Legal Technology Market Expansion 2024-2033: Growth Drivers and Dynamics

Overview and Scope

Legal technology refers to the application of advanced tools, software, and processes within the legal industry to streamline and enhance legal operations, facilitate efficient case management, and improve overall legal services. Legal technology automates repetitive tasks such as document review, contract analysis, and due diligence. AI-powered tools can quickly sift through vast amounts of data, saving time and reducing errors.

Sizing and Forecast

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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Segmentation & Regional Insights

The legal technology market covered in this report is segmented –

1) By Type: Case Management, Lead Management, Document Management, Billing And Accounting, Other Types
2) By Solution: E-Discovery, Legal Research, Legal Analytics, Document Management, Other Solutions
3) By End-User: Law Firms, Corporate Legal Departments, Other End-Users

North America was the largest region in the legal technology market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the legal technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

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.

Key Industry Players

Major companies operating in the legal technology market report are 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</b

The legal technology market report table of contents includes:

1. Executive Summary
2. Legal Technology Market Characteristics
3. Legal Technology Market Trends And Strategies
4. Legal Technology Market – Macro Economic Scenario
5. Global Legal Technology Market Size and Growth
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32. Global Legal Technology Market Competitive Benchmarking
33. Global Legal Technology Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Legal Technology Market
35. Legal Technology Market Future Outlook and Potential Analysis
36. Appendix