Legal Research Software Market Size, Share & Industry | 2030
Legal Research Software Market Size, Share & Industry | 2030
Segments - Legal Research Software Market by Product Types (Cloud-based, On Premise), by Applications (Large Enterprises and SMEs), by End Users (Corporate Law Firms, Legal Departments, and Others), and by Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020-2027
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Report Description
Legal Research Software Market Outlook
The global legal research software market size was valued at USD 406.1 Million in 2019 and is projected to reach USD 1,386.2 Million by 2027, expanding at a CAGR of 16.9% during the forecast period. Law firms are at the forefront of using innovative technology for efficiency enhancements.
Legal research software assists in monitoring and sampling regulations, data on contractors, and court decisions. The legal research domain experienced a positive impact, due to digitalization. Development in the field of IT is a boon for lawyers.
Legal Research Software Market Dynamics
Artificial intelligence (AI) is transforming the law practice, as the legal profession is increasingly using AI-based software to reduce costs and time taken for completing a task. Legal research software assists lawyers to complete narrowly defined work and reduce repetitive and time-consuming tasks at a low cost. Growing use of AI for legal research by law firms helps in reducing the margin of error and overall inefficiencies as compared to the traditional method of legal research.
Moreover, legal research software helps to speed up research processes, increases output, and improves quality by reducing errors. Additionally. Rising awareness about legal research software among law firms in Asia Pacific is expected to drive the demand for legal research software during the forecast period.
Increasing awareness about legal AI software in the corporate legal department along with efficient use of technology in countries such as India, which is emerging as a legal tech hub, is responsible for increasing demand for legal research software. Law firms and corporate legal departments are modernizing business models to stand out in a hypercompetitive market. Introduction of next-generation legal research software helps law firms to conduct research smoothly and efficiently.
However, Artificial intelligence positively affected the law industry by making work less time-consuming, easy, and effective; however, these technologies possess the risk of cyber-attacks, cybersecurity, and economic constraints. For instance, cloud-based software for legal research is vulnerable to data breaches and intruder attacks and creates privacy issues for law firms over their data.
Many law firms are hesitant to shift to cloud-based legal research software, as they are concerned about data confidentiality. The number of ransomware attackers increased during COVID-19 especially in law firms. According to American Bar Association, nearly 29% of law firms reported a security breach.
Legal research software contain millions of documents in the repositories for legal professionals. These documents help in processing huge data at a high speed and are useful for extracting additional insights. Demand for data-driven decisions by legal professionals is growing, as lawyers make confident decisions by collecting and analyzing data. Data-driven legal decisions assist lawyers to focus on value-driven activities.
Data-driven law firms use analytics and provide information to make strategic and smart decisions; therefore, growing demand for data-driven decisions by legal professionals is projected to create opportunities in the market.
Legal Research Software Market Segment Insights
Product Types Segment Analysis
Based on product types, the global legal research software market is divided into cloud-based and on-premise. The cloud-based segment is anticipated to hold a significant share of the market, owing to its low cost compared to on-premise and large data storage.
The cloud-based segment is expected to dominate the market during the forecast period, due to the increasing adoption of the cloud-based model by companies. Cloud-based software is operated effortlessly and offers a set of specialized tools for lawyers, which consists of time tracking, storing, accessing, extracting, gathering, analyzing, and managing case documents and files.
Applications Segment Analysis
In terms of applications, the market is segmented into large enterprises and SMEs. The large enterprises segment is anticipated to account for a key share of the market, owing to the increasing use of legal research software.
Legal research software enables large enterprises to store and maintain large data.The SMEs segment is projected to grow at a rapid pace, as cloud-based legal research software requires low installation costs and customization.
End Users Segment Analysis
On the basis of end-users, the global legal research software market is categorized into law firms, corporate legal departments, and others. The corporate legal department segment is expected to account for a key market share, as legal research software enables the corporate legal department to reduce costs, reduce repetitive tasks, streamline work and processes, and increase productivity.
The law firm segment is expected to grow at a considerable pace during the forecast period, as law firms are adopting legal research software to increase efficiency and save time. Legal research software enables law firms to find useful information for writing documents and writing cases.
Regional Analysis
In terms of regions, the global Legal Research Software Market is segregated into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America accounted for a significant share of the global market in 2019. The market in Europe is projected to expand at a substantial pace during the forecast period.
