Press release
Legal Technology Market Report 2024: Strategies And Recent Developments | RELX PLC, Thomson Reuters, Wolters Kluwer N.V., OpenText Corporation, LexisNexis Legal & Professional Company
Legal Technology Market Characteristics
The Business Research Company offers in-depth market insights through Legal Technology Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth 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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Market Segmentation:
The main types of legal technology are case management, lead management, document management, billing and accounting, and others. Case management refers to the systematic organization and coordination of legal cases by lawyers or legal professionals. In the context of legal technology, case management systems are used to streamline legal workflows, manage client information, automate routine tasks, and ensure compliance with relevant rules and regulations. The solutions include e-discovery, legal research, legal analytics, document management, and others used for law firms, corporate legal departments, others.
Major Driver - Rise In Litigation And Investigations Fuels Legal Technology Market
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.
Competitive Landscape:
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
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Top Trend - Adoption Of Artificial Intelligence In Legal Technology Market
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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Legal Technology Market Characteristics
3. Legal Technology Market Trends And Strategies
4. Legal Technology Market - Macro Economic Scenario
5. Legal Technology Market Size And Growth
…..
27. Legal Technology Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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