Market Size of Legal Analytics Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 2.72 Billion |
| Market Size (2029) | USD 5.69 Billion |
| CAGR (2024 - 2029) | 15.92 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Legal Analytics Market Analysis
The Legal Analytics Market size is estimated at USD 2.72 billion in 2024, and is expected to reach USD 5.69 billion by 2029, growing at a CAGR of 15.92% during the forecast period (2024-2029).
Legal Analytics helps lawyers analyze data collected over a long period, giving them insights for a competitive advantage. Artificial Intelligence (AI) and machine learning revolutionized and streamlined the process of Legal digitalization. Legal consultants can use analytics tools to compile and analyze massive amounts of data, like court records, historical trial data, and their own collected information, thereby saving a lot of constructive time and making them more productive and their practice more efficient and profitable.
- June 2022 - Consilio, a provider of legal consulting, announced its expansion plans in India with the opening of new facilities. This strategy has significantly expanded the talent pool for legal professionals, including a 70% headcount increase in India. Currently employing almost 800 individuals across all Consilio operational functions, the company anticipates expansion to 2,000 people in India over the next three years.
- The Legal Industry kept its stride after the initial slowdown during the Covid-19 pandemic. The record turnovers in the legal sector coincide with a surge in bankruptcies and M&A activity and a rising need for legal services related to the economic effects post-pandemic.
- Data breaching is the main hurdle in the growth of Legal Analytics. Some clients are only willing to use legal analytics capabilities if it has an extremely high level of security.
