According to a new report, published by KBV research, The Global Legal Technology Market size is expected to reach $45.1 billion by 2030, rising at a market growth of 9.3% CAGR during the forecast period.
The Services segment is showcasing a CAGR of 11.1% during (2023 - 2030). Services for consulting, support, and other purposes make up the segment. The capacity of consulting services to direct the adoption of new technologies by evaluating existing solutions and workflows is driving up demand for their services. Technical support is provided by the support services throughout the platform and solution updates and maintenance. In addition, it is anticipated that rising demand for training services to guarantee staff education following the use of technology will offer the services segment substantial growth potential.
The Law Firms segment is leading the Global Legal Technology Market by End-user in 2022 thereby, achieving a market value of $24 billion by 2030. The advantages of communicating with clients and coworkers more effectively and having access to data and documents from anywhere are attributed to the increased usage of legal technology in law firms. By accurately and quickly accessing vast amounts of data, legal technology solutions enable law firms to carry out activities like document review and due diligence.
The Compliance segment has shown the growth rate of 9.9% during (2023 - 2030). Legal technology solutions automate repetitive tasks and streamline compliance workflows, reducing the time and effort required to manage compliance processes. This automation eliminates manual errors and enables faster and more accurate completion of compliance tasks. Compliance applications powered by legal technology solutions provide consistent and standardized processes for managing regulatory requirements. By reducing human intervention and automating data collection and analysis, these solutions minimize the risk of errors and inconsistencies in compliance activities.
The North America market dominated the Global Legal Technology Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $19.4 billion by 2030. The Europe market is exhibiting a CAGR of 8.8% during (2023 - 2030). Additionally, The Asia Pacific market would showcase a CAGR of 10.3% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/legal-technology-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By Solution
By End User
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By Geography
Companies Profiled
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