LegalTech Artificial Intelligence Global Market Report 2024

The LegalTech artificial intelligence market size has grown exponentially in recent years. It will grow from $1.63 billion in 2023 to $2.15 billion in 2024 at a compound annual growth rate (CAGR) of 35.1%. The growth in the historic period can be attributed to the automation of legal processes, cost reduction and efficiency gains, rising demand for data security, increased legal research capabilities, and the expansion of predictive analytics.

The LegalTech artificial intelligence market size is expected to see exponential growth in the next few years. It will grow to $6.4 billion in 2028 at a compound annual growth rate (CAGR) of 31.3%. The forecasted growth in the upcoming period can be attributed to several factors, including advancements in natural language processing (NLP), global regulatory changes, the increasing adoption of cloud-based solutions, a continued focus on cybersecurity, and evolving client expectations. Major trends expected during this period include the rise of virtual legal assistants, the expanded use of blockchain in legal processes, an emphasis on explainable AI (XAI), the integration of cloud-based legal solutions, and increased automation in contract lifecycle management.

Increasing automation in contract management is expected to drive the growth of the legaltech artificial intelligence market. Contract management involves overseeing the entire lifecycle of contracts, from creation to execution and closure. LegalTech AI tools, utilizing natural language processing (NLP) and machine learning, aid in drafting smart contracts by suggesting language, ensuring legal compliance, and providing templates, helping legal professionals create precise contract terms. For example, in June 2022, Alchemy Insights Inc. reported a significant increase in the creation of Ethereum smart contracts, with around 1.45 million generated in the first quarter of 2022, up 24.7% from the previous quarter. This trend underscores the growing reliance on AI tools for contract management, indicating a promising future for the legaltech AI market.

In the legaltech artificial intelligence market, major companies are developing advanced products such as cloud-based advocacy platforms to enhance their market position. These platforms, hosted and delivered through cloud computing, offer comprehensive solutions for digital advocacy. For example, in April 2023, FiscalNote Holdings Inc. introduced enhanced AI features and integrated OpenAI's ChatGPT to transform AI use in lobbying and advocacy. The platform, known for its reliability and security, provides various tools such as pre-filled lawmaker contact forms, AI-enhanced campaign emails, detailed ROI reports, event management tools, newsletters, surveys, and petitions. Using FiscalNote's policy data and VoterVoice workflow software, organizations can mobilize members for targeted advocacy campaigns and enable direct communication with lawmakers through messages, emails, and text messages, addressing evolving political and regulatory issues promptly.

In December 2022, Wolters Kluwer Legal & Regulatory, a Dutch provider of LegalTech solutions, acquired Della AI Ltd. for an undisclosed sum. This acquisition is part of Wolters Kluwer's strategy to increase customer value by investing in key technology development and strengthening its leading position in the corporate legal market. Della AI Ltd., based in the UK, specializes in legal tech and artificial intelligence (AI) services.

Major companies operating in the legaltech artificial intelligence market report are International Business Machines Corporation (IBM), Opentext Corporation, Conga Solutions, Veritone Inc., FiscalNote Holdings Inc., Lawgeex, Lex Machina Inc, Reveal, LawGeex, Kira Inc, Neota Logic Inc, Blue J Legal, eBREVIA, Justia, Casetext Inc, LawTrades, Catalyst Repository Systems Inc, Luminance Technologies Ltd, Legal Robot Inc, Woodpecker.

North America was the largest region in the legaltech artificial intelligence market in 2023. The regions covered in the legaltech artificial intelligence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the legaltech artificial intelligence market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

LegalTech Artificial Intelligence (AI) refers to the use of artificial intelligence and advanced technologies in the legal industry to improve various processes. LegalTech AI solutions aim to enhance the efficiency of legal professionals, automate repetitive tasks, and provide valuable insights.

The main components of LegalTech Artificial Intelligence are software and services. Software includes AI tools for legal analytics, legal research, electronic discovery (eDiscovery), contract management, e-billing, prediction technology, and more. These tools are used by law firms, corporations, and legal service providers to improve efficiency and productivity.

The LegalTech artificial intelligence research report is one of a series of new reports that provides LegalTech artificial intelligence market statistics, including the LegalTech artificial intelligence industry's global market size, regional shares, competitors with a LegalTech artificial intelligence market share, detailed LegalTech artificial intelligence market segments, market trends and opportunities, and any further data you may need to thrive in the LegalTech artificial intelligence industry. This LegalTech artificial intelligence market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The legaltech artificial intelligence market consists of revenues earned by entities by providing services such as providing e-Discovery, legal research, due diligence, litigation analysis, and compliance monitoring. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The legaltech artificial intelligence market also includes sales of high-core count CPUs, GPUs, and storage systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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