Legal Technology Market Analysis

Solution (Software, Services)

Software segment is projected to dominate over 70% legal technology market share by 2037. The growth is attributed to the rapid adoption of legal software for the seamless streamlining of workflows and improving outputs. Additionally, it incorporates advanced technology such as blockchain technology. As per a report, the value of blockchain technology poised to reach nearly USD 1000 trillion by 2032

Type (E-discovery, Legal Research, Practice Management, Analytics, Compliance, Document Management, Contract Lifecycle Management, Time-Tracking & Billing)

Analytics segment in the legal technology market is expected to register lucrative growth till 2037. The segment is growing due to the implementation of data analytics in legal tasks for easy workflow. Legal professionals make productive decisions with the help of analyzed data from analytics software. According to a study, the big data analytics sector generated a value of nearly USD 230 billion in 2021.

End Users (Law Firms, Corporate Legal Departments, Others)

The other segment is anticipated to hold a significant market share in the forecast period. The adoption rate of legal technology is highest among lawyers, government agencies, etc. since its potent benefits are very helpful for easily clearing legal disputes. Hence, legal technology is utilized for accomplishing various tasks such as reviewing contracts, e-billing, managing access, and so on.

Our in-depth analysis of the market includes the following segments: