Legal Technology Market
Growth Factors of Legal Technology Market
The legal technology market size was valued at USD 29.54 billion in 2023, and the market is now projected to grow from USD 31.59 billion in 2024 to USD 63.59 billion by 2032, exhibiting a CAGR of 9.1% during the forecast period of 2024-2032.
The COVID-19 pandemic coming to an end, most of the organizations are now performing most of their legal work with law firms, businesses, and government agencies most of the documentation being in electronic form. This change from physical to electronic or digital papers increased the go by for adoption of enhanced technologies by the legal teams, as well improving the processes in the legal field.
The concept of legal technology has rapidly evolved to play an important role in improving judicial procedures because of the effectiveness it brings as regards to things like systematic storing and sorting of documents, files, and data analysis. So, many kinds of technology tools and solutions can help the corporate legal departments and law firms to segregate the work and mechanize the repetitive tasks that would permit lawyers to focus on more fundamental endeavors and increase productivity.
Executive customers are now demanding more strategic and reactive legal services, which is the reason why legal technology solutions are being more readily adopted. All these tools target new forecasted client expectations and productivity advancement through the automation of activities, minimization of risk, and elimination of several manual tasks. They may reduce the complexity of managing contracts and offer unique collaboration solutions that improve legal operations’ productivity.
Comprehensive Analysis of Legal Technology Market
The legal technology market growth is also increasing exponentially because of the segmentation of its market. In fact, this market expansion offers a specific regional analysis based on the primary supply and demand forces, which affect the industry. These segmentations are methodically segregated by component analysis, by deployment mode analysis, by end-user analysis and by application analysis. By component analysis incudes software and services. By deployment mode analysis incudes on-premises and cloud. By end-user analysis incudes law firms and corporate legal departments. By application analysis incudes e-discovery, legal research, practice & compliance management, document management, billing & time tracking, and others.
The North America region lead the legal technology market share by benefitting a market size of USD 10.75 billion in 2023 due to increasing penetration of automation using AI and ML.
Top players in the market have their responsibility of information & communication technology industrial prospectus growth of the retailing industry and the markets. These players include, Filevine, Inc., DocuSign, Inc., Thomson Reuters, ProfitSolv, LLC, Knovos, LLC, CS DISCO, Inc., Everlaw, Inc., LexisNexis Legal & Professional Company, Themis Solutions Inc. (Clio), WiseTime these market players provide a level-playing competitive landscape.
In February 2024, LexisNexis launched an Australian preview of Lexis+AI, a generative AI solution combining its search technology and authoritative content to transform legal work.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 9.1% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By Component
- Software
- Services
By Deployment Mode
- On-Premises
- Cloud
By End-User
- Law Firms
- Corporate Legal Departments
By Application
- E-discovery
- Legal Research
- Practice and Compliance Management
- Document Management
- Billing and Time Tracking
- Others (Contract Lifecycle Management, Analytics)
By Region
- North America (By Component, Deployment Mode, End-User, Application, and Country)
- U.S.
- Canada
- Mexico
- Brazil
- Argentina
- Rest of South America
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Benelux
- Nordics
- Rest of Europe
- Turkey
- Israel
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa
- China
- Japan
- India
- South Korea
- ASEAN
- Oceania
- Rest of Asia Pacific
Please Note: It will take 5-6 business days to complete the report upon order confirmation.
- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 3.3. Impact of Generative AI
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global Legal Technology Key Players Market Share/Ranking, 2023
- 5. Global Legal Technology Market Size Estimates and Forecasts, By Segments, 2019-2032
- 5.1. Key Findings
- 5.2. By Component (USD)
- 5.2.1. Software
- 5.2.2. Services
- 5.3. By Deployment Mode (USD)
- 5.3.1. On-Premises
- 5.3.2. Cloud
- 5.4. By End-Users (USD)
- 5.4.1. Law Firms
- 5.4.2. Corporate Legal Departments
- 5.5. By Application (USD)
- 5.5.1. E-discovery
- 5.5.2. Legal Research
- 5.5.3. Practice and Compliance Management
- 5.5.4. Document Management
- 5.5.5. Billing and Time Tracking
- 5.5.6. Others (Contract Lifecycle Management, Analytics, etc.)
- 5.6. By Region (USD)
- 5.6.1. North America
- 5.6.2. South America
- 5.6.3. Europe
- 5.6.4. Middle East & Africa
- 5.6.5. Asia Pacific
- 6. North America Legal Technology Market Size Estimates and Forecasts, By Segments, 2019-2032
- 6.1. Key Findings
- 6.2. By Component (USD)
- 6.2.1. Software
- 6.2.2. Services
- 6.3. By Deployment Mode (USD)
- 6.3.1. On-Premises
- 6.3.2. Cloud
- 6.4. By End-Users (USD)
- 6.4.1. Law Firms
- 6.4.2. Corporate Legal Departments
- 6.5. By Application (USD)
- 6.5.1. E-discovery
- 6.5.2. Legal Research
- 6.5.3. Practice and Compliance Management
- 6.5.4. Document Management
- 6.5.5. Billing and Time Tracking
- 6.5.6. Others (Contract Lifecycle Management, Analytics, etc.)
