Source: Gartner
The global legal technology market has grown significantly in recent years and generative AI (GenAI) will accelerate this growth, meaning the market will reach $50 billion in value by 2027, according to Gartner, Inc.
“GenAI has huge potential for bringing more automation to the legal space,” said Chris Audet, Chief of Research in the Gartner for Legal, Risk & Compliance Leaders practice. “Rapid GenAI developments, and the widespread availability of consumer tools such as OpenAI’s ChatGPT and Google’s Bard, will quickly increase the number of established legal technology use cases, in turn creating growing market conditions for an increasing number of legal-focused tools.”
There has been significant growth in spend management, e-billing, contract lifecycle management, legal matter management and legal document management as legal departments increasingly seek technology-led efficiencies. Incorporating GenAI into these applications will only accelerate purchasing and adoption.
Read full article: https://www.gartner.com/en/newsroom/press-releases/2024-04-25-gartner-predicts-global-legal-technology-market-will-reach-50-billion-by-2027-as-a-result-of-genai
