Legal tech market revenue worldwide 2021-2027, by business type

In 2021, the legal tech market generated revenues of 27.6 billion U.S. dollars worldwide, with incumbents generating 22.2 billion U.S. dollar toward the total. The legal tech startup market, which generated 5.4 billion U.S. dollars in 2021, is forecast to grow at a compound annual growth rate (CAGR) of 3.7 percent for the period to 2027, with revenues set to reach 6.7 billion U.S. dollars at the end of this period.

Legal industry players

The global legal services industry is a 790 billion U.S. dollar market, somewhat led by firms from developed countries and continents. Law firms across the world are now continuously being forced to consider ways of reducing their costs, while creating new methods that are different from the competition is a further challenge. The introduction of legal tech solutions is one such way that a firm can save time and streamline work processes.

Legal tech overview

Legal tech refers to the use of technology software and solutions to support the legal industry and provide legal services, with the global legal tech market set to undergo sizeable growth in the coming years. The adoption of technology within the legal services industry has been heavily influenced and, on occasions, accelerated by major global events. Examples include the 2008 financial crisis and the coronavirus pandemic, with technology forming a key part of changes seen within the legal services industry whether it be companies, courts, or the classroom.