Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
The global tele-law system market is estimated to grow at a notable CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing digitalization of legal sector, with the introduction of e-courts, virtual hearing, and tele-law system. Tele-law system can be understood as a video conferencing system where lawyers provide legal services, such as online adjudication of cases, to the consumers. The growing burden of pending legal cases on courts worldwide, is anticipated to drive the market growth.
Additionally, video conferencing is gaining massive popularity, especially after the coronavirus pandemic, owing to the advantageous features including decreased travel costs, and availability of statistics and analytical tools. Moreover, the growing penetration of internet across the globe, and rising number of people accessing smart phones and laptops, is anticipated to boost the market growth. Such factors are estimated to boost the market growth. According to the data by the World Bank, in 2019, 56.727% of the total global population has access to internet. CLICK TO DOWNLOAD SAMPLE REPORT
The market is segmented by service into legal consultation, court hearings, trial session, and others, out of which, the legal consultation segment is anticipated to hold the notable share in the global tele-law system market over the forecast period, as the common public lacks any technical idea of their country’s legal system.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global tele-law system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of improving legal sector in developing countries, such as, India and China. For instance, in India, Tele Law Program was launched in June 2017 in the high court of Uttar Pradesh state, to provide legal advice and services. Moreover, growing penetration of internet in remote areas in the APAC region is projected to boost the market growth.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of digitalization of courts and adoption of tele-courts due to COVID-19 pandemic.
The global tele-law system market is further classified on the basis of region as follows:
Our in-depth analysis of the global tele-law system market includes the following segments:
Currently, only a few companies are providing tele-law services, including Veritext Corp., CourtCall, and others. Meanwhile, various legal consultant companies are estimated to enter the market in the near future.
FREQUENTLY ASKED QUESTIONS
The growing number of pending cases globally, and increasing penetration of video conferencing for official works are estimated to boost the market growth.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022 – 2030.
Slow adoption of video conferencing in undeveloped areas is estimated to hamper the market growth.
The market in the Asia Pacific region is estimated to provide more business opportunities over the forecast period, owing to the improving legal sector in developing countries.
Currently, only a few companies are providing tele-law services, including Veritext Corp., CourtCall, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by service, end-user, and by region.
The legal consultation segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Related Reports
Disclaimer | Privacy Policy | Terms & Conditions
Copyright © 2021 Research Nester. All Rights Reserved
