Dublin, Sept. 26, 2023 (GLOBE NEWSWIRE) -- 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 is poised for significant growth, with an estimated value of USD 45.73 billion by 2030, driven by a robust compound annual growth rate (CAGR) of 9.1% from 2023 to 2030. According to a recently published report, the expansion of the global legal technology industry is fueled by the need to manage the increasing volume and complexity of legal information and meet evolving client and leadership expectations within the legal services sector.
Key Market Drivers:
- Streamlined Workflows and Cost Savings: Businesses now expect their legal teams to deliver more strategic and responsive legal services, leading to the adoption of legal technology solutions to streamline workflows, simplify contract management, and enhance collaboration tools, ultimately reducing risk and time associated with manual tasks.
- Integration of AI and Cloud Technology: The rise in the adoption of artificial intelligence (AI) and cloud technology in legal services is driving the demand for analytics solutions, enabling lawyers and legal professionals to make better decisions and optimize their workflows.
- Complex Legal Compliance: As organizations expand globally, the number of regulations and legal compliance requirements increases. This drives the need for integrated legal governance, risk management, and compliance (GRC) solutions.
Market Restraints:
- Data Privacy and Information Security Concerns: While legal technology solutions enhance efficiency, they also raise concerns about data privacy and information security. Cyberattacks continue to pose threats to the global legal technology services industry.
- Lack of Awareness and Initial Investment: The adoption of legal technologies may be hindered by a lack of awareness and the initial investment required for implementation.
Market Opportunities:
- Outsourcing to Alternative Legal Services Providers (ALSPs): Outsourcing tasks to ALSPs presents an opportunity for organizations to optimize their legal processes and reduce costs.
- Increasing Number of New Entrants: The legal technology market is witnessing an influx of new entrants, contributing to innovation and competition.
Key Market Highlights:
- Services Segment: The services segment is expected to record significant growth through 2030, driven by the increasing demand for training services to educate staff after implementing legal technology.
- Analytics Segment: The analytics segment is anticipated to grow substantially due to the rising demand for data analytics and AI to enhance decision-making and workflow optimization.
- Law Firms: The law firms segment is projected to dominate the market by 2030, benefiting from improved collaboration with colleagues and clients, as well as enhanced access to documents and data.
Market Players
- 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
Conclusion:
The global legal technology market is on an upward trajectory, driven by the increasing demand for streamlined legal workflows, AI and cloud technology adoption, and the complexity of legal compliance. While challenges such as data privacy concerns persist, opportunities for outsourcing and the influx of new entrants are expected to further fuel market growth.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 171 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $23.45 Billion |
| Forecasted Market Value (USD) by 2030 | $45.73 Billion |
| Compound Annual Growth Rate | 9.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/rndjmb
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