Extract from Rhys Dipshan’s article “Gartner Predicts Legal Tech Market Will Hit $50 Billion by 2027. Is That Realistic?”
Just how fast can the legal tech market grow? A recent report by Gartner predicts it will reach $50 billion by 2027—thanks in large part to generative artificial intelligence.
But while the sky seems to be the limit when it comes to generative AI’s impact on legal tech, some aren’t so sure the technology can boost the market that far, that fast.
In a news release announcing the report, Chris Audet, chief of research for Gartner’s Legal, Risk & Compliance Leaders practice, noted that public generative AI tools and developments “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.”
In an interview, Audet said that Gartner’s prediction includes both stand-alone legal tech solutions and those integrated into broader enterprise tools as well.
