What are the recent trends in market size and growth for the legal technology market?
The legal technology market size has grown strongly in recent years. It will grow from $30.33 billion in 2024 to $33.25 billion in 2025 at a compound annual growth rate (CAGR) of 9.6%. 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 efficiency.
The legal technology market size is expected to see strong growth in the next few years. It will grow to $47.61 billion in 2029 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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What have been the primary factors driving the legal technology market’s 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.
What are the key segments within the legal technology market?
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
Subsegments:
1) By Case Management: Client and Contact Management, Case Scheduling and Calendar Management, Task and Workflow Management
2) By Lead Management: Lead Capture and Tracking, Client Intake Management, Lead Conversion Tools
3) By Document Management: Document Storage and Retrieval, Document Collaboration and Sharing, Version Control and Audit Trail
4) By Billing and Accounting: Time Tracking and Billing, Expense Management, Financial Reporting and Invoicing
5) By Other Types: E-Discovery Tools, Contract Management, Legal Research Tools
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Which key players are shaping the legal technology market?
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
How will emerging trends drive the legal technology market throughout the forecast period?
Major companies operating in the legal technology market are developing innovative products by adopting artificial intelligence (AI), such as document summarization tool to better serve their customers. Document summarization tools are software applications that use artificial intelligence (AI) and natural language processing (NLP) to automatically condense lengthy documents into shorter, more concise summaries, capturing the essential information and key points. For instance, in September 2023, LegalZoom, a US-based legal technology and services company, launched Doc Assist, a free document summarization tool that leverages generative artificial intelligence (AI) to help small businesses efficiently review documents, maintain organization, quickly grasp essential information, and access guidance from reputable attorneys for more informed decision-making. The tool allows users to upload any legal document, and it instantly provides key information, condenses critical clauses, and suggests pertinent questions tailored to the document type. DocAssist combines state-of-the-art Generative AI technology with LegalZoom’s expertise, serving as a custom-made guide for navigating the complex realm of legal paperwork.
How do regional factors impact the legal technology market, and which region is the largest contributor?
North America was the largest region in the legal technology market in 2024. 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.
What Does The Legal Technology Market Report 2025 Offer?
The legal technology market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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