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, August 24, 2021 /
EINPresswire.com/ -- The global
legal Online Dispute Resolution 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.
ODR) – also known as Alternate Dispute Resolution (ADR) and Internet Dispute Resolution (iDR) – is a process to settle disputes outside of courts, and over the Internet, or through an online mode of communication/interaction between disputed parties. These terms are used interchangeably, and enables parties engaged in legal or judicial disputes to arrive at conclusions or to find resolution using technology. The framework utilizes mediation, arbitration, and negotiation (or a combination of all three) to resolve various types of disputes.
The report is an appropriate prototype of the Legal Online Dispute Resolution (ODR) industry, entailing a thorough investigation of the global Legal Online Dispute Resolution (ODR) market. The report serves as a valuable source of data and information relevant to this business vertical. It covers numerous industry aspects, with a special focus on market scope and application areas. The Legal Online Dispute Resolution (ODR) report identifies the fundamental business strategies employed by industry professionals and offers an insightful study of the value chain and the distribution channels of the global Legal Online Dispute Resolution (ODR) market. The current industry trends, growth potential, up-to-date outlines, and market restraints have also been analyzed by the authors of the report.
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An extensive analysis of the Legal Online Dispute Resolution (ODR) market has also been performed, which includes different factors, right from region-centric statistical data and commercial progress to both macro- and micro-economic indicators that are vital to draw a precise forecast. Furthermore, the study gives a comprehensive assessment of the growth prospects, challenges, drivers, hurdles, and the patents observed in the Legal Online Dispute Resolution (ODR) market. Additionally, the key vendor analysis, product launches, market trends, and revenue generation, have also been furnished in the report to help readers formulate lucrative strategies.
Competitive Scenario:
The Global Legal Online Dispute Resolution (ODR) Market is consolidated due to the presence of a large number of both domestic and international manufacturers. The international companies are resorting to innovative expansion strategies like mergers and acquisitions (M&A), joint ventures, and collaborations, in order to broaden their product range, thereby increasing the global market share.
It also sheds light on the overall competitive landscape, growth trends, market concentration rate, mergers and acquisitions, joint ventures, collaborations, and other strategic alliances and business expansion tactics adopted by the companies to gain a robust footing in the Legal Online Dispute Resolution (ODR) market. The report also provides information on the new players entering the market and offers them strategic recommendations to overcome the entry-level barriers and make fruitful business decisions.
Top key Companies in Legal Online Dispute Resolution (ODR) Market 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).
Segmentation Landscape:
The report further segments the Legal Online Dispute Resolution (ODR) market on the basis of product types and application spectrum offered in the market. The report also offers insights into the segment expected to show significant growth over the projected period. The study focuses on the growth rate of every segment and is explained through detailed graphs, figures, charts, and tables. These segments are analysed on the basis of present, emerging, and future trends. The regional segmentation provides current and forecast demand estimation for the Legal Online Dispute Resolution (ODR) industry in key regions.
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)
Solutions
Case Management
Settlement and Judgement Builder
Virtual Mediation Rooms and Technologies
Agreement Monitoring
Statistics and KPI Reporting
Electronic Consumer Dispute Resolution
Brand Integration
Others
Services
Consulting
Integration and Implementation
Training and Support
Type Outlook (Revenue, USD Million; 2018–2028)
Mediation
Arbitration
Negotiation
Deployment Type Outlook (Revenue, USD Million; 2021–2028)
On-premise
Cloud
Application Outlook (Revenue, USD Million; 2018–2028)
Clinical Trials
Cloud Migrations
e-Commerce
Family Disputes
Consumer Disputes
Waste Management
Others
End-Use Outlook (Revenue, USD Million; 2018–2028)
Courts and Tribunals
Government and Enterprise
Dispute Resolution Professionals
Ombudsman
Others
Some Key Highlights From the Report
Rapid Internet penetration as a technology has empowered rapid communication regionally as well as in a global sense. Cyberspace has emerged as a crucial realm for B2B, B2C, and C2C transactions. The barriers imposed by geography, time, and language are eliminated by the emerging flexibility of e-Commerce. Due to this transition, there are emerging disputes and gaps in the way of resolutions. Online Dispute Resolution for e-Commerce has attained a favorable trajectory in terms of growth and revenue generation due to the lower cost, improved speed, as well as the flexibility offered by this system of dispute resolution has led to the improved adoption of ODR for e-Commerce.
Businesses across the world find themselves managing a wide range of dispute types. These include, but are not limited to, disputes or complaints arising between the business and customers (B2B or B2C). Disputes arising with partners in the business’s supply chain; and disputes with competitors or other businesses (for example on IP). Cross-border disputes can add to complexity and cost.
North America has the highest adoption rate in the market, and rapid digitalization and storage of case law, regulations, and statutes are major steps that have allowed technology to be heavily involved in law. Deployment of Artificial Intelligence continues at a rapid pace and is expected to continue to change the way the legal processes are conducted in the U.S.
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Regional Landscape:
Geographical distribution of the Legal Online Dispute Resolution (ODR) market includes analysis of the leading players present in the key regions of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report offers valuable insights into the market size, share, growth rate, production and consumption rate, supply and demand ratio, import/export, revenue contribution, and strategies adopted by the prominent companies located in each region. Overall, the report offers deep insights into the current and emerging trends of the Legal Online Dispute Resolution (ODR) market, along with the projected growth rate over the forecast timeline.
The complete regional analysis covers:
North America (U.S., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The Global Legal Online Dispute Resolution (ODR) Market is formulated through extensive primary and secondary research, which is further validated and verified by industry experts and professionals. SWOT analysis and Porter’s Five Forces Analysis are used to examine and assess the market and its players. Moreover, the report also offers a feasibility study and investment return analysis to assist the readers in making strategic investment plans.
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Key market aspects studied in the report:
Market Scope: The report explains the scope of various commercial possibilities in the global Legal Online Dispute Resolution (ODR) market over the upcoming years. The estimated revenue build-up over the forecast years has been included in the report. The report analyzes the key market segments and sub-segments and provides deep insights into the market to assist readers with the formulation of lucrative strategies for business expansion.
Competitive Outlook: The leading companies operating in the Legal Online Dispute Resolution (ODR) market have been enumerated in this report. This section of the report lays emphasis on the geographical reach and production facilities of these companies. To get ahead of their rivals, the leading players are focusing more on offering products at competitive prices, according to our analysts.
Report Objective: The primary objective of this report is to provide the manufacturers, distributors, suppliers, and buyers engaged in this sector with access to a deeper and improved understanding of the global Legal Online Dispute Resolution (ODR) market.
Key reasons to buy the Global Legal Online Dispute Resolution (ODR) Market report:
The latest report comprehensively studies the global Legal Online Dispute Resolution (ODR) market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
The report offers an insightful analysis of the regional outlook of the Legal Online Dispute Resolution (ODR) market.
It offers a detailed account of the end-use applications of the products & services offered by this Legal Online Dispute Resolution (ODR) industry.
The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the Legal Online Dispute Resolution (ODR) market rivals for ideal business expansion.
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