FMI Predicts the Global Legal Technology Market Will Reach USD 68.04 billion by 2034 as a Result of GenAI | Future Market Insights, Inc.
NEWARK, Del, Oct. 01, 2024 (GLOBE NEWSWIRE) -- The global LegalTech market is projected to grow significantly over the next decade. Valued at USD 29.60 billion in 2024, the market is forecasted to reach an impressive USD 68.04 billion by 2034, registering a CAGR of 8.7% from 2024 to 2034. This growth is driven by increased digital transformation in the legal industry, rising demand for automation, and innovations in AI-driven legal solutions.
The LegalTech sector is evolving rapidly, leveraging cutting-edge technologies such as artificial intelligence, blockchain, and machine learning. These tools have become integral in providing streamlined legal services and enhancing operational efficiency across law firms, corporate legal departments, and government organizations.
As legal processes become increasingly automated and digitized, the demand for solutions like contract management, e-discovery, compliance, and legal analytics is expected to surge. Companies are investing in secure and scalable LegalTech platforms to ensure they stay ahead in a competitive market.
Additionally, the need for improved regulatory compliance, cost-efficiency, and transparency is expected to fuel the adoption of LegalTech solutions across different sectors, further contributing to the market’s growth trajectory.
Drivers and Opportunities:
The LegalTech market's growth is primarily driven by the need to reduce operational inefficiencies and enhance decision-making through advanced data analytics. Innovations in AI and machine learning have revolutionized legal processes, making tasks such as document analysis, risk assessment, and case management faster and more accurate.
Opportunities abound in emerging markets as governments and legal entities begin to embrace technology-driven solutions to address legal challenges. Additionally, the increasing complexity of regulations across sectors like finance, healthcare, and corporate governance has created a massive demand for legal technology platforms that help organizations stay compliant.
Key Takeaways from Market Study:
- Market Size (2024): USD 29.60 billion
- Forecasted Market Size (2034): USD 68.04 billion
- CAGR (2024 to 2034): 8.7%
- Key Growth Driver: Adoption of AI and automation in legal services
- Market Trend: Rising demand for cybersecurity solutions in LegalTech platforms
- Opportunities: Expansion into emerging markets and SME sectors
The rail freight industry, a long-established sector, is facing increasing pressure as its outdated infrastructure struggles to keep pace with rising demands for digital transformation. With rapid advancements in technology and digital services, the rail freight infrastructure is experiencing significant disruption. opines Sudip Saha, managing director at Future Market Insights (FMI) analyst.
Component Insights:
The LegalTech market is segmented into software solutions, services, and platforms. The software segment, particularly AI-powered tools, holds the largest share and is expected to grow at a steady pace due to its ability to automate tasks like contract drafting, case research, and litigation support.
Additionally, cloud-based LegalTech solutions are gaining popularity due to their scalability, enhanced security features, and ability to support remote working, a trend amplified by the COVID-19 pandemic.
Who is the Biggest Vendor of LegalTech Market in the World?
Currently, Thomson Reuters leads the global LegalTech market. The company provides comprehensive legal software solutions, research tools, and AI-driven platforms, positioning itself as a dominant force in the industry. Other key players include RELX Group, Clio, and Litera, all of which have expanded their portfolios through innovative technologies and strategic acquisitions.
LegalTech Market: Report Scope
| Parameter | Details | |
| Market Size (2024) | USD 29.60 billion | |
| Forecast Market Size (2034) | USD 68.04 billion | |
| CAGR (2024 to 2034) | 8.7% | |
| Key Players | Thomson Reuters, RELX Group, Clio, Litera | |
| Primary Growth Driver | Adoption of AI and automation in legal processes | |
| Key Trend | Cybersecurity demand in legal platforms | |
| Opportunities | Expansion into SMEs and emerging markets | |
To Gain In-Depth Insights on Market, Browse Complete Report: https://www.futuremarketinsights.com/reports/legaltech-market
Market's Prime Determinants of Growth, Trends, and Opportunities:
- Growth Determinants:
- Increasing regulatory complexity across industries
- Demand for automated legal processes and enhanced legal data analytics
- Trends:
- Rising interest in blockchain for legal contracts and documentation
- Growing integration of AI in legal research and compliance management
- Opportunities:
- High potential in emerging markets and adoption by small to medium enterprises (SMEs)
Key Companies & Market Share Insights:
Key companies in the LegalTech market include Thomson Reuters, RELX Group, Clio, Litera, Wolters Kluwer, and iManage. These firms are leading the charge with their advanced platforms, strategic acquisitions, and strong focus on artificial intelligence and automation. Thomson Reuters, with its comprehensive suite of legal services and research tools, continues to hold the largest market share.