Increasing number of legal research software vendors in countries such as Germany, France, and the UK and rising number of technological advancements are expected to drive the demand for legal research software in the region. Asia Pacific is segmented into China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. China held a key share of the market in 2019.
The market in the region is expected to expand at a high CAGR during the forecast period. Major legal service providers in China are international law firms, local law firms, and online legal service portals such as legal research software. High-tech initiatives are growing rapidly in China due to increasing innovation and favorable government policies.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the legal research software.
- Historical, Current and Projected Market Size in terms of Value.
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Legal Research Software Market Performance
Segments
Product Types
- Cloud-based
- On Premise
Applications
- Large Enterprises
- SMEs
End Users
- Corporate Law Firms
- Legal Departments
- Others
Regions
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- South East Asia (SEA)
- Rest of Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- UAE
- Rest of Middle East & Africa (MEA)
Key Market Players Profiled in the Report
- LexisNexis
- Thomson Reuters
- Wolters Kluwer N.V.
- Casetext, Inc
- Fastcase Inc
- Tologix Experts Systems Inc
- UniCourt Inc.
- ALM Media Properties, LLC.
- Talisker Technology Solutions
- Consilio LLC.
Competitive Landscape
Key players in the market include LexisNexis, Thomson Reuters, Wolters Kluwer N.V., Casetext, Inc, Fastcase Inc, Tologix Experts Systems Inc, UniCourt Inc., ALM Media Properties, LLC., Talisker Technology Solutions, Consilio LLC. These players are considered as key manufacturers of the market based on their different varieties of product availability, regional presence, better supply chain management system, and the increasing demand for the products. The players are adopting key strategies such as product development, geographical expansion, mergers and acquisition, and many other strategies to increase their demand for legal research software.
Frequently Asked Questions
Additional company profiles can be provided on request.
Yes, the report covers types of Legal Research Software such as cloud-based, on premise Legal Research Software.
According to this report, the market from Legal Research Software Market is likely to register a CAGR of 16.9% during forecast period 2020-2027, with an anticipated valuation of USD 1,386.2 million by the end of the 2027.
In addition to market size (in USD Million) and Company Market Share (in % for base year 2019), other data such Macro-economic factors, COVID-19 Impact on the Legal Research Software Market is available in final report.
The Legal Research Software Market is anticipated to grow significantly during forecast period due to Increasing Use of AI by Legal Companies to Reduce the Margin of Error. Moreover, Rising Awareness about Legal Research Software among Law Firms in Asia Pacific.
The large enterprises segment is anticipated to account for a key share of the market, owing to the increasing use of legal research software.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
The market is expected to witness moderate growth in terms of demand during 2019-2020 owing to the impact of COVID-19 pandemic on the legal research software market.
The base year considered for the global Legal Research Software Market report is 2019. The complete analysis period is 2017 to 2027, wherein, 2017 & 2018 are the historic years and the forecast is provided from 2020 to 2027.
Major market players include LexisNexis, Thomson Reuters, Wolters Kluwer N.V., Casetext, Inc, Fastcase Inc, Tologix Experts Systems Inc, UniCourt Inc., ALM Media Properties, LLC., Talisker Technology Solutions, Consilio LLC.
