Pune, May 20, 2025 (GLOBE NEWSWIRE) -- Legal Technology Market Size Analysis:
“The Legal Technology Market was valued at USD 26.89 billion in 2023 and is anticipated to reach USD 60.04 billion by 2032, expanding at a CAGR of 9.4% during the forecast period from 2024 to 2032.”
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Major Players Analysis Listed in this Report are:
- Icertis, Inc. (Icertis Contract Intelligence, Icertis Contract Lifecycle Management)
- Filevine Inc. (Filevine Case Management, Lead Docket)
- DocuSign, Inc. (DocuSign eSignature, DocuSign CLM)
- Casetext Inc. (Casetext AI Legal Research, Compose Brief Drafting)
- ProfitSolv, LLC (Rocket Matter, CosmoLex)
- Knovos, LLC (Knovos eDiscovery, Knovos Arbitrate)
- Mystacks, Inc. (Mystacks Legal Document Management, Mystacks Case Collaboration)
- Practice Insight Pty Ltd (WiseTime) (WiseTime Automatic Time Tracking, WiseTime Legal Billing)
- TimeSolv Corporation (TimeSolv Legal Billing, TimeSolv Legal Project Management)
- Themis Solutions Inc. (Clio) (Clio Manage, Clio Grow)
- Everlaw, Inc. (Everlaw eDiscovery Platform, Everlaw Litigation Management)
- LexisNexis Legal & Professional Company (Lexis+ Legal Research, LexisNexis CounselLink)
Legal Technology Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 26.89 Billion |
| Market Size by 2032 | US$ 60.04 Billion |
| CAGR | CAGR of 9.4 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | Growing Adoption of AI, Automation, and Cloud-Based Solutions Drives the Legal Technology Market Growth |
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This expansion is spurred by the increasing demand for legal services' digital transformation, expanding use of AI and machine learning for contract review and legal research, rising demand for effective case management, and stronger data security. In addition, the mass adoption of cloud-based platforms is also facilitating law firms to automate tasks and enhance the delivery of client services.
The U.S. legal technology market is growing as a result of growing adoption of AI and automation for facilitating effective legal research and contract management. Cloud technology facilitates remote working and scalability. Growing litigation, regulatory needs, and cybersecurity threats also fuel investment in legal tech solutions.
By Solution, Software Segment Leads Legal Technology Market, Services Segment Witnesses Fastest Growth
In 2023, the software segment accounted for the largest share in the Legal Technology Market at 72% with fast growth based on AI-enabled and cloud-based legal solutions. Legal practices are embracing e-discovery, auto-generated contracts, legal research, and compliance solutions. Using improved AI functionality, we have SaaS solutions like Clio and DocuSign which are enabling more efficient, cooperative and remote-friendly processes.
The services segment is growing at the fastest rate with a 10.35% CAGR due to an increasing demand for consulting, implementation, and support services. As law firms adopt cloud and AI systems, they need professional support for implementation and management. This includes the integration, training, and continuous tuning to ensure that the technology works as intended and is compliant with the law.
By Type, Contract Lifecycle Management Segment Leads Legal Technology Market, Analytics Segment Set to Grow Fastest
The Contract Lifecycle Management (CLM) market took the highest revenues share in 2023, because of widespread deployment of AI-powered contract automation, compliance tracking, and risk avoidance software. Market leaders like Icertis, DocuSign, and Knovos are taking the lead in the market with cloud-enabled, blockchain-driven CLM products that automate contracts, enhance transparency, reduce mistakes, and boost efficiency for both organizations and law firms alike.
The Analytics segment is growing the fastest, driven by the increasing uptake of AI-powered tools for legal intelligence, outcome prediction, and risk management. LexisNexis, Everlaw, and Casetext platforms are increasingly being used by law firms and corporate units to query case information and identify trends, revamping legal decision-making with data intelligence and higher level analytics capabilities to optimize litigation strategy.
By End User, Law Firms Segment Dominates Legal Technology Market, Corporate Legal Departments Segment to Grow Fastest Rate
The law firms segment dominated the Legal Technology Market in 2023 with a 47% share of revenue, with growing use of AI-powered legal research, document automation, and cloud-based practice management software. Players like Clio, LexisNexis, and Everlaw offer tailored solutions that help firms improve case analysis, automate billing, and reduce operating costs through creative, AI-based platforms.
Corporate law departments are also expected to experience the quickest expansion at a 10.31% CAGR, driven by rising regulatory complexity and need for legal analytics and automated contract lifecycle management. Companies are investing heavily in AI-powered platforms from firms such as Icertis, DocuSign and Knovos to automate compliance tracking, contract automation and legal risk evaluation, all while increasing productivity and minimizing the legal exposure risk.
Legal Technology Market Segmentation:
By Solution
- Software
- Cloud-based
- On-Premises
- Services
- Consulting Services
- Support Services
- Others
By Type
- E-discovery
- Legal Research
- Practice Management
- Analytics
- Compliance
- Document Management
- Contract Lifecycle Management
- Time-Tracking & Billing
- Others
By End User
- Law Firms
- Corporate Legal Departments
- Others
North America Holds Largest Market Share in Legal Technology Market, Asia Pacific Region Sees Rapid Growth
In 2023, North America led the Legal Technology Market with 38% global market share through widespread usage of AI-based solutions, cloud-based management of contracts, and litigation analytics. Key legal tech players such as DocuSign, Clio, LexisNexis, and Everlaw operate here, developing automated compliance monitoring and contract lifecycle management solutions that assist law firms and enterprises in enhancing efficiency and minimizing costs.
The Asia Pacific region is expected to expand at the fastest rate in the Legal Technology Market, with an estimated CAGR of 11.2%. Emerging legal complexities, government-led automation initiatives, and increased uptake of AI-powered legal solutions are the key growth promoters. China, India, Japan, and Australia are witnessing increased demand for AI-based solutions, e-discovery, and automation of compliance to support multinational organizations and shifting data protection legislation.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Legal Technology Market Segmentation, By Solution
8. Legal Technology Market Segmentation, By Type
9. Legal Technology Market Segmentation, By End-User
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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