Legal Research Software Market

Global 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)

  • Report ID: ICT-SE-1279
  • Author: Growth Market Reports
  • Rating: 4.9
  • Total Reviews: 2
  • No. Of Pages: 132
  • Format:
  • Pub. Date: 18-11-2020
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Market Outlook:

The global Legal Research Software Market 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 Summary

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.

Segmental Outlook

By Product Types Segment

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.

Legal Research Software Market By Product Types

By Applications Segment

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. The 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 cost and customization.

Legal Research Software Market By Applications

By End Users Segment

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.

Legal Research Software Market By End-users

Regional Outlook

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. The market in

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.

Legal Research Software Market By Regions

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
Chapter 1 Executive Summary
Chapter 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
Key Segments Covered
By Product Types
  • Cloud-based
  • On Premise
By Applications
  • Large Enterprises
  • SMEs
By End Users
  • Corporate Law Firms
  • Legal Departments
  • Others
By 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.
  • 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.

Legal Research Software Market By Key Players

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FAQ Section

Some frequently asked quetions about this report!

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.