In 2021, the legal tech market generated revenues of 27.6 billion U.S. dollars worldwide, with the market forecast to grow at a compound annual growth rate (CAGR) of over four percent for the period to 2027. In that year, revenues are set to reach 35.6 billion U.S. dollars.
The global legal tech market
The global legal tech market will undergo sizeable growth in the coming years, with an array of technological tools available to firms to transform and improve the way legal services are delivered. An influx of law graduates who have grown up with technology, along with a healthy supply of tech aficionados, who have identified the opportunities available in the legal services market, has allowed for greater awareness of tech-related solutions in an industry that is often considered to be more conservative and traditional.
Regional highlights for legal tech
Europe and North America are the shining lights for legal tech, with each region home to a diverse collection of companies disrupting the legal services market. The growth of legal tech in these regions is fostered by many different players, such as law firms adopting tech strategies and methods, and startups developing new and innovative solutions. Notable countries for legal tech include the U.S. and the UK. These countries have strong and well-developed legal service industries that have been in place for many years and are home to several leading technology hubs - an ideal combination for enabling the growth of legal tech.
Legal tech market revenue worldwide from 2021 to 2027
(in billion U.S. dollars)
Legal tech, or LawTech, refers to the use of technology and software to provide legal services and support the legal industry.
Out of scope: specific HR-services (HR-tech), and software for purely archiving/searching legal documents or contracts (legal-software).
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Statista. (August 10, 2022). Legal tech market revenue worldwide from 2021 to 2027 (in billion U.S. dollars) [Graph]. In Statista. Retrieved October 04, 2022, from https://www.statista.com/statistics/1155852/legal-tech-market-revenue-worldwide/
Statista. "Legal tech market revenue worldwide from 2021 to 2027 (in billion U.S. dollars)." Chart. August 10, 2022. Statista. Accessed October 04, 2022. https://www.statista.com/statistics/1155852/legal-tech-market-revenue-worldwide/
Statista. (2022). Legal tech market revenue worldwide from 2021 to 2027 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: October 04, 2022. https://www.statista.com/statistics/1155852/legal-tech-market-revenue-worldwide/
Statista. "Legal Tech Market Revenue Worldwide from 2021 to 2027 (in Billion U.S. Dollars)." Statista, Statista Inc., 10 Aug 2022, https://www.statista.com/statistics/1155852/legal-tech-market-revenue-worldwide/
Statista, Legal tech market revenue worldwide from 2021 to 2027 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1155852/legal-tech-market-revenue-worldwide/ (last visited October 04, 2022)