The Global Legal Research Platforms Market size is predicted to reach $2 billion by 2031, growing at a CAGR of 17.2% during the forecast period 2024-2031. Legal research platforms are immensely beneficial to legal practitioners since they enable them to access legal resources, conduct case law studies, and improve their profession. The market for these platforms is constantly evolving, offering a wide range of solutions to suit a wide range of regulatory requirements. The increasing demand for comprehensive legal research solutions drives the evolution and sophistication of existing platforms, which is expected to fuel market expansion for the forecast period finds IndustryARC in its recent report, titled “Legal Research Platforms Market Size, Share & Trends Analysis Report By Deployment Type, (Cloud-based, On-Premise), By Application (Large Enterprises and SMEs), By End User, (Corporate Law Firms, Legal Departments, and Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2031.”
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Europe to Register Highest Growth:
Geographically, Europe is analyzed to grow with the highest CAGR of 19.4% during the forecast period 2024-2031. The legal landscape in Europe is becoming increasingly complex as rules and international laws evolve. Legal practitioners may increasingly rely on research portals to keep current and comprehend complex legal frameworks. According to Apperio 2022, spending on legal technology is expected to increase by 82% in the coming year, compared to 67 percent of their legal counterparts the legal sector has generally been conservative, although there is an increasing tendency toward using technology to improve efficiency. Legal research platforms provide extensive search capabilities, analytics, and other tools that can help simplify legal processes. The move to remote employment may increase demand for online legal research platforms that promote collaboration among legal experts operating in a variety of regions of Europe.
Legal Research Platforms Market 2023-2031: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2031 |
|
CAGR |
17.2% |
|
Market Size in 2031 |
$2 billion |
|
Segments Covered |
Deployment Type, Application, End User and Region |
|
Geographies Covered |
North America, South America, Europe, APAC, Middle East & Africa |
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Key Market Players |
1. Westlaw 2. LexisNexis 3. Bloomberg Law 4. Fastcase 5. Casemaker 6. Casetext 7. Google Scholar 8. Practical Law 9. Justia 10. Ravel Law |
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Legal Research Platforms Market Report – Key Takeaways:
- Large Enterprises Segment to Register the Highest Share
Large Enterprises segment is estimated to hold the highest share of 72% in 2023. Large organizations often have larger budgets than small and medium-sized businesses. This enables them to invest in innovative legal research systems with a wide range of features and functionalities. Owing to the size of their operations, large corporations frequently have complicated legal requirements. Large firms’ legal requirements are frequently extensive, encompassing topics such as corporate law, intellectual property, employment law, and others. According to the Legal Practice Intelligence in 2022, Over 60% of larger organizations have transferred Document Management Systems to the cloud, whereas accounting, finance, and practice management systems use the cloud at a rate of around 10% which is anticipated to increase demand for legal research platforms. Large organizations may be more interested in legal research platforms that provide comprehensive coverage and specialization in several legal subjects. Large enterprises frequently utilize a number of software solutions for various elements of their business operations. Large organizations may be particularly interested in legal research platforms that can smoothly interact with other enterprise systems, such as customer relationship management (CRM) and enterprise resource planning (ERP) systems.
- On-premise is the Fastest Growing Segment in the Market
The on-premise segment is estimated to grow with the highest CAGR of 18.6% during the forecast period 2024-2031. Legal research necessitates the handling of sensitive and confidential information. Some legal professionals may select on-premise solutions because they want more control over their data and to ensure compliance with privacy requirements. On-premise solutions provide greater customization and control over the software environment. Legal professionals may choose on-premise platforms to customize the system to their individual needs and seamlessly integrate it with the current infrastructure. Data storage and management are frequently subject to stringent regulatory regulations in the legal sector. On-premise solutions make it easier for enterprises to manage compliance and demonstrate adherence to industry requirements.
- AI-powered technologies boost market growth
AI algorithms speed up and improve the accuracy of information retrieval. Legal professionals can save time and improve overall efficiency by swiftly accessing essential case law, statutes, and legal documents. NLP enables machines to comprehend and interpret human speech. NLP in the legal environment enables more advanced searches, assisting users in locating specific legal concepts and information within documents. AI-powered predictive analytics systems examine previous legal data for patterns and trends. This helps lawyers predict case outcomes, estimate litigation risks, and make better decisions. AI enables the creation of personalized legal research solutions. Legal practitioners can customize these platforms to suit their own needs, ensuring that the technology meets the specific needs of their practice areas. These are the factors propelling the growth of the market.
