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Global Online Legal Services Market Analysis 2024: Trends, Key Companies, and Growth Projections
Online Legal Services Market Analysis
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According to The Business Research Company's, The online legal services market size has grown rapidly in recent years. It will grow from $19.34 billion in 2023 to $22.05 billion in 2024 at a compound annual growth rate (CAGR) of 14.0%. The growth in the historic period can be attributed to convenience and accessibility, increased awareness and trust, regulatory changes, expansion of service offerings, and globalization.
The online legal services market size is expected to see rapid growth in the next few years. It will grow to $37.43 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. The growth in the forecast period can be attributed to rising demand for cost-effective legal solutions, enhanced user experience, integration with other online services, increased internet penetration, increased internet penetration, and technological advancements. Major trends in the forecast period include increased adoption of AI and automation, expansion of subscription-based legal services, growth in legal tech startups, growth of online dispute resolution (ODR), rise in do-it-yourself (DIY) legal platforms, and integration of legal analytics and predictive tools.
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Market Drivers and Trends:
The growing demand for biologics is expected to propel the growth of the large and small-scale bioprocessing market going forward. Biologics refer to medicinal products derived from living organisms or their components, including vaccines, blood and blood components, gene therapies, tissues, and recombinant therapeutic proteins. The growing demand for biologics is due to advancements in biotechnology, increased understanding of disease mechanisms, and the demand for targeted and personalized therapies. Both large-scale and small-scale bioprocessing are integral to biologics' successful development and commercialization. Small-scale bioprocessing is essential for early-stage development, optimization, and feasibility studies. In contrast, large-scale bioprocessing ensures that biologics are produced efficiently, consistently, and in compliance with regulatory standards for commercial distribution. For instance, in February 2024, according to the National Library of Medicine, a US-based medical library, in 2023, the Food and Drug Administration (FDA) approved 55 new drugs, including 29 new chemical entities (NCEs) and 25 new biological entities (NBEs), marking a 50% increase compared to the 37 approvals in 2022. Therefore, the growing demand for biologics drives the growth of the large and small-scale bioprocessing market.
Major companies operating in the online legal services market are focused on developing technologically advanced solutions such as AI-powered software, for managing contracts effectively and gaining a competitive edge in the market. AI-powered software refers to technology that utilizes artificial intelligence and machine learning algorithms to enhance the delivery of legal services through online platforms. For instance, in October 2023, Contract Understanding, a South Africa-based legal-tech startup, launched an AI-powered contract management solution. The platform utilizes artificial intelligence (AI) and machine learning technologies to simplify the complex and error-prone process of contract management. This solution offers improved insights into contracts, reduces risks, and automates various processes. It can analyze and extract key data from each contract, providing complete visibility into every contract managed by a company.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Thomson Reuters Corporation, Axiom Law, Upstart Holdings Inc., LegalZoom.com Inc., LegalShield, Rocket Lawyer, JustAnswer, LegalMatch, Lateral Link Group, LegalVision, Ironclad, MyCase, LawDepot, PracticePanther, Lexly AB, Priori Legal Inc, Lawpath Operations, LegisOne, LawTrades Inc., LawTarazoo, LegalNature, UpCounsel, DirectLaw Inc., NetLaw Inc.
Online Legal Services Market 2024 Key Insights:
• The online legal services market size is expected to see rapid growth in the next few years. It will grow to $37.43 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%.
• Rise In Remote Work To Drive Growth In Online Legal Services Market
• AI-Powered Solutions Revolutionize Contract Management
• North America was the largest region in the online legal services market in 2023
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