Legal Technology Market Key Players, Market Analysis, Share, Trends And Forecast To 2033

"The new report published by The Business Research Company, titled ""Legal Technology Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, 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 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%.

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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.

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 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

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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

Contents of the report:
1. Executive Summary
2. Legal Technology Market Report Structure
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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