According to the LegalTech Market analysis by Future Market Insights (FMI), the adoption of LegalTech in the market is estimated to grow with a CAGR of 8.9% from 2022 to 2032.
The report states that the market is expected to reach a valuation of ~US$ 29.8 Billion by 2022 and reach ~US$ 69.7 Billion by 2032. As per FMI, LegalTech market is witnessing major growth owing to the growing demand for analytics, compliance, and document automation.
LegalTech is an industry that implements technology and software in order to provide legal services. Primarily, these businesses rely on software and technology for billing, electronic access, accounting, reputation management, record keeping, etc. Owing to advancements in technology, new business models, and changing customer expectations, the legal sector is undergoing an unprecedented upheaval.
Small legal departments are more likely to invest in document management and contract management software, while large legal departments are more likely to invest in e-billing, case management, document management software, and legal hold software, all of which witnessed a spike of 65% in spend penetration.
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Governance, compliance, and contracts management are expected to experience the most growth throughout the forecast period as a result of enterprises having to deal with many governance, regulatory, and compliance concerns.
Companies like PwC are offering advanced legal tech services. The company is focused on providing clients with more effective and thorough services and a stimulating work environment by embracing Legal Tech. For all of the practice areas within PwC’s extensive worldwide legal network, the business is concentrated on identifying and developing improved legal procedures.
Furthermore, in order to give law firms early access to their consulting, technology, legal, and investment innovations, Deloitte and PwC recently established tech incubators. Deloitte Legal Ventures, the legal technology division of the company, will make use of unique goods and services. With advanced solution and service offerings from established and upcoming players in the market, the LegalTech market is expected to witness major growth over the forecast period.
Key Takeaways: LegalTech Market
-By solution, the LegalTech software segment is anticipated to account for the leading share in the global demand for legal technologies over the forecast period. The LegalTech software segment is further estimated to grow at a robust CAGR of 9.3% through 2032.
-Among the type segment, case management segment is anticipated to hold the largest share of the global market and is estimated to grow at a CAGR of 8.4% between 2022 & 2032.
-By end-user, the law firms segment is anticipated to grow at a CAGR of 9.5% between 2022 & 2032. The growth of the segment can be attributed to the increasing demand for LegalTech solutions and services across law firms.
-North America region is dominating LegalTech market followed by Europe region in 2022. South Asia & Pacific is estimated to grow at the fastest rate over the forecast period.
-The market in U.S. is expected to progress at a CAGR of around 8.5% through 2032.
-In India, the LegalTech market is expected to grow at a CAGR of 10.5% during the forecast period.
-LegalTech market in China is expected to grow at a CAGR of 11.4% during the forecast period.
“Growing need for convenience and compliance across legal processes is expected to drive the growth of LegalTech market” says FMI analyst.
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Competitive Landscape
LegalTech market players are focusing on various strategies for increasing their investments in research and development to support future technologies. In addition, several companies are acquiring and entering into partnership agreements with other companies to develop advanced legal tech solutions and services to serve the customers and reduce the churn rate.
Major companies operating in the LegalTech market include LexisNexis, Icertis, DocuSign, Inc., PwC, Deloitte, RPX Corporation, Casetext Inc., Themis Solutions Inc. (Clio), Everlaw, Filevine, Inc., Checkbox Technology Pty Ltd, Mighty, PracticePanther, MyCase, CosmoLex Cloud, LLC., Smokeball, Inc., and TimeSolv, among others. New players are developing cutting-edge technologies and solutions as the legal sector develops, enabling attorneys to give their clients better services. Both law firms and their clients will profit from such advanced solutions and services.
More Valuable Insights on LegalTech Market
Future Market Insight’s report on the LegalTech industry research is segmented into four major sections – solution (software (cloud-based, and on-premises) and services (integration & deployment, consulting, and support & maintenance)), type (case management, lead management, document management, contract lifecycle management, billing & accounting, and others), end-user (law firms, and corporate legal departments), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the LegalTech demand outlook.
LegalTech Outlook by Category
By Solution, LegalTech Market is segmented as:
LegalTech Software
Cloud-Based
On-Premises
Services
Integration & Deployment
Consulting
Support & Maintenance
By Type, LegalTech Market is segmented as:
Case Management
Lead Management
Document Management
Contract Lifecycle Management
Billing & Accounting
Others
By End-user, LegalTech Market is segmented as:
Law Firms
Corporate Legal Departments
By Region, LegalTech Market is segmented as:
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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