Growth Drivers:
- Automation of Legal Processes: The rising adoption of AI, machine learning, and data analytics is helping legal professionals reduce manual workloads and improve efficiency.
- Demand for Regulatory Compliance: As regulatory frameworks become more complex, the need for LegalTech platforms that help ensure compliance is driving market growth.
- Expansion in Emerging Markets: Legal entities in regions such as Latin America and Asia-Pacific are increasingly adopting technology-driven solutions, presenting significant growth opportunities.
- Cost-efficiency: The need to reduce legal costs, particularly in corporate environments, is accelerating the demand for scalable LegalTech solutions.
Key Segments
By Solution:
- Deployment
- Cloud-based
- On-premises
- Services
- Integration & Deployment
- Consulting
- Support & Maintenance
By Type:
- Case Management
- Lead Management
- Document Management
- Contract Lifecycle Management
- Billing & Accounting
- Others
By End-user:
- Law Firms
- Corporate Legal Departments
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
Spanish Translation
Se prevé que el mercado global de LegalTech crezca significativamente durante la próxima década. Valorado en USD 29.60 mil millones en 2024, se prevé que el mercado alcance la impresionante cifra de USD 68.04 mil millones para 2034, registrando una CAGR del 8.7% de 2024 a 2034. Este crecimiento está impulsado por el aumento de la transformación digital en el sector jurídico, la creciente demanda de automatización y las innovaciones en las soluciones jurídicas impulsadas por la IA.
El sector LegalTech está evolucionando rápidamente, aprovechando tecnologías de vanguardia como la inteligencia artificial, la cadena de bloques y el aprendizaje automático. Estas herramientas se han convertido en una parte integral para brindar servicios legales optimizados y mejorar la eficiencia operativa en bufetes de abogados, departamentos legales corporativos y organizaciones gubernamentales.
A medida que los procesos legales se vuelven cada vez más automatizados y digitalizados, se espera que aumente la demanda de soluciones como la gestión de contratos, el descubrimiento electrónico, el cumplimiento y el análisis legal. Las empresas están invirtiendo en plataformas LegalTech seguras y escalables para garantizar que se mantengan a la vanguardia en un mercado competitivo.
Además, se espera que la necesidad de mejorar el cumplimiento normativo, la rentabilidad y la transparencia impulse la adopción de soluciones LegalTech en diferentes sectores, contribuyendo aún más a la trayectoria de crecimiento del mercado.
Impulsores y oportunidades:
El crecimiento del mercado de LegalTech está impulsado principalmente por la necesidad de reducir las ineficiencias operativas y mejorar la toma de decisiones a través del análisis avanzado de datos. Las innovaciones en IA y aprendizaje automático han revolucionado los procesos legales, haciendo que tareas como el análisis de documentos, la evaluación de riesgos y la gestión de casos sean más rápidas y precisas.
Las oportunidades abundan en los mercados emergentes a medida que los gobiernos y las entidades legales comienzan a adoptar soluciones impulsadas por la tecnología para abordar los desafíos legales. Además, la creciente complejidad de las regulaciones en sectores como las finanzas, la atención médica y el gobierno corporativo ha creado una demanda masiva de plataformas de tecnología legal que ayuden a las organizaciones a cumplir con la normativa.
Conclusiones clave del estudio de mercado:
- Tamaño del mercado (2024): USD 29.60 mil millones
- Tamaño de mercado previsto (2034): USD 68.04 mil millones
- CAGR (2024 a 2034): 8.7%
- Impulsor clave del crecimiento: adopción de la IA y la automatización en los servicios legales
- Tendencia del mercado: Creciente demanda de soluciones de ciberseguridad en plataformas LegalTech
- Oportunidades: Expansión a mercados emergentes y sectores de pymes
El sector del transporte ferroviario de mercancías, un sector consolidado desde hace mucho tiempo, se enfrenta a una presión cada vez mayor a medida que su infraestructura obsoleta lucha por seguir el ritmo de las crecientes demandas de transformación digital. Con los rápidos avances en tecnología y servicios digitales, la infraestructura ferroviaria de mercancías está experimentando una disrupción significativa. opina Sudip Saha, director gerente del analista Future Market Insights (FMI).
