Global LegalTech Market is Expected to Reach ~US$ 69.7 Bn, Growing at a CAGR of 8.9% During the Forecast Period of 2022-32. Get Latest Insights from Future Market Insights, Inc.
Wednesday, November 2, 2022
The LegalTech demand in the U.S. is expected to account for nearly 67% of North America market share through 2032. Germany LegalTech Industry is expected to account for 9.5% of the Global market through 2032
NEWARK, Del., Oct. 25, 2022 /PRNewswire/ -- According to the LegalTech industry analysis by Future Market Insights (FMI), the adoption of LegalTech in the market is estimated to grow with a CAGR of 8.9% from 2022-2032.
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The report states that the market is expected to reach the valuation of ~US$ 29.8 Bn by the end of 2022. 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 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.
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.
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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.
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)
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. LegalTech Market - Pricing Analysis
4.1. Pricing Analysis
4.2. Average Pricing Benchmark Analysis
5. COVID-19 Impact Analysis
5.1. Impact of COVID-19 Outbreak on IT End-user
5.1.1. Pre COVID-19 Analysis
5.1.2. Post COVID-19 Analysis
5.2. Expected Recovery Scenario (Short Term/Mid Term/Long Term)
To Continue TOC...
Explore FMI's Extensive Coverage on Technology Domain
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Legal Services Market Demand: The global legal services industry is predicted to increase at a 4.6% CAGR during the forecast period from 2022 to 2032. The legal services market is estimated to garner a valuation of US$ 400 Billion by the end of 2022.
Legal, Risk and Compliance Solution Market Analysis: The legal, risk and compliance solution market is estimated to grow at a CAGR of ~7% during the forecast period of 2019-2029.
Public Safety & Security Market Growth: The market for public safety & security solutions are projected to grow at a robust CAGR of 9.4% between 2022 and 2032, totaling around US$ 1,063,396.1 Million by the end of 2032.
OTT Content Market Outlook: A CAGR of 17.4% is expected of the global OTT content market, due to the growing demand during the forecast period. It is anticipated to be appraised at US$ 434.98 Bn by 2032, up from US$ 87.46 Bn in 2022.
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
Contact:
Future Market Insights Inc.
Christiana Corporate,
200 Continental Drive,
Suite 401, Newark,
Delaware - 19713, USA
T: +1-845-579-5705
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SOURCE Future Market Insights
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