SAN FRANCISCO, June 20, 2023 /PRNewswire/ — The global legal technology market size is estimated to reach USD 45.73 billion by 2030, registering a CAGR of 9.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The need to cope with an upsurge in the volume and complexity of legal information and the demand for meeting the shifting expectations of client/leadership across the legal services industry is driving the expansion of the global legal technology industry.
Key Industry Insights & Findings from the report:
- In terms of solutions, the services segment is estimated to record a substantial growth rate through 2030. The increasing demand for training services to ensure staff education after implementing legal technology is projected to provide significant growth opportunities to the services segment.
- In terms of type, the analytics segment is anticipated to grow significantly over the forecast period owing to the rising demand for incorporating data analytics and artificial intelligence to help lawyers and legal professionals make better decisions and streamline their workflow.
- In terms of end-user, the law firms segment is expected to record the highest revenue share of the market by 2030. The growth is attributed to the benefits of collaborating with colleagues and clients more efficiently and accessing documents or data from anywhere.
- The key market players adopt various strategic initiatives to sustain their position in the market. Additionally, they are integrating various software to enhance their solutions.
Read 171 page market research report, “Legal Technology Market Size, Share & Trends Analysis Report By Solution, By Type (E-discovery, Legal Research, Practice Management, Analytics, Compliance, Document Management), By End-user, By Region, And Segment Forecasts, 2023 – 2030“, published by Grand View Research.
Legal Technology Market Growth & Trends
Businesses increasingly expect their legal teams to deliver strategic, more responsive legal services. In addition, new client expectations and productivity demands have also pressured legal professionals, departments, and firms to move towards legal technology solutions to ensure streamlined workflows. These solutions further simplify contract management and provide more innovative collaboration tools that help in reduced risk and time associated with manual tasks and processes. Additionally, the market players are introducing innovative products to meet demand from various use cases. For instance, in May 2023, LexisNexis launched a beta of its Lexis+ AI, which leverages generative AI to transform legal research and drafts.
Businesses globally continue to face an exponential increase in compulsory legal duties and regulatory criteria. As the organization expands global operations and services, the number of regulations to comply with increases, creating a demand for an integrated approach to legal governance, risk management, and compliance (GRC), consequently driving the global legal technology market.
Legal technology helps legal departments within organizations streamline compliance complexities through solutions such as matter management, policy management, investigations, and reporting and filing, among others.Companies constantly invest in IT infrastructure and automation technologies to maintain regulatory compliance. Furthermore, Over the past several years, e-invoicing has grown in importance due to digitization and modernization of economic transactions.
Legal technology solutions are helping drive productivity and efficiency in research, case management, communications, and more. However, technological systems or software supporting legal-technology processes may be subject to cyberattacks. Also, cyber-attacks are continuously threatening the global legal technology services industry.
Legal Technology Market Segmentation
Grand View Research has segmented the global legal technology market based on solution, type, end-user, and region:
Legal Technology Market – Solution Outlook (Revenue, USD Billion, 2018 – 2030)
- Software
- Cloud-based
- On-Premises
- Services
- Consulting Services
- Support Services
- Others
Legal Technology Market – Type Outlook (Revenue, USD Billion, 2018 – 2030)
- E-discovery
- Legal Research
- Practice Management
- Analytics
- Compliance
- Document Management
- Contract Lifecycle Management
- Time-Tracking & Billing
- Others
Legal Technology Market – End-user Outlook (Revenue, USD Billion, 2018 – 2030)
- Law Firms
- Corporate Legal Departments
- Others
Legal Technology Market – Regional Outlook (Revenue, USD Billion, 2018 – 2030)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- South Korea
- Latin America
- Brazil
- Argentina
- Middle East & Africa
- UAE
- South Africa
List of Key Players in the Legal Technology Market
- Icertis, Inc.
- Filevine Inc.
- DocuSign, Inc.
- Casetext Inc.
- ProfitSolv, LLC
- Knovos, LLC
- Mystacks, Inc.
- Practice Insight Pty Ltd (WiseTime)
- TimeSolv Corporation
- Themis Solutions Inc. (Clio)
- Everlaw, Inc.
- LexisNexis Legal & Professional Company
Check out more related studies published by Grand View Research:
- Legal Services Market – The global legal services market size is anticipated to reach USD 1.36 trillion by 2030, exhibiting a CAGR of over 5.3% during the forecast period, according to a new report by Grand View Research, Inc. The increasing use of the latest technologies in offering legal services is projected to drive market growth. A strong significance of transparency in the relationship with customers is also projected to drive the development of the market.
- Legal Process Outsourcing Market – The global legal process outsourcing market size is estimated to reach USD 117.89 billion by 2030, registering growth at a CAGR of 31.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. A legal process outsourcer provides legal support to law firms and legal organizations at a lesser cost.
- eDiscovery Market – The global eDiscovery market is anticipated to witness significant gains over the forecast period. Social media interactions across the organizational structure are expected to result in lateral market growth. A compulsion to raise the bar in data governance standards by organizations and effective follow-through with eDiscovery solutions in civil litigations are major market drivers.
Browse through Grand View Research’s Next Generation Technologies Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com
Grand View Compass | Market Trend Reports
Follow Us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
SOURCE Grand View Research, Inc.
