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.
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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
Grand View Research has segmented the global legal technology market based on solution, type, end-user, and region:
Legal Technology Solution Outlook (Revenue, USD Billion, 2018 - 2030)
Software
Cloud-based
On-Premises
Services
Consulting Services
Support Services
Others
Legal Technology Type Outlook (Revenue, USD Billion, 2018 - 2030)
E-discovery
Legal Research
Practice Management
Analytics
Compliance
Document Management
Contract Lifecycle Management
Time-Tracking & Billing
Others
Legal Technology End-user Outlook (Revenue, USD Billion, 2018 - 2030)
Law Firms
Corporate Legal Departments
Others
Legal Technology Regional Outlook (Revenue, USD Billion, 2018 - 2030)
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Asia Pacific
China
India
Japan
South Korea
Latin America
Brazil
Argentina
Middle East & Africa
UAE
South Africa
List of Key Players in the Legal Technology Market
Icertis, Inc.
Filevine Inc.
DocuSign, Inc.
Casetext Inc.
ProfitSolv, LLC
Knovos, LLC
Mystacks, Inc.
Practice Insight Pty Ltd (WiseTime)
TimeSolv Corporation
Themis Solutions Inc. (Clio)
Everlaw, Inc.
LexisNexis Legal & Professional Company
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