- 6.6. By Country (USD)
- 6.6.1. U.S.
- 6.6.2. Canada
- 6.6.3. Mexico
- 7. South America Legal Technology Market Size Estimates and Forecasts, By Segments, 2019-2032
- 7.1. Key Findings
- 7.2. By Component (USD)
- 7.2.1. Software
- 7.2.2. Services
- 7.3. By Deployment Mode (USD)
- 7.3.1. On-Premises
- 7.3.2. Cloud
- 7.4. By End-Users (USD)
- 7.4.1. Law Firms
- 7.4.2. Corporate Legal Departments
- 7.5. By Application (USD)
- 7.5.1. E-discovery
- 7.5.2. Legal Research
- 7.5.3. Practice and Compliance Management
- 7.5.4. Document Management
- 7.5.5. Billing and Time Tracking
- 7.5.6. Others (Contract Lifecycle Management, Analytics, etc.)
- 7.6. By Country (USD)
- 7.6.1. Brazil
- 7.6.2. Argentina
- 7.6.3. Rest of South America
- 8. Europe Legal Technology Market Size Estimates and Forecasts, By Segments, 2019-2032
- 8.1. Key Findings
- 8.2. By Component (USD)
- 8.2.1. Software
- 8.2.2. Services
- 8.3. By Deployment Mode (USD)
- 8.3.1. On-Premises
- 8.3.2. Cloud
- 8.4. By End-Users (USD)
- 8.4.1. Law Firms
- 8.4.2. Corporate Legal Departments
- 8.5. By Application (USD)
- 8.5.1. E-discovery
- 8.5.2. Legal Research
- 8.5.3. Practice and Compliance Management
- 8.5.4. Document Management
- 8.5.5. Billing and Time Tracking
- 8.5.6. Others (Contract Lifecycle Management, Analytics, etc.)
- 8.6. By Country (USD)
- 8.6.1. U.K.
- 8.6.2. Germany
- 8.6.3. France
- 8.6.4. Italy
- 8.6.5. Spain
- 8.6.6. Russia
- 8.6.7. Benelux
- 8.6.8. Nordics
- 8.6.9. Rest of Europe
- 9. Middle East & Africa Legal Technology Market Size Estimates and Forecasts, By Segments, 2019-2032
- 9.1. Key Findings
- 9.2. By Component (USD)
- 9.2.1. Software
- 9.2.2. Services
- 9.3. By Deployment Mode (USD)
- 9.3.1. On-Premises
- 9.3.2. Cloud
- 9.4. By End-Users (USD)
- 9.4.1. Law Firms
- 9.4.2. Corporate Legal Departments
- 9.5. By Application (USD)
- 9.5.1. E-discovery
- 9.5.2. Legal Research
- 9.5.3. Practice and Compliance Management
- 9.5.4. Document Management
- 9.5.5. Billing and Time Tracking
- 9.5.6. Others (Contract Lifecycle Management, Analytics, etc.)
- 9.6. By Country (USD)
- 9.6.1. Turkey
- 9.6.2. Israel
- 9.6.3. GCC
- 9.6.4. North Africa
- 9.6.5. South Africa
- 9.6.6. Rest of Middle East & Africa
- 10. Asia Pacific Legal Technology Market Size Estimates and Forecasts, By Segments, 2019-2032
- 10.1. Key Findings
- 10.2. By Component (USD)
- 10.2.1. Software
- 10.2.2. Services
- 10.3. By Deployment Mode (USD)
- 10.3.1. On-Premises
- 10.3.2. Cloud
- 10.4. By End-Users (USD)
- 10.4.1. Law Firms
- 10.4.2. Corporate Legal Departments
- 10.5. By Application (USD)
- 10.5.1. E-discovery
- 10.5.2. Legal Research
- 10.5.3. Practice and Compliance Management
- 10.5.4. Document Management
- 10.5.5. Billing and Time Tracking
- 10.5.6. Others (Contract Lifecycle Management, Analytics, etc.)
- 10.6. By Country (USD)
- 10.6.1. China
- 10.6.2. Japan
- 10.6.3. India
- 10.6.4. South Korea
- 10.6.5. ASEAN
- 10.6.6. Oceania
- 10.6.7. Rest of Asia Pacific
- 11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 11.1. Filevine, Inc.
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. DocuSign, Inc.
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. Thomson Reuters
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. ProfitSolv, LLC
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. Knovos, LLC
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. CS DISCO, Inc.
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. Everlaw, Inc.
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. LexisNexis Legal & Professional Company
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. Themis Solutions Inc. (Clio)
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. WiseTime
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Developments
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