The U.S. legal technology market is growing, with some segments such as knowledge management, legal analytics and contracts management expected to see a large growth rate over the next four years, a Mitratech survey has found.
In a whitepaper entitled “Catching the Wave,” Mitratech found that the current total addressable market for legal software is $15.9 billion annually, and the market as a whole currently spends $3 billion each year. Corporate legal departments themselves, meanwhile, spend about $1.5 billion each year on legal software, while the market has $6.5 billion potential.