The Market Reports

Synopsis

The global Legal Analytics market was valued at US$ 534.6 million in 2023 and is anticipated to reach US$ 1701 million by 2030, witnessing a CAGR of 17.5% during the forecast period 2024-2030.

The Legal Analytics Market refers to a market that uses data analysis and artificial intelligence technology to process and interpret data in the legal field. This data can include legal cases, regulatory documents, contract terms, and other legal-related information. Legal analytics is designed to provide insight and decision support to help law firms, corporate legal departments, and legal professionals better understand and respond to legal issues.

The legal analytics market is driven by the following factors:

Dataization trend: With the advent of the digital age, a large number of legal documents and cases already exist in electronic form. This digitization has led to increasing openness and accessibility of legal data, providing a rich source of data for legal analysis. By applying data analytics and artificial intelligence techniques, useful information and insights can be extracted from this large-scale data.

Development of intelligent technology: The rapid development of artificial intelligence, natural language processing, machine learning and other technologies has provided powerful tools and methods for legal analysis. These technologies can help process and understand complex legal text, identify key information, and uncover underlying patterns and trends. The application of smart technology can improve legal work efficiency and reduce human errors and omissions.

Efficiency and competitive pressures in the legal industry: Law firms and corporate legal departments face increasing workloads and competitive pressures. Leverage legal analytics to conduct case assessments, legal research, and compliance checks more quickly. By predicting case outcomes, identifying risk points and optimizing resource allocation, legal organizations can increase productivity and enhance competitiveness.

Risk management and decision support needs: Enterprises need to deal with various legal issues and risks during operations. Legal analytics technology can help companies identify potential legal risks and compliance issues and provide data-driven decision support. By analyzing the relevance of similar cases and regulations, companies can better understand their own legal risks and take appropriate measures to reduce or prevent them.

Globalization and diversification of the legal market: As global commerce and cross-border transactions increase, so do the number of cases involving different judicial systems and legal systems. In this case, legal analysis can provide an understanding and comparison of different judicial systems and national laws, helping lawyers and legal professionals better handle cross-border legal matters.

To sum up, the legal analysis market is driven by multiple factors such as dataization trends, development of intelligent technology, efficiency pressure, risk management needs, and globalization and diversification. With the growing demand for data-driven decision-making in the legal industry, the legal analytics market is expected to further develop and expand its application scope.

This report aims to provide a comprehensive presentation of the global market for Legal Analytics, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Legal Analytics.

Report Scope

The Legal Analytics market size, estimations, and forecasts are provided in terms of revenue ($ millions), considering 2023 as the base year, with history and forecast data for the period from 2019 to 2030. This report segments the global Legal Analytics market comprehensively. Regional market sizes, concerning products by Type, by Application, and by players, are also provided.

For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.

The report will help the Legal Analytics companies, new entrants, and industry chain related companies in this market with information on the revenues, sales volume, and average price for the overall market and the sub-segments across the different segments, by company, by Type, by Application, and by regions.

Market Segmentation

By Company (Partial List)

• Wolters Kluwer (Netherlands)
• Thomson Reuters (Canada)
• MindCrest (US)
• UnitedLex Corporation (US)
• Argopoint (US)
• LexisNexis (US)
• Premonition (US)
• Analytics Consulting (US)
• The Bureau of National Affairs (BNA) (US)
• IBM Corporation (US)

Segment by Type

• Descriptive Analytics
• Prescriptive Analytics
• Predictive Analytics

Segment by Application

• Corporates
• Law Firms
• Others

By Region

• North America (United States, Canada)
• Europe (Germany, France, U.K., Italy, Netherlands)
• Asia-Pacific (China, Japan, South Korea, China Taiwan, Southeast Asia, India)
• Latin America, Middle East & Africa (Latin America, Mexico, Brazil, Turkey)

Chapter Outline

Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by Type, by Application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: Introduces executive summary of global market size, regional market size, this section also introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by companies in the industry, and the analysis of relevant policies in the industry.
Chapter 3: Detailed analysis of Legal Analytics companies’ competitive landscape, revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 5: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 6, 7, 8, 9, 10: North America, Europe, Asia Pacific, Latin America, Middle East and Africa segment by country. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and capacity of each country in the world.
Chapter 11: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 12: The main points and conclusions of the report.