Insights on the Legal Practice Management Software Global Market to 2027 - Integration of Advanced and New Technologies Such as AI Presents Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--Sep 28, 2022--

The "Legal Practice Management Software Market Research Report by Function (Legal Billing, Legal Calendaring, and Legal Document Storage), Component, Industry, Region (Americas, Asia-Pacific, and Europe, Middle East & Africa) - Global Forecast to 2027 - Cumulative Impact of COVID-19" report has been added to ResearchAndMarkets.com's offering.

The Global Legal Practice Management Software Market size was estimated at USD 1,023.06 million in 2021, USD 1,165.77 million in 2022, and is projected to grow at a CAGR 14.20% to reach USD 2,269.92 million by 2027.

Competitive Strategic Window:

The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period.

FPNV Positioning Matrix:

The FPNV Positioning Matrix evaluates and categorizes the vendors in the Legal Practice Management Software Market based on Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.

Market Share Analysis:

The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.

The report provides insights on the following pointers:

1. Market Penetration: Provides comprehensive information on the market offered by the key players

2. Market Development: Provides in-depth information about lucrative emerging markets and analyze penetration across mature segments of the markets

3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments

4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players

5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:

1. What is the market size and forecast of the Global Legal Practice Management Software Market?

2. What are the inhibiting factors and impact of COVID-19 shaping the Global Legal Practice Management Software Market during the forecast period?

3. Which are the products/segments/applications/areas to invest in over the forecast period in the Global Legal Practice Management Software Market?

4. What is the competitive strategic window for opportunities in the Global Legal Practice Management Software Market?

5. What are the technology trends and regulatory frameworks in the Global Legal Practice Management Software Market?

6. What is the market share of the leading vendors in the Global Legal Practice Management Software Market?

7. What modes and strategic moves are considered suitable for entering the Global Legal Practice Management Software Market?

Market Dynamics

Drivers

• Growing implementation of cloud-based practice management software
• Surge in adoption attributed to reduced need for hardware infrastructure, low reliability on in-house IT personnel, and decreased maintenance cost

Restraints

• Capital intensive software

Opportunities

• Integration of advanced and new technologies such as artificial intelligence
• Increasing importance and inclusion of information technology (IT) in law firms for productive benefits

Challenges

• Probable errors in legal practice management software

Companies Mentioned

• Abacus Data Systems DBA AbacusNext
• Access Group
• Actionstep By Serent Capital Partners
• Aderant
• BHL Software Pty. Ltd
• CODY Systems
• CyberTech Systems and Software Inc.
• Fastcase.com, Inc.
• Intuit Inc
• LawKick, Inc.
• LawPro Legal Systems Ltd.
• LexisNexis
• Matrix Pointe Software
• Mitratech Holdings Inc.
• MyCase Inc
• Nuance Communications, Inc.
• Numerica Corporation
• Orion Law Management Systems Inc.
• Practice Pipeline
• PracticePanther
• Smokeball, Inc.
• SurePoint Technologies
• Thomson Reuters Elite

For more information about this report visit https://www.researchandmarkets.com/r/fe5ay3

View source version on businesswire.com:https://www.businesswire.com/news/home/20220928005503/en/

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KEYWORD:

INDUSTRY KEYWORD: SOFTWARE TECHNOLOGY LEGAL PROFESSIONAL SERVICES

SOURCE: Research and Markets

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