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Key Opportunity Analysis:
Development of Mobile Accessibility
Legal research platforms should have responsive designs that adjust to diverse screen sizes and orientations for the best mobile usability. Creating dedicated mobile apps for main platforms (iOS and Android) improves user experience and gives offline access to legal materials. Mobile interfaces should have touch-friendly navigation components to ensure ease of use on touchscreen devices. Legal research platforms and mobile accessibility should be built with a keen grasp of the demands and preferences of legal professionals to support efficient and secure legal research in a mobile environment. There are opportunities to develop strong cybersecurity solutions to protect sensitive legal data and client information. Creating customized mobile applications to streamline certain processes and workflows for law firms and legal practitioners. Opportunities to improve accessibility features in legal technology systems while adhering to accessibility requirements and rules are the factors anticipated to create opportunities for the legal research platforms market.
Advancements in the Technology
There are opportunities to develop strong cybersecurity solutions to protect sensitive legal data and client information. Creating customized mobile applications to streamline certain processes and workflows for law firms and legal practitioners. Opportunities to improve accessibility features in legal technology systems while adhering to accessibility requirements and rules. AI and machine learning technologies are being integrated into legal research systems to give predictive analytics, document summarizing, and tailored suggestions also NLP features enable legal practitioners to use natural language queries, making it easier to search for relevant information more conversationally.
According to Everlaw 2022, nearly half (47%) of corporate legal professionals say that technology adoption is the most important non-legal competence for the next generation of in-house legal professionals which is anticipated to propel the growth of the market. Legal research platforms are progressively transitioning to cloud-based solutions, allowing users to access material from any location with an internet connection. Legal research systems increasingly include extensive data analytics tools and visualization features to assist lawyers in identifying patterns and trends in vast datasets these are the factors anticipated to create opportunities for the market.
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The Report also Covers the Following Areas:
- Legal Research Platforms Market Size and Forecast
- Legal Research Platforms Market Trends
- Legal Research Platforms Market Analysis by Deployment Type
Legal Research Platforms Market 2023-2031: Key Highlights
- CAGR of the market during the forecast period 2024-2031
- Value Chain analysis of key stake holders
- Detailed analysis of market drivers and opportunities during the forecast period
- Legal Research Platforms Market size estimation and forecast
- Analysis and predictions on end users’ behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the Legal Research Platforms Market.
Covid and Ukrainian Crisis Impact:
- The Covid-19 epidemic has had a significant impact on the world. Legal research platforms, which are vital instruments for legal professionals, have undergone significant changes as a result of the COVID-19 epidemic. The epidemic has hastened the development of cloud-based solutions, promoting remote work capabilities in the legal industry. This transition is being driven by a rising demand for virtual collaboration and access to legal information. The demand for fast and accessible legal research tools has increased, mirroring a broader trend in the legal business toward digitalization. The impact of COVID-19 has highlighted the significance of adaptable and resilient legal research platforms that can adapt to changing work dynamics and provide continuous access to vital legal material.
- The Russian invasion of Ukraine in 2022, Russia’s invasion of Ukraine has resulted in condemnation of Russia’s actions by international law and institutions. Legal academics have examined the ramifications of Russia’s war, emphasizing the illegality of the conflict and its impact on the international legal system. Companies have been greatly impacted by the events that have unfolded since the invasion, resulting in an increased demand for legal resources to support crisis-related procedures. Legal platforms are critical in assessing the legal elements of a company’s involvement or exposure in the crisis.
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List of Key Market Players in Legal Research Platforms Market:
The key companies profiled in the Legal Research Platforms Market Report are listed below:
- Westlaw
- LexisNexis
- Bloomberg Law
- Fastcase
- Casemaker
- Casetext
- Google Scholar
- Practical Law
- Justia
- Ravel Law
- HeinOnline
- West Academic
- LegalZoom
- Quimbee
- Docket Alarm
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