Global Market Insights Inc., a global market research and consulting service provider, projected that the Legal Process Outsourcing (LPO) market is set to exceed the USD40bn target by 2024 due to the increasing requirement for efficient legal departments to manage process-oriented and high volume legal work. Rapid increase in the cost of legal proceedings has led the companies to outsource these services with cost-efficiency as one of the major factors benefiting the LPO market landscape. Technological advancements using artificial intelligence have also contributed toward the significant revenue growth in the LPO market.
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