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Legal Technology Market Analysis, Shares and Growth Forecast (2025-2029 & 2034), Featuring RELX, Thomson Reuters, Wolters Kluwer, OpenText Corporation, LexisNexis Legal & Professional Company and More

1. Legal technology market to reach $33.25 billion by 2025, growing 9.6%. 2. North America led the market in 2024; Asia-Pacific to be fastest-growing. 3. Surge in litigation driving market growth, with $2.2 billion settlements in 2022. 4. Demand for remote work expected to boost legal technology adoption. 5. Innovative AI products like LegalZoom's Doc Assist reshaping service delivery.

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Why Bullish?

The legal technology market's growth is likely to positively influence TRI's valuation, similar to how advancements in technology positively influenced TRI in the past amid market shifts.

How important is it?

The article highlights trends and growth potential in the legal technology sector, which aligns with TRI's operational focus, thus warranting an above-average importance score.

Why Long Term?

TRI can benefit significantly from sustained growth in legal technology over the next several years, paralleling past trends where market dynamics fueled persistent growth.

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Dublin, March 24, 2025 (GLOBE NEWSWIRE) -- The "Legal Technology Market Report 2025" has been added to ResearchAndMarkets.com's offering. The legal technology market size has grown strongly in recent years. It will grow from $30.33 billion in 2024 to $33.25 billion in 2025 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to increasing legal workload and complexity, regulatory compliance requirements, rise of e-discovery solutions, globalization and cross-border legal challenges, client expectations for efficiency.This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. North America was the largest region in the legal technology market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. Key Companies Profiled: RELX PLC; Thomson Reuters; Wolters Kluwer N.V.; OpenText Corporation; LexisNexis Legal & Professional CompanyThe legal technology market size is expected to see strong growth in the next few years. It will grow to $47.61 billion in 2029 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to increased focus on cybersecurity, cloud-based legal services, focus on diversity, equity, and inclusion (DEI), cost pressures in legal operations, blockchain for smart contracts. Major trends in the forecast period include blockchain technology for legal processes, remote work and virtual collaboration, integration of legal technology in education, regulatory technology (regtech), e-discovery and digital forensics.The surge in litigation and investigations is anticipated to drive the growth of the legal technology market. For example, in February 2023, the United States Department of Justice (DOJ) obtained over $2.2 billion in settlements and judgments from civil cases involving fraud and false claims under the False Claims Act (FCA) in 2022. Consequently, the increase in litigation and investigations is a key driver for the growth of the legal technology market.The increasing demand for remote work is expected to drive the growth of the legal technology market in the future. For example, in September 2023, the Bureau of Labor Statistics, a US-based agency of the United States Department of Labor, reported that the telework rate - the percentage of people working remotely for pay - has remained between 17.9% and 20% from October 2022 to August 2023. As a result, the increasing need for remote work is fueling the growth of the legal technology market.Major companies in the legal technology market are addressing these challenges by developing innovative products that leverage artificial intelligence (AI). For instance, in September 2023, LegalZoom, a US-based legal technology and services company, launched Doc Assist, a free document summarization tool that leverages generative AI. This tool helps small businesses efficiently review documents, maintain organization, quickly grasp essential information, and access guidance from reputable attorneys for more informed decision-making. Doc Assist allows users to upload any legal document, providing instant key information, condensing critical clauses, and suggesting pertinent questions tailored to the document type. Combining Generative AI technology with LegalZoom's expertise, Doc Assist serves as a customized guide for navigating the complex realm of legal paperwork. Report Scope Markets Covered:1) By Type: Case Management; Lead Management; Document Management; Billing and Accounting; Other Types2) By Solution: E-Discovery; Legal Research; Legal Analytics; Document Management; Other Solutions3) By End-User: Law Firms; Corporate Legal Departments; Other End-UsersSubsegments:1) By Case Management: Client and Contact Management; Case Scheduling and Calendar Management; Task and Workflow Management2) By Lead Management: Lead Capture and Tracking; Client Intake Management; Lead Conversion Tools3) By Document Management: Document Storage and Retrieval; Document Collaboration and Sharing; Version Control and Audit Trail4) By Billing and Accounting: Time Tracking and Billing; Expense Management; Financial Reporting and Invoicing5) By Other Types: E-Discovery Tools; Contract Management; Legal Research ToolsCountries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; SpainRegions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; AfricaTime Series: Five years historic and ten years forecast.Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.Key Attributes Report AttributeDetailsNo. of Pages200Forecast Period2025-2029Estimated Market Value (USD) in 2025$33.25 BillionForecasted Market Value (USD) by 2029$47.61 BillionCompound Annual Growth Rate9.4%Regions CoveredGlobal Some of the major companies featured in this Legal Technology market report include: RELX PLCThomson ReutersWolters Kluwer N.V.OpenText CorporationLexisNexis Legal & Professional CompanyDocuSign Inc.LegalZoomDialpadDye & Durham LimitedThe Access GroupIcertis Inc.Relativity ODA LLCEverlaw Inc.iManage LLCAnaqua Inc.NextpointThemis Solutions Inc.Mitratech Holdings Inc.Filevine Inc.Practice Insight Pty. Ltd.WiseTime Ltd.TimeSolv CorporationClioFiduKnovos LLCLawyawLegalboardsMystacks Inc.ProfitSolv LLC For more information about this report visit https://www.researchandmarkets.com/r/99egxp About ResearchAndMarkets.comResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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