Legal process outsourcing market to hit US$40bn by 2024
By 2024 the legal process outsourcing (LPO) market is expected to generate US$40 billion of revenue. Companies outsource legal services through LPO owing to the rapid increase in legal proceeding costs. Cost-efficiency is one of the major factors benefitting the LPO market landscape. The significant LPO’s revenue growth is also attributed to technological advancements, including the use of artificial intelligence (AI). AI is an important tool for extracting valuable data. Artificial intelligence enables firms to concentrate more on client work through increased bandwidth resulting in efficient delivery services with high accuracy levels. The Philippines LPO market share is driven by the decreasing cost of legal services which along with the infrastructure makes it an excellent offshoring destination. The onshore legal process outsourcing market is anticipated to witness high growth in the future, as it is considered a comparatively safer alternative in comparison to outsourcing offshore.
