The Europe Legal Technology Market would witness market growth of 8.8% CAGR during the forecast period (2023-2030).
Lawyers can glean valuable insights from data that might elucidate crucial evidence for case development and litigation strategy. By enabling businesses to improve their consumer experiences, AI is revolutionizing B2B marketing. To improve client experiences, the legal technology sector also uses AI. An additional use case is assisting law firms with their investigations and spotting anomalies and red flags to reduce risks.
In the coming years, the market is expected to develop due to the increased investments in technologies that optimize and automate legal processes to increase law firms' productivity and profitability and streamline operations. Judiciaries, private law firms, law societies, corporate legal departments (private and public sectors), providers of legal aid services, makers of legal products, and the broader legal systems are some important market participants. These major law firms are making significant investments in cutting-edge legal technology to provide their clients with high-quality legal services. Blockchain technology and smart contracts, now popular trends, have allowed legal departments and corporations to securely store data.
The rapid adoption of legal technology and the ever-growing amount of information is predicted to boost Europe's market share in this industry. Legal departments anticipate that attorneys will spend money on various technological solutions to increase their efficiency and productivity. The amount of money law firms and legal departments spend on technological solutions is expected to rise. Even if the world's financial resources are growing, they are still fairly limited compared to the people involved. Due to the growth in the need for legal expertise in the UK, Italy, Germany, France, and Spain, there will be an increase in demand for advanced legal technology services in those nations.
The Germany market dominated the Europe Legal Technology Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,893.2 million by 2030. The UK market is anticipated to grow at a CAGR of 7.9% during (2023 - 2030). Additionally, The France market would showcase a CAGR of 9.7% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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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