Legal tech - statistics & facts
Legal service providers across the world have had to consider ways of reducing their costs while creating new methods that are different from the competition – presenting additional challenges. Legal tech refers to the use of technology software and solutions to support the legal industry and provide legal services. In 2022, the global legal tech market was valued at 28 billion U.S. dollars, with the market set to increase further in the coming years. An array of technologies are being deployed to provide legal services at a cheaper, more efficient, and improved standard. Artificial intelligence, natural language processing, and robotic process automation are just some of the tools used to facilitate this, both in business-to-business and business-to-consumer settings.
