Report predicts market will grow 14 per cent annually during the next five-year forecast, highlights cloud-based services as growth factor.
A market study by consultants IT Intelligence Markets has identified increased adoption of cloud-based legal practice management software as one of the primary growth factors for the legal case management software market.
The report highlights that cloud systems are preferred as the services can be used on a pay-per-use basis, as well as factors such as the limited requirement for hardware infrastructure, the low dependency on in-house IT personnel, low maintenance costs, and no licensing costs enable the companies to focus on their core competencies. It also notes more firms adopt the cloud-based software services due to flexibility in scaling up and down depending on the company's requirements, high speed of deployment, and, lower upfront costs. The market research experts predict that the legal practice management software market will grow steadily at a compound annual growth rate of around 14% by 2021.
A study of the global legal case management software market summarises global market trends, and gives qualitative and quantitative analysis of key aspects responsible for improving or hindering the market growth and outlines some promising scenarios for further market growth. North America will continue to dominate during the forecast period, but other regions are also expected to follow the upward trend and further drive the growth of the global market. Asia Pacific, however, has emerged as the fastest developing region and is anticipated to be a dominant force in the near future. The report also highlights key players in the legal case management software market and their strategies.