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Legal Technology Market

Publisher Fortune Business Insights Pvt. Ltd.
Published Sep 01, 2024
Length 120 Pages
SKU # FOB19185749

Description

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
- South America (By Component, Deployment Mode, End-User, Application, and Country)
  • Brazil
  • Argentina
  • Rest of South America
- Europe (By Component, Deployment Mode, End-User, Application, and Country)
  • U.K.
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Benelux
  • Nordics
  • Rest of Europe
- Middle East & Africa (By Component, Deployment Mode, End-User, Application, and Country)
  • Turkey
  • Israel
  • GCC
  • North Africa
  • South Africa
  • Rest of the Middle East & Africa
- Asia Pacific (By Component, Deployment Mode, End-User, Application, and Country)
  • China
  • Japan
  • India
  • South Korea
  • ASEAN
  • Oceania
  • Rest of Asia Pacific


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Table of Contents

120 Pages
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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