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PUBLISHER: Grand View Research | PRODUCT CODE: 1301026
PUBLISHER: Grand View Research | PRODUCT CODE: 1301026
Legal Technology Market Size, Share & Trends Analysis Report By Solution, By Type (E-discovery, Legal Research, Practice Management, Analytics, Compliance, Document Management), By End-user, By Region, And Segment Forecasts, 2023 - 2030
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Legal Technology Market Growth & Trends
The global legal technology market size is estimated to reach USD 45.73 billion by 2030, registering a CAGR of 9.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. 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
Product Code: GVR-4-68040-086-4
Table of Contents
Chapter 1 Methodology and Scope
- 1.1 Market Segmentation & Scope
- 1.2 Market Definitions
- 1.3 Information Procurement
- 1.3.1 Information Analysis
- 1.3.2 Market Formulation & Data Visualization
- 1.3.3 Data Validation & Publishing
- 1.4 Research Scope And Assumptions
- 1.4.1 List To Data Sources
Chapter 2 Executive Summary
- 2.1 Legal Technology Market Snapshot
- 2.2 Legal Technology - Segment Snapshot (1/2)
- 2.3 Legal Technology - Segment Snapshot (2/2)
- 2.4 Legal Technology - Competitive Landscape Snapshot
Chapter 3 Legal Technology Market - Industry Outlook
- 3.1 Market Lineage Outlook
- 3.2 Value Chain Analysis
- 3.3 Market Dynamics
- 3.3.1 Market Driver Analysis
- 3.3.1.1 Increasing Demand For Streamlined Workflows And Cost Saving In Legal Industry
- 3.3.1.2 Rise In Adoption Of Ai And Cloud Technology In Legal Services
- 3.3.1.3 Rising Complexity Of Legal Compliance
- 3.3.2 Market Restraint Analysis
- 3.3.2.1 Data Privacy And Information Security Concerns
- 3.3.2.2 Lack Of Awareness And Initial Investment Associated With Legal Technologies
- 3.3.3 Market Opportunity Analysis
- 3.3.3.1 Outsourcing Tasks To The Alternative Legal Services Providers (Alsps)
- 3.3.3.2 Increasing Number Of New Entrants
- 3.3.1 Market Driver Analysis
- 3.4 Industry Analysis Tools
- 3.4.1 Porter's Analysis
- 3.4.2 Macroeconomic Analysis
- 3.5 Legal Technology Market: Technology Trends
- 3.5.1 Changing Nature Of Business
- 3.5.1.1 Artificial Intelligence (Ai)-Powered Contract Lifecycle Management (Clm) Solutions
- 3.5.1.2 Emerging Technologies And Increasingly Complex Nature Of Legal Services
- 3.5.2 Adoption Of Ai, Machine Learning (Ml), And Deep Learning (Dl) Technology In The Legal Industry
- 3.5.3 Adoption Of Natural Language Processing Technology In The Legal Industry
- 3.5.1 Changing Nature Of Business
- 3.6 Future Opportunities Of Artificial Intelligence In The Legal Industry
- 3.6.1 Demand For Ai In The Legal Industry
- 3.6.2 Application Of Ai In The Legal Industry
- 3.7 Legal Technology Market - Covid-19 Impact Analysis
Chapter 4 Legal Technology Market: Solution Estimates & Trend Analysis
- 4.1 Solution Movement Analysis & Market Share, 2022 & 2030
- 4.2 Legal Technology Market Estimates & Forecast, By Solution (Usd Billion)
- 4.2.1 Software
- 4.2.1.1 Cloud-Based
- 4.2.1.2 On-Premises
- 4.2.2 Services
- 4.2.2.1 Consulting Services
- 4.2.2.2 Support Services
- 4.2.2.3 Others
- 4.2.1 Software
Chapter 5 Legal Technology Market: Type Estimates & Trend Analysis
- 5.1 Type Movement Analysis & Market Share, 2022 & 2030
- 5.2 Legal Technology Market Estimates & Forecast, By Type (Usd Billion)
- 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
- 5.2.9 Others
Chapter 6 Legal Technology Market: End-User Estimates & Trend Analysis
- 6.1 End-User Movement Analysis & Market Share, 2022 & 2030
- 6.2 Legal Technology Market Estimates & Forecast, By End-User (Usd Billion)
- 6.2.1 Law Firms
- 6.2.2 Corporate Legal Departments
- 6.2.3 Others
Chapter 7 Legal Technology Market: Regional Estimates & Trend Analysis
- 7.1 Legal Technology Market: Regional Outlook
- 7.2 North America
- 7.2.1 North America Legal Technology Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 7.2.2 U.S.
