LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global litigation services market is expected to grow at a CAGR of 1.2% over the next five years due to the growth of the financial services sector.
The research report titled ‘Global Litigation Services Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“Litigation service providers are developing litigation minimization framework that will suit organizations' environment so that the burden of litigation on buyers is reduced in the future,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “Organizations in the automotive, FMCG, pharmaceutical, and healthcare industries are increasingly investing in R&D and filing patents, which will result in growing demand for IP litigation services, thereby driving the global litigation services market,” adds Angad.
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Cost saving opportunities in the global litigation services market
The adoption of various cost-optimization levers helps buyers of litigation services realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the global litigation services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Clients prefer to engage with service providers that possess technological capabilities in forensic consulting for evidence analysis and investigation in forensics, which will help buyers to control costs associated with fee payments for forensic investigators.
Buyers also look for suppliers who can provide automated information gathering, online client management, and video conferencing and live chat services.
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Optimization of procurement practices saving aspects
Buyers should negotiate with service providers to not only reduce expenditure but also monitor compliance. This can help buyers to streamline their total spend based on factors such as the time required to complete cases and the levels of complexity of the case.
Buyers should typically engage with non-traditional providers such as independent lawyers and niche suppliers to obtain superior services at discounted rates, since they incur lower operating costs.
Bundling of services saving aspects
The bundling of litigation services along with other legal requirements such as private equity and restructuring can save up to 10% of the total bundled category spend to the buyers.
Suppliers need to provide services related to litigation such as deposition support, entity management support, and maintaining confidentiality of sensitive information.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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