New Research from Outsell Shows 2014 Legal & Regulatory Information Market Size

BURLINGAME, Calif. - Aug. 18, 2015 - PRLog -- Outsell, Inc (http://www.outsellinc.com/), the world’s only research and advisory firm focused on media, information, and technology, today announced the publication of a new report, Legal & Regulatory Information: 2015 Market Size, Share, Forecast, and Trend Report (http://www.outsellinc.com/store/products/1324). As law firms begin to increase their profits, the report examines the strategies that legal information providers are implementing ahead of an anticipated upturn in demand.

Although revenues in the legal and regulatory information market only grew by 3.8% to just over $21 billion in 2014, the report finds that providers such as Thomson Reuters , RELX’s LexisNexis  and Wolters Kluwer  have invested considerably in product development and in adding value to their solutions. Most of this investment has been directed toward business of law solutions, new workflow tools, and the corporate counsel market. Outsell forecasts that growth in the legal and regulatory information market will overtake the rest of the information industry and revenues will reach $26 billion by 2018.

“Outsell expects the gradual recovery of the legal services market will drive renewed growth in the legal and regulatory information market. In particular, growth will come from serving millennial lawyers who are demanding more innovative solutions, and a new wave of technology is now sweeping through the market. Advanced legal research and workflow platforms with good visualizations tools are now expected as standard. Cutting-edge providers have moved on to developing predictive analytics and artificial intelligence tools and the next two years will see a whole array of next generation products launched,” says Hugh Logue, Outsell’s Director & Lead Analyst for Legal and author of the report.

A central recommendation in Outsell’s report is that legal information providers need to also serve innovative tools to non-legal professionals, such as accountants and financiers, who often need to check a legal issue but don’t have the resources to easily do this on their own. “Businesses are increasingly requiring their employees to multitask in order to drive greater efficiencies. Just as the modern professional is no longer dependent on a typist to do their typing, there is no reason why with the right support tools most professionals cannot do basic legal tasks,” Logue added.

For media inquiries, please contact Derek Beckwith, Warner Communications, at derek@warnerpr.com, or call +1 978-922-0818.

For more information about this report, please contact Srini Gomatam at info@outsellinc.com, or call
+1 650-342-6060.

About Outsell, Inc.

The rapid convergence of information, media, software and technology is reshaping businesses every day. Enter Outsell, Inc. (http://www.outsellinc.com/), the only research and advisory firm focusing on these four sectors. As the trusted advisor to executives, our analysts turn complexity into clarity, and provide the facts and insights necessary to make the right decisions. Our proven blend of big data, research, proprietary intelligence, and exclusive leadership communities produces tangible results and a strong ROI. We promise to deliver "wow" and ensure our clients stay more focused, save time, and grow revenue in a fast-changing digital world.