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The global legal services market reached a value of $713.12 billion in 2021 and is expected to grow due to increased demand for particular services, continued effect of COVID-19, and the industry shift to more digitization, according to a market research report.
The growth in the legal services market globally was influenced by strong economic growth in emerging markets, an increase in government initiatives and legal industry deregulation, according to the report.
Legal services markets are expected to continue growing due to increased demand for civil legal services, cybersecurity fraud and other economic crimes.
North America accounted for the largest region in the legal services market, 55% of the total In 2021. The fastest growing regions in the legal services market are predicted to be South America and the Middle East, followed by Africa and Eastern Europe.
The report states that important trends in the legal services global market are increased use of online legal research resources, strategic partnerships and acquisitions, alternative billing, artificial intelligence adoption and implementation, learning programs and platforms being launched by law firms, and legal process outsourcing to reduce costs.
The growth rate of the global legal services market is 6.3%, with an estimated value of $1311.6 billion by 2031. B2B legal services were the largest segment of the market, accounting for 54.8% in 2021. Hybrid legal services are predicted to be the fastest-growing segment in the market at a CAGR of 9.0% during 2021-2026. B2B legal services accounted for 43.4%, or $309.63 billion, of the market in 2021.
The B2B legal services are the top opportunity segment and are expected to gain $155.5 billion of global annual sales by 2025. Financial services are the top opportunity end-user segment, with an expected gain of $92.2 billion of global annual sales by 2025.
The report states, "The top opportunities in segment by mode will arise in the offline segment, which will gain $269.3 billion of global annual sales by 2025. The legal services market size will gain the most in the USA region at $72.9 billion."