The North America Legal Technology Market would witness market growth of 8.7% CAGR during the forecast period (2023-2030).
A management platform tailored to the needs of lawyers can be provided by legal technology. Enterprise resource planning (ERP) solutions or management platforms tailored exclusively for lawyers are created with their needs and expectations in mind using legal technology. This makes it possible for legal departments at businesses and law firms to function more effectively and smoothly. Many technological solutions, including court hearings, client meetings, document automation, online case filing, and automated litigation administration, will become increasingly popular over the coming years.
Artificial intelligence (AI) as well as blockchain technology are both undergoing substantial advancements in the legal technology sector. The yearly business investment in artificial intelligence in 2021 was estimated at USD 176.47 billion. AI systems of today are capable of continuous learning. A subset of AI called machine learning can process enormous amounts of text and audio data, find patterns, and perform spectacular predictive modeling feats. AI is capable of locating confidential documents and analyzing contracts to look for omitted clauses, among other things.
Legal technology companies in the USA specialize in providing cutting-edge solutions. The US market is the most dynamic and competitive in the entire region. Additionally, it is projected that the region will adopt new technologies more quickly than other nations. Many firms nationwide are struggling to find brilliant people and keep them on staff. The issue is exacerbated by the 10.4 million employment openings reported by the US Bureau of Labor Statistics in September 2021. To compete in the fiercely competitive market for candidates, many law firms have raised associate salaries and bonuses. Hence, these factors are expediting the implementation of legal technology and thus propel the growth of the regional market.
The US market dominated the North America Legal Technology Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $13,900 million by 2030. The Canada market is anticipated to grow at a CAGR of 11.1% during (2023 - 2030). Additionally, The Mexico market would witness a CAGR of 10.2% during (2023 - 2030).
Based on Solution, the market is segmented into Software (On-premise and Cloud), and Services. Based on End User, the market is segmented into Law Firms, Corporate Legal Departments, and Others. Based on Type, the market is segmented into Contract Lifecycle Management, E-discovery, Compliance, Practice Management, Document Management, Legal Research, Analytics, Time-Tracking & Billing, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Legal Technology Market is Projected to reach USD 45.1 Billion by 2030, at a CAGR of 9.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Icertis, Inc., DocuSign, Inc., Knovos, LLC, RELX PLC (LexisNexis Risk Solutions, Inc.), Filevine, Inc., Casetext, Inc., ProfitSolv Corporation, Anaqua, Inc. (WiseTime), Paradigm and Everlaw, Inc.
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