U.S. Legal Technology Market Size, Share & Trends Analysis Report 2024-2030: Rising Demand for Efficiency in Highly Complex Legal Work, Increasing Investments in R&D

Dublin, Aug. 06, 2024 (GLOBE NEWSWIRE) — The “U.S. Legal Technology Market Size, Share & Trends Analysis Report by Solution (Software, Services), Type, End-user (Law Firms, Corporate Legal Departments), and Segment Forecasts, 2024-2030” report has been added to ResearchAndMarkets.com’s offering.

The U.S. legal technology market size is anticipated to reach USD 19.02 billion by 2030 and is expected to expand at a CAGR of 7.8% from 2024 to 2030

The rising complexity of legal work, the emergence of digital transformation, and the increasing focus on data security are driving market growth. Law firms and legal departments seek solutions to increase efficiency and reduce costs. Legal technology platforms such as case management software, e-discovery tools, and contract management systems help streamline processes and improve productivity.

The COVID-19 pandemic positively impacted the legal technology market. The legal industry adapted quickly to the new remote working environment and increased reliance on digital solutions. This shift accelerated the adoption of legal technology tools and services, leading to challenges and opportunities for the market.

One of the immediate impacts of COVID-19 on the market was the increased demand for remote collaboration tools. Law firms and legal departments had to quickly transition to remote work setups, requiring robust communication and collaboration platforms. This surge in demand led to the rapid development of new features and functionalities in existing legal tech solutions to support virtual meetings, document sharing, and secure communication channels.

With the rapid advancement of technology, law firms and corporate legal departments are recognizing the need to embrace digital tools and solutions to stay competitive, deliver better services, and meet client expectations. Digital transformation in the legal industry involves leveraging technologies such as artificial intelligence (AI), machine learning (ML), cloud computing, and automation to optimize workflows, enhance collaboration, and drive innovation. By integrating digital technologies into their operations, legal professionals improve productivity, reduce costs, and unlock new opportunities for growth and development.

Furthermore, the increasing focus on data security and privacy is driving the adoption of legal technology solutions to safeguard sensitive information and ensure compliance with data protection regulations. As data breaches and cyber threats become more prevalent, legal professionals prioritize data security measures to protect confidential client information, maintain trust with stakeholders, and mitigate data exposure risks. Legal technology tools that offer encryption, secure communication channels, access controls, and data monitoring capabilities are essential for ensuring data security in an increasingly digitalized legal landscape.

U.S. Legal Technology Market Report Highlights

• Based on the solution, the software sub-segment accounted for the largest revenue share of 75.7% in 2023. This can be attributed to the emergence of cloud computing. However, the services sub-segment is expected to witness the fastest growth, due to the increasing demand for software-as-a-service model.
• Based on type, the contract lifecycle management sub-segment dominated the market in 2023, owing to the rising need for governmental and legal compliance and risk management.
• Based on end-users, the corporate legal departments sub-segment is expected to grow at a significant rate over the forecast period, owing to the increased demand for analytics and insights.
• In August 2023, Filevine launched ImmigrationAI, an AI-powered tool that aids law firms in streamlining their immigration operations and simplifying the immigration application process for their clients. ImmigrationAI extracts critical data points from various documents, assists in executing USCIS forms, and tracks form statuses. The AI-powered immigration functionality simplifies the procedure by reducing errors, automating tasks, and ensuring form consistency. It automates the laborious, tedious work of the immigration process and empowers immigration attorneys to sustain more clients by simplifying the demanding process for all involved.

Companies Featured

• Icertis, Inc.
• Filevine Inc.
• DocuSign, Inc.
• Casetext Inc.
• ProfitSolv, LLC
• Knovos, LLC
• Mystacks, Inc.
• TimeSolv Corporation
• Everlaw, Inc.
• LexisNexis Legal & Professional Company

Key Attributes:

Key Topics Covered:

Chapter 1. Methodology and Scope

Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights

Chapter 3. U.S. Legal Technology Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.1.1. Parent market outlook
3.1.2. Related/ancillary market outlook
3.2. End-user Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market driver analysis
3.3.1.1. Rising demand for efficiency in highly complex legal work
3.3.1.2. Increasing investments in research & development
3.3.2. Market restraint analysis
3.3.2.1. High implementation cost
3.3.3. Market opportunity analysis
3.3.3.1. Advent of artificial intelligence, machine learning and natural language processing
3.4. U.S. Legal Technology Market Analysis Tools
3.4.1. End-user Analysis – Porter’s
3.4.2. PESTEL Analysis

Chapter 4. U.S. Legal Technology Market: Solution Estimates & Trend Analysis
4.1. Segment Dashboard
4.2. U.S. Legal Technology Market: Solution Movement Analysis, 2023 & 2030 (USD Million)
4.2.1. Software
4.2.1.1. Software market estimates and forecasts 2018 to 2030 (USD Million)
4.2.1.2. Cloud-based
4.2.1.3. On-premises
4.2.2. Services
4.2.2.1. Services market estimates and forecasts 2018 to 2030 (USD Million)
4.2.2.2. Consulting Services
4.2.2.3. Support Services

Chapter 5. U.S. Legal Technology Market: Type Estimates & Trend Analysis
5.1. Segment Dashboard
5.2. U.S. Legal Technology Market: Type Movement Analysis, 2023 & 2030 (USD Million)
5.2.1. E-discovery
5.2.2. Legal Research
5.2.3. Practice Management
5.2.4. Analytics
5.2.5. Compliance
5.2.6. Document Management
5.2.7. Contract Lifecycle Management
5.2.8. Time-Tracking & Billing

Chapter 6. U.S. Legal Technology Market: End-user Estimates & Trend Analysis
6.1. Segment Dashboard
6.2. U.S. Legal Technology Market: End-user Movement Analysis, 2023 & 2030 (USD Million)
6.2.1. Law Firms
6.2.2. Corporate Legal Departments

Chapter 7. Competitive Landscape
7.1. Recent Developments & Impact Analysis, By Key Market Participants
7.2. Company Categorization
7.3. Company Market Positioning
7.4. Company Heat Map Analysis
7.5. Strategy Mapping
7.5.1. Expansion
7.5.2. Mergers & acquisition
7.5.3. Partnerships & collaborations
7.5.4. New product launches
7.5.5. Research and development
7.6. Company Profiles
7.6.1. Company overview
7.6.2. Financial performance
7.6.3. Product benchmarking
7.6.4. Strategic initiatives

For more information about this report visit https://www.researchandmarkets.com/r/i4q38z

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• U.S. Legal Technology Market