A global report published by Absolute Markets Insights about the lawsuit financing market has found that the demand for legal funding has been rising exponentially across the world. And it is simply because of an increase in the number of corporate and individual lawsuits. Due to the increasing digitization across the globe, it has become possible for every person to avail of lawsuit funding in order to fight their legal cases.
As per the available data, the global lawsuit financing market will reach the mark of $4,120.70 MN by 2027 and it is simply due to the rising awareness about the availability of legal financing solutions among plaintiffs. In the year 2018, the total revenue of the legal financing market stood at US$ 712 MN and it has been increasing at a CAGR value of 27% year-to-year.
In addition to this, it has been observed that the Asia Pacific region is going to witness huge growth for the demand of consumer litigation funding and commercial litigation funding services. This will simply increase the revenue for such services. In addition to this, it has been found that lots of people in the US and UK are taking the help of legal financing services to fulfill their needs.
More and more people have realized that personal loans can increase the financial burden on their pockets in the long-run. Due to the increasing digitization, it has become possible for people across the globe to take advantage of such services with the use of their electronic devices at a rapid rate.