Covina, July 03, 2024 (GLOBE NEWSWIRE) -- The global legal technology market share, worth USD 26.91 Billion in 2024, is anticipated to expand to USD 61.44 Billion by 2034, projected a CAGR of 9.5%.
Legal Technology Market Report Overview
The terms "legal technology" and "legal tech" refer to the use of hardware and software in legal services and in support of the legal sector. For instance, many legal tech companies target the disruption of traditionally conservative legal markets for many entrepreneurs. A variety of methodologies and technologies have been in use for legal tasks. Traditional software architecture and web technologies have been in use for purposes such as providing access to case law. Machine learning techniques have been in use, especially in making it easier to find papers for due diligence or discovery. There is work done using elements of user experience design in trying to make contracts easier to use.
Technology has had a big impact on the legal industry, increasing productivity and efficiency in legal offices and improving communication between clients and companies. Artificial intelligence (AI) is being used by legal professionals to do activities such as document automation, legal research, contract assessment, and predictive analytics. These innovations increase access to justice, expedite processes, and enhance decision-making. Due diligence processes have been accelerated by AI's speedy review of massive amounts of documentation, which has decreased errors and increased productivity.
Legal departments and Law firms are constantly looking to replace labor-intensive, time-consuming processes with more accurate, efficient, and quicker automated ones. That is very essential. Nevertheless, legal technology also wants to revolutionize.
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Competitive Landscape:
The Legal Technology Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Icertis, Inc.
- Filevine Inc.
- DocuSign, Inc.
- Casetext Inc.
- ProfitSolv
- LLC
- Knovos
- Mystacks, Inc.
- Practice Insight Pty Ltd (WiseTime)
- TimeSolv Corporation
- Themis Solutions Inc. (Clio)
- Everlaw, Inc.
- LexisNexis Legal & Professional Company.
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Legal Technology Market: Report Scope
| Report Attributes | Details |
| Market value in 2024 | USD 26.91 Billion |
| Market value in 2034 | USD 61.44 Billion |
| CAGR | 9.5% from 2024 – 2034 |
| Base year | 2023 |
| Historical data | 2019-2022 |
| Forecast period | 2024-2034 |
Analyst View:
By combining hardware and software—such as web technologies and traditional software architecture—with artificial intelligence and machine learning for research, predictive analytics, and document automation, legal technology is revolutionizing the legal industry. This has improved decision-making, sped up procedures, and expanded access to justice. North America has the biggest market share among the market segmentations, which are based on components, applications, and geography. In the field of legal innovation and technology, ALITA, the network for the Asia-Pacific area, promotes international cooperation and information exchange.
Market Dynamics:
Drivers:
Promotion in Cyberjustice
- Cyberjustice refers to the integration of technology into the legal system, whether it is through the provision of online court services, the use of electronics in courtrooms, or the resolution of various types of disputes. Increasing access to justice by lowering the expenses of enforcing the law and relieving the strain on judges and the court system overall is among the most important objectives of cyberjustice.
Increased Use of Cloud Computing and AI Technology in Legal Services
- The legal technology industry across the world is growing in tandem with the growing trend of cloud use in the legal services industry. A sector that was initially very reluctant to adopt cloud-based solutions now has to turn its focus to cloud access as of priority by law firms and legal departments in view of the recent COVID-19 epidemic through the impetus for hybrid working. Some of these cloud-based legal technology solutions are already in use by law firms, while others are being considered for deployment.
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Market Trends:
Automation of documents
- It is a rule-based legal process reliably reproducible through an interactive website. Document automation services may gather legal documents of varied types from templates using fill-in-blanks that require the user to answer a series of queries. Document automation services can also be provided to law firms on a subscription basis where there is a need for a whole range of. Template-based document automation is best used for contracts having boilerplate clauses, model contracts, or standard clauses. Predictive contracting provides drafters using it with statistics on how likely litigation or unfavorable judicial interpretation of nonstandard clauses may be by integrating predictive analytics.
Segmentation:
Legal Technology Market is segmented based on Component, Application, and Region.
Component Insights
- The component segmentation denotes to software and services. Services, which include consultancy, support, and others, are the largest segment. While on one hand, the support services provide technical assistance related to upgrades and maintenance, the consulting services on the other guide technology adoption. This market is likely to experience tremendous growth opportunities due to the fact that with the adoption of new technologies, the need for training services is going to rise. The second-largest market segment is software, which is gaining significant popularity due to its usage in advanced analytics and decision-making.
Application Insights
- The segmentation briefs about the applications of legal technology. It has combined forces with legal actions, regulatory inquiries, and an abundance of digital data, and corporations, government organizations, and law firms making increasing use of e-discovery to keep this market registering a notable expansion. The more the introduction of technology and digitization of legal material, the more legal research increased. There is a need for solutions that can enhance productivity, and ensure that operations are compliant with the laid down regulations, administration is simplified, and communication with clients is enhanced; this facilitates the demand for practice management. Vendors offer software solutions for solo practitioners all the way to small to medium-sized legal practices as well as large corporate legal departments. This segment is so big because it's becoming quite important for lawyers to bring in artificial intelligence and data analytics into workflows and decision-making processes. Furthermore, the analytical market has grown to a great extent. Time-tracking and billing markets have also grown with the increasing load.
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Recent Development:
- In April 2024, the University of Strathclyde launched the LLM Law, Technology and Innovation course. International applicants are eligible to apply for the Humanities & Social Sciences Postgraduate Taught International scholarship, further enhancing the accessibility of this unique course.
- In February 2024, Fisher Phillips’ Tech Co Purchased Points to Buy v. Build Dilemma. Fisher Phillips’ recent purchase of a legal technology startup was an unusual move in a space where law firms are more likely to build their own capabilities and spin them off, or purchase third-party services in vendor platforms.
Regional Insights
- North America: The largest market share is held by North America. This region is envisioned to grow exponentially as a result of increasing automation through artificial intelligence and machine learning, as well as the increased usage of cloud-based solutions owing to all the cost savings and scalability options that make them very effective and adaptable, offering a lot of opportunity in terms of expanding business venues. This is further expected to accelerate the development of legal technology in North America, particularly with blockchain technology touting safer and more transparent legal transactions.
- Asia Pacific: Leading legal innovation and technological collaboration are connected across over ten nations through ALITA, the Asia-Pacific region's regional network. In order to create opportunities for many stakeholders across regions, it develops and uses legal technology, thought leadership, and education in related fields. It also helps national legal technology associations establish and manage local associations by establishing connections and fostering coordination between legal technology associations, regulators, law firms, technology companies, and interest groups. Facilitating cross-border collaboration and knowledge sharing in the legal innovation and technology sector is ALITA's purpose.
Browse Detail Report on "Legal Technology Market By Component (Software, and Services), By Application (E-discovery, Legal Research, Practice Management, Document Management, Contract Lifecycle Management, Analytics, and Others), By End Users (Law Firms, Corporate Legal Departments, Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Trends, Analysis and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/legal-technology-market-5232
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