Legal Analytics Market Definition
Industry Perspective:
The Global Legal Analytics Market size was worth USD 1.88 billion in 2022 and is estimated to grow to USD 8.97 billion by 2030, with a compound annual growth rate (CAGR) of approximately 21.54% over the forecast period. The report analyzes the legal analytics market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Legal Analytics market.
Legal Analytics Market: Overview
Legal analytics is a method for data analysis in the legal industry that makes use of technological advancements and legal research software applications. As a result of the process, we are able to gather verified information that can be used to take immediate action, increase productivity, and benefit the bottom line of the company. The useful information can be easily planned for legal strategy, decision-making, financial operations, and resource management because it is extracted from already existing legal sources. For a variety of solutions and services, it is widely used in the corporate and legal fields. The increasing use of automated legal analytics by businesses and organizations for data-driven decision-making is driving the market for legal analytics. Additionally, the market for legal analytics is seeing increased demand due to the growing use of artificial intelligence and technological innovation.
nForming Legal Analytics Market Smart Book
The nForming Legal Analytics Market Smart Books offer a comprehensive compilation of data pertaining to historical revenue, user volume, patient data, prices, and other relevant information for each segment. This includes, products & services, type of indication, age group and detailed analysis of service providers with coverage at both regional and country levels. The data spans the past three years and provides projections up until 2030. The smart book also provides extensive information on the leading suppliers and their corresponding market shares in the Legal Analytics Market. The Legal Analytics Market comprises a range of qualitative factors, including significant growth drivers, opportunities, and challenges.
Legal Analytics Market Recent Developments
The Legal Analytics Industry is seeing a variety of developments. Among the major developments areas are;
Recent Developments
- In January 2023, The Legal IT Insider platform, Kim, introduced pre-packaged solutions for corporate legal teams to quickly automate the essential functions of their working environment, from referral to training outside counsel, without requiring any technical support. Corporate legal departments can use the document automation portal, obtain the required template, and complete the process in 30 minutes.
- In June 2022, A technology business from India called Legalkart embraced digitization by providing voice and video legal advice. All of a lawyer’s cases, clients, teams, and finances may be managed on this one platform. Legal counsel, online document verification, and property verification will be the additional services offered on the forum. In India, there are over 10,000 registered lawyers spread throughout close to 900 cities, districts, and regions, claims the start-up.
Read more opportunities of Legal Analytics Market in the Smart Book.
Legal Analytics Market Drivers
The increasing use of artificial intelligence and technical progress to promote Legal Analytics to drive market growth
The market for legal analytics is expanding significantly due to the increasing use of artificial intelligence and technical progress. In several industries, including the legal sector, artificial intelligence (AI) has grown in popularity. Legal data analytics can be facilitated by SaaS & service providers, machine learning (ML), artificial intelligence (AI), and other emerging technologies. By enhancing the methods of legal analytics, lawyers can experiment with different legal strategies and circumstances. AI can assist legal departments in streamlining and automating procedures, which will save costs and boost output. However, a lot of corporate counsels are still unsure about what AI is and how it may improve their legal department procedures. Despite these reservations, a lot of corporate lawyers agree that artificial intelligence (AI) has the potential to be a helpful tool for legal departments looking to cut costs, improve business strategy, reduce contract risk, and provide legal services more effectively.
Legal Analytics Market: Restraints
Inadequate awareness and comprehension hinder market growth.
Many legal practitioners and organizations are either unaware of the availability of legal analytics solutions or are unaware of the benefits that these solutions can provide. This lack of awareness and understanding can be attributed to a number of factors, including the legal profession’s traditional conservatism and slow adoption of new technologies, legal analytics being a relatively new field with a lack of education and training available for legal professionals and legal analytics solutions being complex and expensive, putting them out of reach for small and medium-sized law firms and businesses.
Read all major drivers and trends of Legal Analytics Market in the Smart Book.
Legal Analytics Market Regional Landscape
North America dominated the Legal Analytics market in 2022
This is because the vendors in the area, primarily in the US and Canada, offer their customers high-quality legal services. Furthermore, this area has been very receptive to embracing cutting-edge technologies. Legal services are being rapidly automated across a range of end-use industries in North America, and the industry there is expanding thanks to the extensive usage of legal analytics products and services.
Read more competitive developments in the Legal Analytics Market Smart Book.
Legal Analytics Market Key Companies
Advanced ICU Care
Clarivate Analytics
Smokeball Digital Solutions, LLC
Onna Technologies Inc.
Mindcrest, Everlaw, Inc.
Microsoft Corporation
LEXISNEXIS.
Wipro Limited
Proofpoint, Inc.
Abacus Data Inc.
Thomson Reuters Corporation
Wolters Kluwer
Axiom Global Inc.
Premonition Technologies, Inc.
IBM Corporation (U.S.)
UnitedLex Corporation
Evisort, Inc.
Legal Analytics Market Segmentation:
The global Legal Analytics market has been segmented into service, end-user, and mode of transit.
Based on offering, solutions and services are segments of the global legal analytics market. The solutions segment dominated the market in 2022. This category comprises tools and platforms that assist legal practitioners in collecting, analyzing, and visualizing legal data. Legal analytics systems can be utilized for a variety of objectives, including case management, contract analysis, compliance, and litigation support. Also, it has a significant impact on the legal profession. Legal analytics improves the legal system by assisting legal practitioners in making better decisions.
Based on the deployment model, the market is classified into on-demand and on-premises. In 2022, the on-demand processing category dominated the global market. A variety of factors are driving the on-demand category, including increased cloud computing use, increased demand for legal analytics solutions from small and medium-sized organizations, and the growing popularity of remote work.
Based on end-users, the market is classified into corporates, law firms, and others. In 2022, the law firms category dominated the global market. This is due to the fact that law firms are under increasing pressure to cut expenses and boost productivity. Legal analytics can assist them in accomplishing both of these objectives. Legal analytics can be utilized in a variety of ways to enhance law firm operations, including spotting trends and patterns in legal data, automating procedures, and enhancing customer service.
Segmentation:
Legal Analytics Market, By Analytics Type |
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Legal Analytics Market, by End-User |
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Legal Analytics Market, by Case Type |
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Legal Analytics Market, By Geography |
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Frequently Asked Questions (FAQs):
- Which key factors will influence legal analytics market growth over 2023-2030?
The main reasons anticipated to propel the legal analytics market during the forecast period are the rising demand for analytical tools to carry out automated legal organizations.
- What will be the value of the legal analytics market during 2022-2030?
According to the report, the global legal analytics market size was worth USD 1.88 billion in 2022 and is estimated to grow to USD 8.97 billion by 2030, with a compound annual growth rate (CAGR) of approximately 21.54% over the forecast period.
- Which region will contribute notably towards the legal analytics market value?
North America is anticipated to continue leading the legal analytics market throughout the projected period.
- Which are the major players leveraging the legal analytics market growth?
Some of the main competitors dominating the global Legal Analytics market include – Clarivate Analytics, Smokeball Digital Solutions, LLC, Onna Technologies Inc., Mindcrest, Everlaw, Inc., Microsoft Corporation, LEXISNEXIS., Wipro Limited, Proofpoint, Inc., Abacus Data Inc., Thomson Reuters Corporation, Wolters Kluwer, Axiom Global Inc., Premonition Technologies, Inc., IBM Corporation (U.S.), UnitedLex Corporation, Evisort, Inc.