Table Of Content
Chapter 1 Executive SummaryChapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Legal Research Software Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Legal Research Software Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Legal Research Software Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Legal Research Software Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Legal Research Software Market Size & Forecast, 2017-2027
4.5.1 Legal Research Software Market Size and Y-o-Y Growth
4.5.2 Legal Research Software Market Absolute $ Opportunity
4.6 Pricing Analysis & Forecast, By Product Type, 2017-2027
Chapter 5 Global Legal Research Software Market Analysis and Forecast By Product Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities By Product Type
5.1.2 Basis Point Share (BPS) Analysis By Product Type
5.1.3 Absolute $ Opportunity Assessment By Product Type
5.2 Legal Research Software Market Size Forecast By Product Type
5.2.1 Cloud Based
5.2.2 On Premise
5.3 Market Attractiveness Analysis By Product Type
Chapter 6 Global Legal Research Software Market Analysis and Forecast By Application
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities By Application
6.1.2 Basis Point Share (BPS) Analysis By Application
6.1.3 Absolute $ Opportunity Assessment By Application
6.2 Legal Research Software Market Size Forecast By Application
6.2.1 Large Enterprise
6.2.2 SMEs
6.3 Market Attractiveness Analysis By Application
Chapter 7 Global Legal Research Software Market Analysis and Forecast By End-user
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities By End-user
7.1.2 Basis Point Share (BPS) Analysis By End-user
7.1.3 Absolute $ Opportunity Assessment By End-user
7.2 Legal Research Software Market Size Forecast By End-user
7.2.1 Law Firm
7.2.2 Corporate Legal Department
7.2.3 Others
7.3 Market Attractiveness Analysis By End-user
Chapter 8 Global Legal Research Software Market Analysis and Forecast by Region
8.1 Introduction
8.1.1 Key Market Trends & Growth Opportunities by Region
8.1.2 Basis Point Share (BPS) Analysis by Region
8.1.3 Absolute $ Opportunity Assessment by Region
8.2 Legal Research Software Market Size Forecast by Region
8.2.1 North America
8.2.2 Europe
8.2.3 Asia Pacific
8.2.4 Latin America
8.2.5 Middle East & Africa (MEA)
8.3 Market Attractiveness Analysis by Region
Chapter 9 Coronavirus Disease (COVID-19) Impact
9.1 Introduction
9.2 Current & Future Impact Analysis
9.3 Economic Impact Analysis
9.4 Government Policies
9.5 Investment Scenario
Chapter 10 North America Legal Research Software Analysis and Forecast
10.1 Introduction
10.2 North America Legal Research Software Market Size Forecast by Country
10.2.1 U.S.
10.2.2 Canada
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 North America Legal Research Software Market Size Forecast By Product Type
10.6.1 Cloud Based
10.6.2 On Premise
10.7 Basis Point Share (BPS) Analysis By Product Type
10.8 Absolute $ Opportunity Assessment By Product Type
10.9 Market Attractiveness Analysis By Product Type
10.10 North America Legal Research Software Market Size Forecast By Application
10.10.1 Large Enterprise
10.10.2 SMEs
10.11 Basis Point Share (BPS) Analysis By Application
10.12 Absolute $ Opportunity Assessment By Application
10.13 Market Attractiveness Analysis By Application
10.14 North America Legal Research Software Market Size Forecast By End-user
10.14.1 Law Firm
10.14.2 Corporate Legal Department
10.14.3 Others
10.15 Basis Point Share (BPS) Analysis By End-user
10.16 Absolute $ Opportunity Assessment By End-user
10.17 Market Attractiveness Analysis By End-user
Chapter 11 Europe Legal Research Software Analysis and Forecast
11.1 Introduction
11.2 Europe Legal Research Software Market Size Forecast by Country
11.2.1 Germany
11.2.2 France
11.2.3 Italy
11.2.4 U.K.
11.2.5 Spain
11.2.6 Russia
11.2.7 Rest of Europe
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Europe Legal Research Software Market Size Forecast By Product Type
11.6.1 Cloud Based
11.6.2 On Premise
11.7 Basis Point Share (BPS) Analysis By Product Type
11.8 Absolute $ Opportunity Assessment By Product Type
11.9 Market Attractiveness Analysis By Product Type
11.10 Europe Legal Research Software Market Size Forecast By Application
11.10.1 Large Enterprise
11.10.2 SMEs
11.11 Basis Point Share (BPS) Analysis By Application
11.12 Absolute $ Opportunity Assessment By Application
11.13 Market Attractiveness Analysis By Application
