What Is The Current and Historic Market Size Analysis Of The Legal Technology Market?
The legal technology market has seen considerable growth due to a variety of factors.
• The market size for legal technology has seen robust expansion over the recent past. The progression is expected to continue, moving from $30.33 billion in 2024 to $33.25 billion in 2025, showing a compound annual growth rate (CAGR) of 9.6%.
Reasons contributing to the growth during the historic phase include factors like mounting legal workload, complicatedness, increasing regulatory compliance demands, the emergence of e-discovery solutions, globalization resulting in a rise of legal predicaments across borders, and clients' anticipation of efficiency.
What Is The Forecast For The Legal Technology Market Size?
The legal technology market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for legal technology is predicted to witness substantial growth in the coming years. It is anticipated to expand to $47.61 billion by the year 2029, with a compound annual growth rate (CAGR) of 9.4%.
This projected growth in the forecast period can be linked to heightened emphasis on cybersecurity, cloud-based legal services, diversity, equity, and inclusion (dei), cost efficiencies in legal operations, and blockchain usage in smart contracts. The major trends anticipated during the forecast period encompass the usage of blockchain technology in legal procedures, the rise of remote work and virtual collaboration, the incorporation of legal technology in educational programs, the application of regulatory technology (regtech), and the use of e-discovery and digital forensics.
What Are The Essential Drivers Behind The Growth Of The Legal Technology Market?
Future growth in the legal technology market is projected to be fueled by an upsurge in litigation and investigations. Legal technology is instrumental in facilitating litigations and inquiries, the legal procedures that settle conflicts or scrutinize certain actions for compliance with governing laws. It aids lawyers in information retrieval, analysis, critical evaluations, and executing essential court proceedings tasks. For example, the Office of Public Affairs, a government agency in the US, reported in February 2023 that the US Department of Justice (DOJ) collected more than $2.2 billion in the form of settlements and judgments in 2022 through civil cases involving fraud and false claims under the False Claims Act (FCA). This demonstrates how litigation and investigations are significantly influencing the growth of the legal technology market.
Legal Technology Market Accelerator: Boom in Remote Work Propels The Legal Technology Market
How Is The Global Legal Technology Market Divided Into Key Segments?
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
Pre-Book The Legal Technology Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
Which Emerging Market Trends Are Altering The Legal Technology Industry?
Leading players in the legal tech market are leveraging artificial intelligence (AI) to create revolutionary products like the document summarization tool, aiming to enhance customer service. Such tools utilize AI and natural language processing (NLP) to shrink down extensive texts into shorter, clearer summaries, capturing the vital data and main highlights. For instance, in September 2023, LegalZoom, a legal tech and services corporation based in the US, introduced Doc Assist. This no-cost document summarization tool incorporates generative AI to assist small businesses in efficiently analyzing documents, maintaining order, swiftly comprehends crucial data, and accessing advice from trusted lawyers for better informed decision-making. This tool enables users to upload any legal document, instantly offering key information, breaking down essential clauses, and proposing relevant queries based on the document type. By melding cutting-edge Generative AI technology with LegalZoom's expertise, DocAssist serves as a tailor-made aid for maneuvering the intricate world of legal paperwork.
Who Are the Key Players In 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
What Are The Regional Insights Into The Legal Technology Market?
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.
