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At a CAGR of 8.7% between 2022 and 2030, the value of the global legal technology market is projected to hit $57.70 billion.
Commonly abbreviated to "legal tech," this term describes the application of computing and communications technologies to the practise of law. It includes a wide variety of digital resources and programmes that aid lawyers in their work. Automation, AI, machine learning, data analytics, and cloud computing are all used into legal tech solutions to increase productivity, accuracy, and accessibility in the legal sector. More time and money can be saved by using these tools for creating and reviewing documents, managing contracts, conducting legal research, conducting electronic discovery, managing cases, and communicating with clients. Access to justice is also improved by legal technology, which offers novel venues for online dispute settlement, legal information resources, and self-service tools. Legal technology is having a profound impact on the legal industry, allowing attorneys and legal organisations to better serve their clients, achieve their goals, and adapt to the dynamic nature of the law.
Revenue growth projections and trends analysis for each submarket of the legal technology market are included in this study. The analysis delves into the major growth factors, openings, and threats that are shaping the legal technology market. The competitive landscape has been drawn taking into account the most up-to-date market changes and tactics, including growth, product launch and development, collaboration, merger, and acquisition. The research systematically identifies and profiles the major companies in the legal technology industry, then assesses their core capabilities in each subsegment of the market.
There are a number of forces propelling the legal technology market forward. Chief among these is the growing demand for effective software to handle and analyse the vast amounts of legal data and documents. Automating formerly labor-intensive processes like document inspection and contract analysis has been made possible by advances in artificial intelligence and machine learning. Advanced analytics and predictive modelling technologies have flourished in response to the need for increased precision and risk management in legal processes. Adoption of legal IT solutions has been accelerated by the rising importance of regulatory compliance and the demand for rapid and precise legal research. In addition, the COVID-19 epidemic has hastened the adoption of cloud-based legal technology systems as a result of the trend towards remote work and virtual collaboration. Collectively, these factors are accelerating the expansion of the Legal Technology business and revolutionising the delivery of legal services.
There are limitations that could slow the expansion of the legal technology business. The legal sector's reluctance to adapt to new practises is a major barrier. The profession's tendency towards conservatism and its reliance on time-tested practises can slow the introduction of innovative tools. Data security and privacy issues are also a hindrance to the widespread use of legal technology because of the sensitivity of legal information. Some law firms may be hesitant to invest in legal technology because to the high start-up costs, lengthy training requirements, and complex integration processes. In general, it is difficult to create legal technology solutions that can be applied across the board due to the complexity and variety of the legal process. To encourage widespread employment of legal technology, we must first address cultural, security, financial, and technological barriers.
The worldwide market for legal technology is split between software and services, depending on the nature of the solution provided. The software industry has quickly grown to become the market leader in the legal technology sector. This is due to a number of causes, not the least of which is the fact that software solutions lay the groundwork for digital transformation in the legal sector by providing a diverse set of programmes and utilities designed to make various aspects of the practise of law more efficient. Software solutions such as document management systems, contract management systems, legal research platforms, and electronic discovery systems are all often utilised in the legal industry. Automation, efficiency, and higher accuracy in legal tasks are made possible by the software solutions, which results in cost savings and increased productivity. Functionalities like natural language processing, predictive analytics, and data mining, made possible by advances in AI and ML, have completely transformed legal software. As a result of its adaptability, scalability, and customization options, software solutions have become the dominant force in the legal technology sector.
The global market for legal technology is broken down into submarkets based on different types of use cases, such as e-discovery, legal research, practise management, analytics, compliance, document management, contract lifecycle management, time-tracking & billing, and others. The legal technology market as a whole is anticipated to expand, but the analytics subsegment in particular is anticipated to expand at a rapid clip. Several causes contribute to this expansion, one of which is that extracting useful insights and patterns from the ever-increasing number of legal data collected calls for advanced analytics techniques. Legal practitioners can utilise analytics tools to examine massive datasets, extract useful information, and get actionable intelligence for making informed strategic decisions. Legal research, case evaluation, and risk management are all improved by analytics technology like predictive analytics and data visualisation. They aid professionals in spotting patterns, making forecasts, and evaluating opportunities and threats. The need for analytics solutions is being fueled in part by the necessity for legal departments to prove their cost-effectiveness and value creation, as well as by regulatory compliance requirements. In addition, the capabilities of legal analytics are expanding thanks to developments in artificial intelligence and machine learning algorithms, making it a crucial growth area within the legal technology market.
Report Coverage
Global Legal Technology research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Legal Technology report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Legal Technology competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Legal Technology market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Legal Technology market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Legal Technology market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Icertis, Inc., Filevine Inc., DocuSign, Inc., Casetext Inc., ProfitSolv, LLC, Knovos, LLC, Mystacks, Inc., Practice Insight Pty Ltd., TimeSolv Corporation, Themis Solutions Inc., Everlaw, Inc., LexisNexis Legal & Professional Compan
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Legal Technology market based on the below-mentioned segments:
Global Legal Technology Market, By Type
E-discovery
Legal Research
Practice Management
Analytics
Compliance
Document Management
Contract Lifecycle Management
Time-Tracking & Billing
Others
Global Legal Technology market, By Solution
Software
Services
Global Legal Technology Market, By End User
Law Firms
Corporate Legal Departments
Others
Global Legal Technology market, Regional Analysis
Commonly abbreviated to "legal tech," this term describes the application of computing and communications technologies to the practise of law. It includes a wide variety of digital resources and programmes that aid lawyers in their work. Automation, AI, machine learning, data analytics, and cloud computing are all used into legal tech solutions to increase productivity, accuracy, and accessibility in the legal sector. More time and money can be saved by using these tools for creating and reviewing documents, managing contracts, conducting legal research, conducting electronic discovery, managing cases, and communicating with clients. Access to justice is also improved by legal technology, which offers novel venues for online dispute settlement, legal information resources, and self-service tools. Legal technology is having a profound impact on the legal industry, allowing attorneys and legal organisations to better serve their clients, achieve their goals, and adapt to the dynamic nature of the law.
