Dublin, Nov. 13, 2024 (GLOBE NEWSWIRE) — The “Legal Technology Market Size, Share & Trends Analysis by Solution (Software, Services), Type (E-discovery, Legal Research, Practice Management, Analytics, Compliance, Document Management), End-user (Law Firms), and Region 2025-2030” report has been added to ResearchAndMarkets.com’s offering.
The global legal technology market size is anticipated to reach USD 46.76 billion by 2030. The market is projected to grow at a CAGR of 10.2% from 2025 to 2030. 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.
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 Report Highlights
- 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
Why should you buy this report?
- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments
- Competitive Landscape: Explore the market presence of key players worldwide
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions
This report addresses:
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
The leading players in the Legal Technology market include:
- 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
Key Attributes
| Report Attribute | Details |
| No. of Pages | 125 |
| Forecast Period | 2024-2030 |
| Estimated Market Value (USD) in 2024 | $26.7 Billion |
| Forecasted Market Value (USD) by 2030 | $46.76 Billion |
| Compound Annual Growth Rate | 10.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/g1fm34
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