tools enabled with cutting-edge technologies and techniques. Thus, the rise in technology adoption across the legal industry in the region is contributing to the North America legal case management software market growth.
Key Findings of Study:
The global legal case management software market is segmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America (SAM). North America held the largest share of the market in 2020, followed by Europe and APAC, respectively. Further, APAC is projected to register the highest CGAR during the forecast period. The legal case management software market is segmented on the bases of deployment, end-user, and geography. Based on deployment, the market is 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 enterprises and large enterprises. In 2020, the small & medium enterprise segment accounted for a substantial share of the market.