Gartner has predicted that the legal tech market will be worth $50 billion by 2027, with the development of genAI and consumer tools driving its growth. This is a significant increase from the previous 2022 estimate of $25.6 billion by Fairfield research. Incorporating GenAI into applications such as spend management, e-billing, contract lifecycle management, legal matter management, and legal document management will only accelerate purchasing and adoption. The question remains on where this growth will come from and whether the market widens, with new buyers in new market areas of the legal world.
Source: Artificial Lawyer
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