11.14 Europe Legal Research Software Market Size Forecast By End-user
11.14.1 Law Firm
11.14.2 Corporate Legal Department
11.14.3 Others
11.15 Basis Point Share (BPS) Analysis By End-user
11.16 Absolute $ Opportunity Assessment By End-user
11.17 Market Attractiveness Analysis By End-user
Chapter 12 Asia Pacific Legal Research Software Analysis and Forecast
12.1 Introduction
12.2 Asia Pacific Legal Research Software Market Size Forecast by Country
12.2.1 China
12.2.2 Japan
12.2.3 South Korea
12.2.4 India
12.2.5 Australia
12.2.6 South East Asia (SEA)
12.2.7 Rest of Asia Pacific (APAC)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Asia Pacific Legal Research Software Market Size Forecast By Product Type
12.6.1 Cloud Based
12.6.2 On Premise
12.7 Basis Point Share (BPS) Analysis By Product Type
12.8 Absolute $ Opportunity Assessment By Product Type
12.9 Market Attractiveness Analysis By Product Type
12.10 Asia Pacific Legal Research Software Market Size Forecast By Application
12.10.1 Large Enterprise
12.10.2 SMEs
12.11 Basis Point Share (BPS) Analysis By Application
12.12 Absolute $ Opportunity Assessment By Application
12.13 Market Attractiveness Analysis By Application
12.14 Asia Pacific Legal Research Software Market Size Forecast By End-user
12.14.1 Law Firm
12.14.2 Corporate Legal Department
12.14.3 Others
12.15 Basis Point Share (BPS) Analysis By End-user
12.16 Absolute $ Opportunity Assessment By End-user
12.17 Market Attractiveness Analysis By End-user
Chapter 13 Latin America Legal Research Software Analysis and Forecast
13.1 Introduction
13.2 Latin America Legal Research Software Market Size Forecast by Country
13.2.1 Brazil
13.2.2 Mexico
13.2.3 Rest of Latin America (LATAM)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Latin America Legal Research Software Market Size Forecast By Product Type
13.6.1 Cloud Based
13.6.2 On Premise
13.7 Basis Point Share (BPS) Analysis By Product Type
13.8 Absolute $ Opportunity Assessment By Product Type
13.9 Market Attractiveness Analysis By Product Type
13.10 Latin America Legal Research Software Market Size Forecast By Application
13.10.1 Large Enterprise
13.10.2 SMEs
13.11 Basis Point Share (BPS) Analysis By Application
13.12 Absolute $ Opportunity Assessment By Application
13.13 Market Attractiveness Analysis By Application
13.14 Latin America Legal Research Software Market Size Forecast By End-user
13.14.1 Law Firm
13.14.2 Corporate Legal Department
13.14.3 Others
13.15 Basis Point Share (BPS) Analysis By End-user
13.16 Absolute $ Opportunity Assessment By End-user
13.17 Market Attractiveness Analysis By End-user
Chapter 14 Middle East & Africa (MEA) Legal Research Software Analysis and Forecast
14.1 Introduction
14.2 Middle East & Africa (MEA) Legal Research Software Market Size Forecast by Country
14.2.1 Saudi Arabia
14.2.2 South Africa
14.2.3 UAE
14.2.4 Rest of Middle East & Africa (MEA)
14.3 Basis Point Share (BPS) Analysis by Country
14.4 Absolute $ Opportunity Assessment by Country
14.5 Market Attractiveness Analysis by Country
14.6 Middle East & Africa (MEA) Legal Research Software Market Size Forecast By Product Type
14.6.1 Cloud Based
14.6.2 On Premise
14.7 Basis Point Share (BPS) Analysis By Product Type
14.8 Absolute $ Opportunity Assessment By Product Type
14.9 Market Attractiveness Analysis By Product Type
14.10 Middle East & Africa (MEA) Legal Research Software Market Size Forecast By Application
14.10.1 Large Enterprise
14.10.2 SMEs
14.11 Basis Point Share (BPS) Analysis By Application
14.12 Absolute $ Opportunity Assessment By Application
14.13 Market Attractiveness Analysis By Application
14.14 Middle East & Africa (MEA) Legal Research Software Market Size Forecast By End-user
14.14.1 Law Firm
14.14.2 Corporate Legal Department
14.14.3 Others
14.15 Basis Point Share (BPS) Analysis By End-user
14.16 Absolute $ Opportunity Assessment By End-user
14.17 Market Attractiveness Analysis By End-user
Chapter 15 Competition Landscape
15.1 Legal Research Software Market: Competitive Dashboard
15.2 Global Legal Research Software Market: Market Share Analysis, 2019
15.3 Company Profiles (Details - Overview, Financials, Developments, Strategy)
15.3.1 LexisNexis
15.3.2 Thomson Reuters
15.3.3 Wolters Kluwer N.V.
15.3.4 Casetext, Inc
15.3.5 Fastcase Inc
15.3.6 Tologix Experts Systems Inc
15.3.7 UniCourt Inc.
15.3.8 ALM Media Properties, LLC.
15.3.9 Talisker Technology Solutions
15.3.10 Consilio LLC
Methodology
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