Información de los componentes:
El mercado de LegalTech está segmentado en soluciones de software, servicios y plataformas. El segmento de software, en particular las herramientas impulsadas por IA, tiene la mayor participación y se espera que crezca a un ritmo constante debido a su capacidad para automatizar tareas como la redacción de contratos, la investigación de casos y el soporte de litigios.
Además, las soluciones LegalTech basadas en la nube están ganando popularidad debido a su escalabilidad, características de seguridad mejoradas y capacidad para soportar el trabajo remoto, una tendencia amplificada por la pandemia de COVID-19.
¿Quién es el mayor proveedor de LegalTech Market en el mundo?
Actualmente, Thomson Reuters lidera el mercado global de LegalTech. La compañía ofrece soluciones integrales de software legal, herramientas de investigación y plataformas impulsadas por IA, posicionándose como una fuerza dominante en la industria. Otros actores clave incluyen RELX Group, Clio y Litera, todos los cuales han ampliado sus carteras a través de tecnologías innovadoras y adquisiciones estratégicas.
Mercado LegalTech: Alcance del informe
| Parámetro | Detalles | |
| Tamaño del mercado (2024) | USD 29.60 mil millones | |
| Pronóstico del tamaño del mercado (2034) | USD 68,04 mil millones | |
| CAGR (2024 a 2034) | 8.7% | |
| Jugadores clave | Thomson Reuters, Grupo RELX, Clio, Litera | |
| Principal motor de crecimiento | Adopción de la IA y la automatización en los procesos legales | |
| Tendencia clave | Demanda de ciberseguridad en las plataformas legales | |
| Oportunidades | Expansión a pymes y mercados emergentes | |
Principales determinantes del mercado: crecimiento, tendencias y oportunidades:
- Determinantes del crecimiento:
- Aumento de la complejidad regulatoria en todas las industrias
- Demanda de procesos legales automatizados y análisis de datos legales mejorados
- Tendencias:
- Creciente interés en blockchain para contratos legales y documentación
- Creciente integración de la IA en la investigación jurídica y la gestión del cumplimiento
- Oportunidades:
- Alto potencial en los mercados emergentes y adopción por parte de las pequeñas y medianas empresas (PYME)
Empresas clave y perspectivas de participación de mercado:
Entre las principales empresas del mercado de LegalTech se encuentran Thomson Reuters, RELX Group, Clio, Litera, Wolters Kluwer e iManage. Estas empresas están liderando la carga con sus plataformas avanzadas, adquisiciones estratégicas y un fuerte enfoque en la inteligencia artificial y la automatización. Thomson Reuters, con su conjunto integral de servicios legales y herramientas de investigación, sigue teniendo la mayor cuota de mercado.
Impulsores del crecimiento:
1. Automatización de los procesos legales: La creciente adopción de la IA, el aprendizaje automático y el análisis de datos está ayudando a los profesionales legales a reducir las cargas de trabajo manuales y mejorar la eficiencia.
2. Demanda de cumplimiento regulatorio: A medida que los marcos regulatorios se vuelven más complejos, la necesidad de plataformas LegalTech que ayuden a garantizar el cumplimiento está impulsando el crecimiento del mercado.
3. Expansión en mercados emergentes: Las personas jurídicas de regiones como América Latina y Asia-Pacífico están adoptando cada vez más soluciones impulsadas por la tecnología, lo que presenta importantes oportunidades de crecimiento.
4. Rentabilidad: La necesidad de reducir los costes legales, especialmente en entornos corporativos, está acelerando la demanda de soluciones LegalTech escalables.
Segmentos clave
Por solución:
- Despliegue
- Basado en la nube
- En las instalaciones
- Servicios
- Integración e implementación
- Consultoría
- Soporte & Mantenimiento
Por tipo:
- Gestión de casos
- Gestión de clientes potenciales
- Gestión Documental
- Gestión del ciclo de vida de los contratos
- Facturación y Contabilidad
- Otros
Por usuario final:
- Despachos
- Departamentos Legales Corporativos
Por región:
- América del Norte
- Latinoamérica
- Europa
- Asia Oriental
- Asia del Sur y el Pacífico
- Oriente Medio y África (MEA)
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently recognized him as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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