Legal Process Outsourcing (LPO) Market USD 27.19 Billion By 2024
Posted by Vakhas on April 24th, 2019
San Francisco, United States, 2019-April-24 –
The global legal process outsourcing (LPO) market is expected to reach USD 27.19 billion by 2024, according to a new report by Grand View Research, Inc. Outsourcing legal activities allows organizations to manage workforce and time efficiently and helps them to focus completely on core business operations, which are responsible for revenue generation.
Countries such as India, South Africa, and the Philippines, which are popular destinations for LPO, have a significant time difference between Europe and the U.S. This time difference helps in providing a continuous workforce, whenever required.The cost of legal services in markets such as India is far lesser than that in North America. The per hour outsourcing costs in India is estimated to be as low as USD 10, which is expected to considerably boost the savings.
Additionally, outsourcing work to offshore locations ensures continuous operations since they follow 24-hour work cycles, thus ensuring the completion of a time-consuming work with high efficiency. In November 2008, Wall Street Journal quoted that around 79,000 legal jobs based in the U.S. are expected to be moved offshore by 2015. As the allocated tasks are usually repetitive, LPO providers work with set protocols and Key Performance Indicators (KPI) in place. LPO firms utilize low-cost workers and automated software as well asupdate repetitive tasks that involve significant documentation and paperwork.
Global Legal Process Outsourcing market by location, 2015
Further key findings from the report suggest:
Grand View Research has segmented the Legal Process Outsourcing market based on location, service, and region:
Legal Process Outsourcing Location Outlook (Revenue, USD Million, 2014 - 2024)
Legal Process Outsourcing Services Outlook (Revenue, USD Million, 2014 - 2024)
Legal Process Outsourcing Regional Outlook (Revenue, USD Million, 2014 - 2024)
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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About the AuthorVakhas
Joined: April 16th, 2019
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