Legal Technology Market
The Business Research Company recently released a comprehensive report on the Global Legal Technology Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, the legal technology market size has grown strongly in recent years. It will grow from $27.64 billion in 2023 to $30.33 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to increasing legal workload and complexity, regulatory compliance requirements, rise of e-discovery solutions, globalization and cross-border legal challenges, client expectations for efficienc.
The legal technology market size is expected to see strong growth in the next few years. It will grow to $43.48 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to increased focus on cybersecurity, cloud-based legal services, focus on diversity, equity, and inclusion (dei), cost pressures in legal operations, blockchain for smart contracts. Major trends in the forecast period include blockchain technology for legal processes, remote work and virtual collaboration, integration of legal technology in education, regulatory technology (regtech), e-discovery and digital forensics.
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Market Drivers and Trends:
The rise in litigation and investigations is expected to propel the growth of the legal technology market going forward. Litigation and investigations are legal processes that involve the resolution of disputes or the examination of certain activities to determine if they comply with applicable laws and regulations. Legal technology is used in supporting litigations and investigations by enabling lawyers to find and analyze information, make critical assessments, and perform important tasks needed to secure wins in court. For instance, in February 2023, according to the Office of Public Affairs, a US-based government department, the United States Department of Justice (DOJ) obtained more than $2.2 billion in settlements and judgments from civil cases involving fraud and false claims under the False Claims Act (FCA) in 2022. Therefore, the rise in litigation and investigations is driving the growth of the legal technology market.
Major companies operating in the legal technology market are developing innovative products by adopting artificial intelligence (AI), such as document summarization tool to better serve their customers. Document summarization tools are software applications that use artificial intelligence (AI) and natural language processing (NLP) to automatically condense lengthy documents into shorter, more concise summaries, capturing the essential information and key points. For instance, in September 2023, LegalZoom, a US-based legal technology and services company, launched Doc Assist, a free document summarization tool that leverages generative artificial intelligence (AI) to help small businesses efficiently review documents, maintain organization, quickly grasp essential information, and access guidance from reputable attorneys for more informed decision-making. The tool allows users to upload any legal document, and it instantly provides key information, condenses critical clauses, and suggests pertinent questions tailored to the document type. DocAssist combines state-of-the-art Generative AI technology with LegalZoom’s expertise, serving as a custom-made guide for navigating the complex realm of legal paperwork.
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Major Key Players of the Market:
RELX PLC, Thomson Reuters, Wolters Kluwer N.V., OpenText Corporation, LexisNexis Legal & Professional Company, DocuSign Inc., LegalZoom, Dialpad, Dye & Durham Limited, The Access Group, Icertis Inc., Relativity ODA LLC, Everlaw Inc., iManage LLC, Anaqua Inc., Nextpoint, Themis Solutions Inc., Mitratech Holdings Inc., Filevine Inc., Practice Insight Pty Ltd., WiseTime Ltd., TimeSolv Corporation, Clio, Fidu, Knovos LLC, Lawyaw, Legalboards, Mystacks Inc., ProfitSolv LLC
Legal Technology Market 2024 Key Insights:
• The legal technology market is expected to grow to $43.48 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%.
• Rise In Litigation And Investigations Fuels Legal Technology Market
• Adoption Of Artificial Intelligence In Legal Technology Market
• North America was the largest region in the legal technology market in 2023
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