Legal Process Outsourcing Sector To Grow In Coming Years
The global legal process outsourcing (LPO) market is predicted to expand significantly in the coming years, according to a report from Global Market Insights. The report noted that the offshore LPO market in countries such as the Philippines, India and South Africa will see strong growth in the coming years. The Philippines’ expected considerable gains can be attributed to the country being one of the most favorable offshore LPO destinations due to its low legal costs and strong infrastructure, while India’s LPO market growth will be driven by foreign direct investment, according to the report.
Meanwhile, Europe is expected to be the LPO market’s major revenue contributor as it is one of the top continents actively engaging in the LPO sector, specifically onshore LPO services. The report noted that the implications of the European Union’s strict data protection law have led to a drop in the demand for offshore services, while increasing the onshore LPO market share. The onshore model is also advancing as it allows a shared regulatory framework and streamlined business processes, said the report.