Global Legal Technology Market Size, Share & Trends Analysis Report 2023-2030: Focus on E-discovery, Legal Research, Practice Management, Analytics, Compliance, and Document Management

DUBLIN, Dec. 13, 2023 /PRNewswire/ -- The "Legal Technology Market Size, Share & Trends Analysis Report By Solution, By Type (E-discovery, Legal Research, Practice Management, Analytics, Compliance, Document Management), By End-user, By Region, And Segment Forecasts, 2023-2030" report has been added to  ResearchAndMarkets.com's offering.

The global legal technology market size is estimated to reach USD 45.73 billion by 2030, registering a CAGR of 9.1% from 2023 to 2030

The need to cope with an upsurge in the volume and complexity of legal information and the demand for meeting the shifting expectations of client/leadership across the legal services industry is driving the expansion of the global legal technology industry.

Businesses increasingly expect their legal teams to deliver strategic, more responsive legal services. In addition, new client expectations and productivity demands have also pressured legal professionals, departments, and firms to move towards legal technology solutions to ensure streamlined workflows.

These solutions further simplify contract management and provide more innovative collaboration tools that help in reduced risk and time associated with manual tasks and processes. Additionally, the market players are introducing innovative products to meet demand from various use cases. For instance, in May 2023, LexisNexis launched a beta of its Lexis+ AI, which leverages generative AI to transform legal research and drafts.

Businesses globally continue to face an exponential increase in compulsory legal duties and regulatory criteria. As the organization expands global operations and services, the number of regulations to comply with increases, creating a demand for an integrated approach to legal governance, risk management, and compliance (GRC), consequently driving the global legal technology market.

Legal technology helps legal departments within organizations streamline compliance complexities through solutions such as matter management, policy management, investigations, and reporting and filing, among others.Companies constantly invest in IT infrastructure and automation technologies to maintain regulatory compliance. Furthermore, Over the past several years, e-invoicing has grown in importance due to digitization and modernization of economic transactions.

Legal technology solutions are helping drive productivity and efficiency in research, case management, communications, and more. However, technological systems or software supporting legal-technology processes may be subject to cyberattacks. Also, cyber-attacks are continuously threatening the global legal technology services industry.

Legal Technology Market Report Highlights

• In terms of solutions, the services segment is estimated to record a substantial growth rate through 2030. The increasing demand for training services to ensure staff education after implementing legal technology is projected to provide significant growth opportunities to the services segment
• In terms of type, the analytics segment is anticipated to grow significantly over the forecast period owing to the rising demand for incorporating data analytics and artificial intelligence to help lawyers and legal professionals make better decisions and streamline their workflow
• In terms of end-user, the law firms segment is expected to record the highest revenue share of the market by 2030. The growth is attributed to the benefits of collaborating with colleagues and clients more efficiently and accessing documents or data from anywhere
• The key market players adopt various strategic initiatives to sustain their position in the market. Additionally, they are integrating various software to enhance their solutions

Market Dynamics

Market Driver Analysis

• Increasing Demand For Streamlined Workflows And Cost Saving In Legal Industry
• Rise In Adoption Of Ai And Cloud Technology In Legal Services
• Rising Complexity Of Legal Compliance

Market Restraint Analysis

• Data Privacy And Information Security Concerns
• Lack Of Awareness And Initial Investment Associated With Legal Technologies

Market Opportunity Analysis

• Outsourcing Tasks To The Alternative Legal Services Providers (Alsps)
• Increasing Number Of New Entrants

Legal Technology Market: Technology Trends

• Changing Nature Of Business
• Artificial Intelligence (Ai)-Powered Contract Lifecycle Management (Clm) Solutions

Emerging Technologies And Increasingly Complex Nature Of Legal Services

• Adoption Of Ai, Machine Learning (Ml), And Deep Learning (Dl) Technology In The Legal Industry
• Adoption Of Natural Language Processing Technology In The Legal Industry

Future Opportunities Of Artificial Intelligence In The Legal Industry

• Demand For Ai In The Legal Industry
• Application Of Ai In The Legal Industry

Competitive Landscape

• iCertis, Inc.
• Filevine Inc.
• DocuSign, Inc.
• CaseText Inc.
• ProfitSolv, LLC
• Knovos, LLC
• MyStacks, Inc.
• Practice Insight Pty Ltd (Wisetime)
• TimeSolv Corporation
• Themis Solutions Inc. (Clio)
• Everlaw, Inc.
• LexisNexis Legal & Professional Company

For more information about this report visit https://www.researchandmarkets.com/r/nvr00n

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