Key Trend Reshaping the Legal Technology Market in 2025: Adoption Of Artificial Intelligence In Legal Technology Market

What Are the Projections for the Size and Growth Rate of the Legal Technology Market?
The legal technology market will grow from $30.33 billion in 2024 to $33.25 billion in 2025, at a CAGR of 9.6%. Growth drivers include the increasing complexity of legal work, regulatory compliance requirements, the rise of e-discovery solutions, globalization of legal challenges, and client expectations for efficiency.

The legal technology market is expected to grow to $47.61 billion by 2029, driven by cybersecurity, blockchain for smart contracts, and remote work. Key trends include blockchain for legal processes, regtech, and digital forensics.

What Are the Main Catalysts for Growth in the Legal Technology Market?
The growth in litigation and investigations is expected to drive the expansion of the legal technology market. Litigation and investigations are legal processes involving the resolution of disputes or the examination of activities to determine compliance with applicable laws. Legal technology supports these processes by enabling lawyers to analyze information, make critical assessments, and perform necessary tasks to secure favorable outcomes in court. For example, in February 2023, the US Department of Justice (DOJ) reported that more than $2.2 billion was obtained in settlements and judgments from civil cases involving fraud and false claims under the False Claims Act in 2022. Thus, the rise in litigation and investigations is propelling the growth of the legal technology market.

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Which Businesses Are at the Forefront of Legal Technology Market Development?
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

Which Key Developments Are Influencing the Legal Technology Market?
Leading companies in the legal technology sector are creating innovative solutions by integrating artificial intelligence (AI), such as document summarization tools, to improve their service to customers. These tools use AI and natural language processing (NLP) to automatically shorten lengthy documents into concise summaries that highlight key details. For example, in September 2023, LegalZoom, a US-based legal tech company, introduced Doc Assist, a free AI-powered document summarization tool. This tool assists small businesses in efficiently reviewing documents, staying organized, quickly understanding important information, and consulting expert attorneys for well-informed decisions. Doc Assist allows users to upload legal documents and generates concise summaries, key points, and relevant questions tailored to each document. It combines advanced Generative AI with LegalZoom's expertise, acting as a customized guide for handling complex legal paperwork.

How Is the Legal Technology Market Segmented?
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

Subsegments:
1) By Case Management: Client and Contact Management, Case Scheduling and Calendar Management, Task and Workflow Management
2) By Lead Management: Lead Capture and Tracking, Client Intake Management, Lead Conversion Tools
3) By Document Management: Document Storage and Retrieval, Document Collaboration and Sharing, Version Control and Audit Trail
4) By Billing and Accounting: Time Tracking and Billing, Expense Management, Financial Reporting and Invoicing
5) By Other Types: E-Discovery Tools, Contract Management, Legal Research Tools

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Where Is the Legal Technology Market Growth Most Prominent?
North America was the largest region in the legal technology market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the legal technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Legal Technology Global Market Report?

- Market Size Analysis: Analyze the Legal Technology Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Legal Technology Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Legal Technology Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Legal Technology Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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