- 7.2.2.1 U.S. Legal Technology Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 7.2.3 Canada
- 7.2.3.1 Canada Legal Technology Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 7.3 Europe
- 7.3.1 Europe Legal Technology Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 7.3.2 Uk
- 7.3.2.1 Uk Legal Technology Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 7.3.3 Germany
- 7.3.3.1 Germany Legal Technology Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 7.3.4 France
- 7.3.4.1 France Legal Technology Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 7.3.5 Italy
- 7.3.5.1 Italy Legal Technology Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 7.3.6 Spain
- 7.3.6.1 Spain Legal Technology Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 7.4 Asia Pacific
- 7.4.1 Asia Pacific Legal Technology Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 7.4.2 China
- 7.4.2.1 China Legal Technology Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 7.4.3 Japan
- 7.4.3.1 Japan Legal Technology Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 7.4.4 India
- 7.4.4.1 India Legal Technology Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 7.4.5 South Korea
- 7.4.5.1 South Korea Legal Technology Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 7.5 Latin America
- 7.5.1 Latin America Legal Technology Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 7.5.2 Brazil
- 7.5.2.1 Brazil Legal Technology Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 7.5.3 Argentina
- 7.5.3.1 Argentina Legal Technology Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 7.6 Middle East & Africa
- 7.6.1 Middle East & Africa Legal Technology Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 7.6.2 UAE
- 7.6.2.1 UAE Legal Technology Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
- 7.6.3 South Africa
- 7.6.3.1 South Africa Legal Technology Market Estimates & Forecasts, 2018 - 2030 (USD Billion)
Chapter 8 Legal Technology Market - Competitive Landscape
- 8.1 Key Market Participants
- 8.1.1 ICERTIS, INC.
- 8.1.2 FILEVINE INC.
- 8.1.3 DOCUSIGN, INC.
- 8.1.4 CASETEXT INC.
- 8.1.5 PROFITSOLV, LLC
- 8.1.6 KNOVOS, LLC
- 8.1.7 MYSTACKS, INC.
- 8.1.8 PRACTICE INSIGHT PTY LTD (WISETIME)
- 8.1.9 TIMESOLV CORPORATION
- 8.1.10 THEMIS SOLUTIONS INC. (CLIO)
- 8.1.11 EVERLAW, INC.
- 8.1.12 LEXISNEXIS LEGAL & PROFESSIONAL COMPANY
- 8.2 Recent Developments & Impact Analysis, By Key Market Participants
- 8.3 Company Categorization
- 8.4 Participant's Overview
- 8.5 Financial Performance
- 8.6 Product Benchmarking
- 8.7 Company Market Share Analysis, 2022
- 8.8 Company Heat Map Analysis
- 8.9 Strategy Mapping
- 8.9.1 Expansion
- 8.9.2 Collaborations
- 8.9.3 New Product Launches
Product Code: GVR-4-68040-086-4
List of Tables
- Table 1 Legal Technology market - Key market driver impact
- Table 2 E-Invoicing in legal compliance changes
- Table 3 Key market restraint/challenges impact
- Table 4 Key market opportunity impact
- Table 5 Key market opportunity impact
- Table 6 Emerging startups working on AI, ML, and DL in the legal industry
- Table 7 Applications of AI in the legal industry
- Table 8 Global Legal Technology Market Revenue Estimates and Forecast, By Solution, 2018 - 2030 (USD Billion)
- Table 9 Global Legal Technology Market Revenue Estimates and Forecast, By Type, 2018 - 2030 (USD Billion)
- Table 10 Legal Technology Market Revenue Estimates and Forecast, By End-user, 2018 - 2030 (USD Billion)
- Table 11 Recent Developments & Impact Analysis, By Key Market Participants
- Table 12 Company Market Share, 2022
- Table 13 Company Heat Map Analysis
- Table 14 Key Companies undergoing expansions
- Table 15 Key Companies undergoing collaborations
- Table 16 Key Companies launching new products
List of Figures
- Fig. 1 Legal Technology Market Segmentation
- Fig. 2 Information Procurement
- Fig. 3 Data Analysis Models
- Fig. 4 Market Formulation And Validation
- Fig. 5 Data Validating & Publishing
- Fig. 6 Market Snapshot
- Fig. 7 Segment Snapshot (1/2)
- Fig. 8 Segment Snapshot (2/2)
- Fig. 9 Competitive Landscape Snapshot
- Fig. 10 Legal Technology - Industry Value Chain Analysis
- Fig. 11 Market dynamics
- Fig. 12 Cost saving opportunities as seen by general counsels, % of respondents
- Fig. 13 Popular business cloud services used by lawyers/legal professionals, % of total surveyed lawyers
