The global legal proofreading software market was valued at $70.14 million in 2019 and is anticipated to grow at a CAGR of 13.74% from 2020 to 2027. This growth is attributed to several macro and micro economic factors such as
- Growing Legal services worldwide
Due to the increase of businesses outsourcing to law firms for a large business transaction, and legal work. This allowed companies to focus on their core product to increase their revenue and leave the legal work to law firms. The trend of outsourcing legal works to law firms is expected to increase the demand for legal services over the forecast period.
According to WIPO, the total number of domain name dispute cases in 2019 was 3693 which increased to 4204 in the year 2020, which accounts for a 5.11% increase in new cases. This is expected to grow considerably from 2021 to 2028. Moreover, Asia accounted for more than two-thirds of all patent, trademark, and industrial design applications in 2018 and according to the World Intellectual Property Indicators report, the global trademark filing activity rose to 14.3 million, and industrial designs reached 1.3 million. This has also increased the legal service demand, which is expected to drive the legal proofreading software market.
- Technology Advancement in proofreading software
- Driver 3
Further several factors restraining the market growth include
- Software compatibility issue on different platforms
Proofreading software is developed for various types of different documents and different operating systems. For an organization or a company to use certain software that has been only developed for a single operating system can be impractical, as a large organization has multiple system installations having different operating systems.
Further, the recent work from home norm due to COVID has also increased the system compatibility issues. Additionally, for certain software to translate well on windows, macOS or Linux should also work properly on a mobile operating system such as iOS or Android owing to increasing BYOD corporate culture. So, the software compatibility issue is expected to limit the market growth over the forecast period.
- Restrain 2
Collaborations and Alliances in the Legal Proofreading market is expected to generate higher avenues during the forecast period.
The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the legal proofreading market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers to adopt various strategies to stabilize the company.
In terms of COVID 19 impact, the legal proofreading market report also includes following data points:
- Impact on legal proofreading market size
- End User Trend, Preferences and Budget Impact
- Regulatory Framework/Government Policies
- Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
- Opportunity in legal proofreading market
Key Insight in the report:
The global legal proofreading market report covers executive summary, market dynamics, COVID impact & post COVID scenario, market size and forecast, competitive intelligence, market positioning, and product offerings.
Our report covers extensive competitive intelligence which include following data points:
- Business Overview
- Business Segment Data
- Financial Data
- Product Segment Analysis and Specification
- Recent Development and Company Strategy Analysis
- SWOT Analysis
The report covers market sizing and forecasting at the country level as well as at the segment level. Legal proofreading market is analyzed across below-mentioned different segments:
- Product Type
- Enterprise Size
- Large Enterprises
Legal proofreading market is also analyzed across below-mentioned regions/countries:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of the World
- South America
- Middle East & Africa
Some of the key players in legal proofreading market include:
- HEMINGWAY EDITOR
- GOOGLE DOCS
- INTELLIGENT EDITING LTD
- LITERATURE & LATTE
- LITERA CORP
- Paper Rater
- WORDY LIMITED
REPORT CONTENT BRIEF:
- High level analysis of the current and future market trends and opportunities
- Detailed analysis on current market drivers, restraining factors, and opportunities in the future
- Legal proofreading market estimates for 2020 and forecast from 2021 to 2028
- Vendor market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations and partnerships as well as funding taken and investment done, among others.
- Suppliers and traders
- Government, associations, and industrial bodies
- Investors and trade experts
- Consulting Firms or Individual Consultant
- Anyone interested in understanding industry dynamic of legal proofreading market