Revenue growth projections and trends analysis for each submarket of the legal technology market are included in this study. The analysis delves into the major growth factors, openings, and threats that are shaping the legal technology market. The competitive landscape has been drawn taking into account the most up-to-date market changes and tactics, including growth, product launch and development, collaboration, merger, and acquisition. The research systematically identifies and profiles the major companies in the legal technology industry, then assesses their core capabilities in each subsegment of the market.
There are a number of forces propelling the legal technology market forward. Chief among these is the growing demand for effective software to handle and analyse the vast amounts of legal data and documents. Automating formerly labor-intensive processes like document inspection and contract analysis has been made possible by advances in artificial intelligence and machine learning. Advanced analytics and predictive modelling technologies have flourished in response to the need for increased precision and risk management in legal processes. Adoption of legal IT solutions has been accelerated by the rising importance of regulatory compliance and the demand for rapid and precise legal research. In addition, the COVID-19 epidemic has hastened the adoption of cloud-based legal technology systems as a result of the trend towards remote work and virtual collaboration. Collectively, these factors are accelerating the expansion of the Legal Technology business and revolutionising the delivery of legal services.
There are limitations that could slow the expansion of the legal technology business. The legal sector's reluctance to adapt to new practises is a major barrier. The profession's tendency towards conservatism and its reliance on time-tested practises can slow the introduction of innovative tools. Data security and privacy issues are also a hindrance to the widespread use of legal technology because of the sensitivity of legal information. Some law firms may be hesitant to invest in legal technology because to the high start-up costs, lengthy training requirements, and complex integration processes. In general, it is difficult to create legal technology solutions that can be applied across the board due to the complexity and variety of the legal process. To encourage widespread employment of legal technology, we must first address cultural, security, financial, and technological barriers.
The worldwide market for legal technology is split between software and services, depending on the nature of the solution provided. The software industry has quickly grown to become the market leader in the legal technology sector. This is due to a number of causes, not the least of which is the fact that software solutions lay the groundwork for digital transformation in the legal sector by providing a diverse set of programmes and utilities designed to make various aspects of the practise of law more efficient. Software solutions such as document management systems, contract management systems, legal research platforms, and electronic discovery systems are all often utilised in the legal industry. Automation, efficiency, and higher accuracy in legal tasks are made possible by the software solutions, which results in cost savings and increased productivity. Functionalities like natural language processing, predictive analytics, and data mining, made possible by advances in AI and ML, have completely transformed legal software. As a result of its adaptability, scalability, and customization options, software solutions have become the dominant force in the legal technology sector.
The global market for legal technology is broken down into submarkets based on different types of use cases, such as e-discovery, legal research, practise management, analytics, compliance, document management, contract lifecycle management, time-tracking & billing, and others. The legal technology market as a whole is anticipated to expand, but the analytics subsegment in particular is anticipated to expand at a rapid clip. Several causes contribute to this expansion, one of which is that extracting useful insights and patterns from the ever-increasing number of legal data collected calls for advanced analytics techniques. Legal practitioners can utilise analytics tools to examine massive datasets, extract useful information, and get actionable intelligence for making informed strategic decisions. Legal research, case evaluation, and risk management are all improved by analytics technology like predictive analytics and data visualisation. They aid professionals in spotting patterns, making forecasts, and evaluating opportunities and threats. The need for analytics solutions is being fueled in part by the necessity for legal departments to prove their cost-effectiveness and value creation, as well as by regulatory compliance requirements. In addition, the capabilities of legal analytics are expanding thanks to developments in artificial intelligence and machine learning algorithms, making it a crucial growth area within the legal technology market.
Report Coverage
Global Legal Technology research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Legal Technology report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Legal Technology competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Legal Technology market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Icertis, Inc., Filevine Inc., DocuSign, Inc., Casetext Inc., ProfitSolv, LLC, Knovos, LLC, Mystacks, Inc., Practice Insight Pty Ltd., TimeSolv Corporation, Themis Solutions Inc., Everlaw, Inc., LexisNexis Legal & Professional Compan |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Legal Technology Market from 2021 to 2030.
- Market Forecast for Legal Technology Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Legal Technology competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Legal Technology
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Legal Technology market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Legal Technology market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Icertis, Inc., Filevine Inc., DocuSign, Inc., Casetext Inc., ProfitSolv, LLC, Knovos, LLC, Mystacks, Inc., Practice Insight Pty Ltd., TimeSolv Corporation, Themis Solutions Inc., Everlaw, Inc., LexisNexis Legal & Professional Compan
Primary Target Market
- Market Players of Legal Technology
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Legal Technology market based on the below-mentioned segments:
Global Legal Technology Market, By Type
E-discovery
Legal Research
Practice Management
Analytics
Compliance
Document Management
Contract Lifecycle Management
Time-Tracking & Billing
Others
Global Legal Technology market, By Solution
Software
Services
Global Legal Technology Market, By End User
Law Firms
Corporate Legal Departments
Others
Global Legal Technology market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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