- Fig. 14 Top 5 sectors by data breach notifications, (% share during July to December 2022)
- Fig. 15 Number of cyber-security breaches in law firms, (% of total number of law firms)
- Fig. 16 Corporate use of ALSPs, (% of corporations using ALSPs for use cases)
- Fig. 17 Legal Technology market: PORTER's Analysis
- Fig. 18 Legal Technology market: PESTEL Analysis
- Fig. 19 Legal Technology Market, Solution: Key Takeaways
- Fig. 20 Legal Technology Market, by Solution: Market Share, 2022 & 2030
- Fig. 21 Software market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 22 Cloud-based market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 23 On-premises market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 24 Services market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 25 Consulting services market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 26 Support services market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 27 Cloud-based market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 28 Legal Technology Market, by Type: Key Takeaways
- Fig. 29 Legal Technology Market, by Type: Market Share, 2022 & 2030
- Fig. 30 E-discovery market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 31 Legal research market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 32 Practice Management market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 33 Analytics market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 34 Compliance market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 35 Document Management market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 36 Contract lifecycle management market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 37 Time-tracking & billing market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 38 Others market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 39 Legal Technology Market, by End-user: Key Takeaways
- Fig. 40 Legal Technology Market, by End-user: Market Share, 2022 & 2030
- Fig. 41 Law firms market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 42 Corporate Legal Departments market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 43 Others market estimates & forecasts, 2018 - 2030 (USD Billion)
- Fig. 44 Legal Technology Market, by End-user: Key Takeaways
- Fig. 45 Regional Marketplace: Key Takeaways
- Fig. 46 Regional Marketplace: Key Takeaways
- Fig. 47 North America Legal Technology market estimates & forecast, 2018 - 2030 (USD Billion)
- Fig. 48 U.S. Legal Technology market estimates & forecast, 2018 - 2030 (USD Billion)
- Fig. 49 Canada Legal Technology market estimates & forecast, 2018 - 2030 (USD Billion)
- Fig. 50 Europe Legal Technology market estimates & forecast, 2018 - 2030 (USD Billion)
- Fig. 51 UK Legal Technology market estimates & forecast, 2018 - 2030 (USD Billion)
- Fig. 52 Germany Legal Technology market estimates & forecast, 2018 - 2030 (USD Billion)
- Fig. 53 France Legal Technology market estimates & forecast, 2018 - 2030 (USD Billion)
- Fig. 54 Italy Legal Technology market estimates & forecast, 2018 - 2030 (USD Billion)
- Fig. 55 Spain Legal Technology market estimates & forecast, 2018 - 2030 (USD Billion)
- Fig. 56 Asia Pacific Legal Technology market estimates & forecast, 2018 - 2030 (USD Billion)
- Fig. 57 China Legal Technology market estimates & forecast, 2018 - 2030 (USD Billion)
- Fig. 58 Japan Legal Technology market estimates & forecast, 2018 - 2030 (USD Billion)
- Fig. 59 India Legal Technology market estimates & forecast, 2018 - 2030 (USD Billion)
- Fig. 60 South Korea Legal Technology market estimates & forecast, 2018 - 2030 (USD Billion)
- Fig. 61 Latin America Legal Technology market estimates & forecast, 2018 - 2030 (USD Billion)
- Fig. 62 Brazil Legal Technology market estimates & forecast, 2018 - 2030 (USD Billion)
- Fig. 63 Argentina Legal Technology market estimates & forecast, 2018 - 2030 (USD Billion)
- Fig. 64 MEA Legal Technology market estimates & forecast, 2018 - 2030 (USD Billion)
- Fig. 65 UAE Legal Technology market estimates & forecast, 2018 - 2030 (USD Billion)
- Fig. 66 South Africa Legal Technology market estimates & forecast, 2018 - 2030 (USD Billion)
- Fig. 67 Key Company Categorization
- Fig. 68 Company Market Share Analysis, 2022
- Fig. 69 Strategic framework
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