Legal Technology Market Trends

Growth Driver

• Expansion of online dispute-resolving platforms - Online dispute-resolving platforms have led jurisdiction to a greater extent and broken the barriers of traditional jurisdictions. These don’t require the physical presence of parties and with the help of advanced technology provide precise justice.
  
  In brief, with the help of online dispute resolution, disputes are being solved by leveraging technology. Many companies offer online dispute resolution (ODR) services such as Credgenics, which delivers fast, accurate, and profitable ODR services for the banking and finance industry.
• Investments in new technologies - The growing new technologies are evolving the old patterns of the tech industry. For example, nowadays India is going through some major digital transformation, and as per a study by the India Brand Equity Foundation (IBEF), a staggering 1.64 billion population will leverage digital services in the future.
  
  Further, the report adds a blog from the Times of India which says, that AI will generate a revenue of USD 967 billion by 2035. The focus on these tools has become potent support for online platforms for dispute resolution and therefore, the legal technology market is poised to grow along with the growth in these tools.
• Rapid adoption of cloud-based services - Cloud-based software helps store, and record the data and tools on remote servers for seamless access whenever needed. That’s why recently many enterprises have chosen cloud services for storing their curial data. 42.5% of organizations in Europe adopted cloud services in 2023 as per Eurostat.
  
  The adoption of cloud-based services by online dispute-resolving platforms builds the trust in the parties that their data is safe and boosts growth in the market.

Challenges

• Absence of trained team - Conducting team training sessions with the masses doesn’t ensure continuous support to the trainee and it will be of no use, simultaneously hampering the market.
• Dated workflows - Not merging pre-existing workflow with the new advanced technology creates challenges for the market to grow. No maintenance of ongoing processes, absence of supportive systems, and no stakeholder engagement often lead to troubles for the legal team management.