Increasing number of legal cases and disputes arising from e-Commerce sector are some key factors driving steady revenue growth of the global legal ODR market
VANCOUVER, BC, CANADA, March 21, 2022 /EINPresswire.com/ —
The global legal Online Dispute Resolution (ODR) market size was USD 57.3 million in 2020, and is expected to reach USD 210.53 million 2028, and register a revenue CAGR of 17.5% during the forecast period, according to the latest report by Emergen Research. A primary factor driving market revenue growth is the rapid surge in number of individuals and parties, civilian, and commercial entities, and others, opting to resolve legal or judicial disputes virtually or across distances, and without any contact or physical appearance in a courtroom or at in the presence of judicial bodies. In addition, savings on fees, court visits, and time needed to be spent in court are some other key factors driving market revenue growth.
Factors influencing the growth of the Legal Online Dispute Resolution (ODR) market and impacting the growth of the industry are studied extensively in the report. The report considers the COVID-19 pandemic as one of the key influencing factors of the Legal Online Dispute Resolution (ODR) market. The report discusses in detail the positive and negative impact of the pandemic on the Legal Online Dispute Resolution (ODR) industry. The supply chain disruptions and economic volatility have altered the dynamics of the Legal Online Dispute Resolution (ODR) industry. The report explores the effects of the pandemic on the market and its key segments and regions. It also offers a forecast estimation of the market growth in a post-COVID-19 scenario.
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Some Key Highlights From the Report
• The arbitration segment accounted for largest share in the legal ODR market in Mediation is a procedure whereby a mediator (third-party neutral) helps the parties arrive at a mutually agreeable solution to a dispute or conflict outside of court. In comparison to filing a lawsuit before a judge or jury, the mediation process has several benefits such as flexibility, confidentiality, saving in terms of time and money, certainty, reduced stress, and most importantly, the parties’ ability to control the result of their case.
• The brand integration sub-segment under the solutions segment registered the fastest revenue CAGR in 2020. Brand integration is a process of incorporating products and brands into pre-existing entertainment properties. A few significant advantages of getting into pre-existing programming rather than interrupting it are no production costs, higher engagement rates, and no ad-blocking.
• The cloud segment accounted for largest revenue share in the legal ODR market in 2020. Technological advancements in cloud computing and business networks have altered business in such a way that could not have been envisioned a few years ago, and these changes have touched every aspect of an organization. Cloud applications can modernize processes of legal ODR in and bring greater efficiency.
The Legal Online Dispute Resolution (ODR) research report also includes an insightful study of the prominent players of the industry along with their business overview, strategic planning, and business expansion plans adopted by them. This assists the readers and business owners in formulating strategic expansion and investment plans. The report focuses on mergers and acquisitions, joint ventures, collaborations, partnerships, corporate and government deals, and others. The report also talks about the expansions these prominent players are vying for in the key regions of the market. The report focuses on the detailed analysis of the technological and product developments undertaken by these companies.
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The key companies studied in the Legal Online Dispute Resolution (ODR) report are:
Picture It Settled, LLC (U.S.), Cybersettle, Inc. (U.S.), NetNeutrals, Ltd (U.S.), Tyler Technologies, Inc. (U.S.), Matterhorn (U.S), FairClaims, Inc. (U.S), VastEdge Inc. (U.S), FairWay Resolution Limited (U.K.), iCan Systems Inc. (Canada), The Mediation Room (U.K.), and Youstice (Slovakia).
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On the basis of regional analysis, the market is segmented into the following regions: North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The market is expected to be dominated by North American nations closely followed by European countries. Asia Pacific is expected to show a significant growth owing to recent advancements and rising investments in the R&D sector.
Emergen Research have segmented the global Legal ODR Market on the basis of component, type, deployment type, application and end-use, and region:
• Component Outlook (Revenue, USD Million; 2018–2028)
1. Case Management
2. Settlement and Judgement Builder
3. Virtual Mediation Rooms and Technologies
4. Agreement Monitoring
5. Statistics and KPI Reporting
6. Electronic Consumer Dispute Resolution
7. Brand Integration
2. Integration and Implementation
3. Training and Support
• Type Outlook (Revenue, USD Million; 2018–2028)
• Deployment Type Outlook (Revenue, USD Million; 2021–2028)
• Application Outlook (Revenue, USD Million; 2018–2028)
o Clinical Trials
o Cloud Migrations
o Family Disputes
o Consumer Disputes
o Waste Management
• End-Use Outlook (Revenue, USD Million; 2018–2028)
o Courts and Tribunals
o Government and Enterprise
o Dispute Resolution Professionals
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The report addresses the following key points:
• The report provides a forecast of market drivers, restraints, and future opportunities for the Legal Online Dispute Resolution (ODR) market
• The report further analyses the changing market dynamics
• Regional analysis and segmentation of the market with analysis of the regions and segments expected to dominate the market growth
• Extensive competitive landscape mapping with profiles of the key competitors
• In-depth analysis of business strategies and collaborations such as mergers and acquisitions adopted by the key companies
• Revenue forecast, country scope, application insights, and product insights
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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