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Legal AI Software Market By Component (Solutions, Services), By Technology (Machine Learning, Deep Learning, NLP), By Deployment Model (Cloud, On-premise), By Application (Ediscovery, Legal Research, Contract Management, Compliance, Case Prediction), By End User (Corporate Legal Departments, Law Firms) – Growth, Future Prospects and Competitive Analysis, 2019 - 2027

Increasing automation and AI adoption in the legal industry is likely to fuel the growth of the Legal AI Software Market.

Globally, the legal AI software market is expected to grow with a CAGR of more than 20% during the forecast period from 2019 to 2027, starting from US$ 240.0 million in 2017. Artificial intelligence (AI) is transforming the face of every industry, including the field of law practice. The advantages of AI, such as increased accuracy, efficiencies, cost savings, and speed, are the major factors driving the growth of the legal AI software market. AI has the ability to transform businesses and the services and products they offer. In addition to this, the rising number of litigations in the legal industry across the world, the growing demand for automation in legal AI software, and the need to reduce the time it takes to complete a legal case are also contributing to the growth of the legal AI software market during the forecast period.

Furthermore, there is an increasing demand for data-driven decisions and solutions by legal professionals, which increases the use of advanced technologies. The adoption of innovative tools such as chatbots helps legal firms take significant steps towards artificial intelligence and be a significant part of digital transformations. These and many other factors are providing significant growth opportunities for the players operating in the legal AI software industry and will ultimately fuel the growth of this market during the forecast period. However, a lack of awareness among law firms of the benefits of legal AI software, the high cost of installation, and cybersecurity and data privacy concerns with legal data are likely to restrain the growth of this market during the forecast period.

The contract management application segment is expected to showcase significant growth opportunities during the forecast period.

Based on application, the legal AI software market is segmented into e-discovery, legal research, contract management, compliance, case prediction, and other applications. The contract management application segment is gaining traction in the global legal AI software market and is expected to grow at the highest CAGR during the forecast period. The contract review process is one of the primary tasks performed by law firms and corporate legal departments.

This process is conducted mainly to analyze the risk and opportunities associated with the contracts. In this case, AI-based software and solutions can help them analyze the language of the contract and the meaning of the clauses. Moreover, AI-based tools designed for contract analysis can read and analyze incoming contracts and immediately suggest changes based on predefined policies. These advantages have increased the adoption of AI software for contract management and are projected to continue to grow during the forecast period.

North America is expected to dominate the market in the near future.

North America dominates the legal AI software market by holding the largest market share of nearly 40% of the total revenue generated worldwide. North America, being a technologically advanced region, is experiencing notable growth in the legal AI software market in the years ahead. This growth is mainly attributed to the increasing digitization of the legal industry and the growing investment in research and development of automation and artificial intelligence techniques.

Moreover, as North America is home to a large number of technology providers, the legal AI software market is progressing rapidly. Additionally, factors such as large-scale investments, funding, and R&D activities in this market space are also attributed to the high position of the legal AI market in this region. However, Europe is expected to witness the highest growth in the global legal AI software market. As many European companies are adopting AI technology, the legal industry is experiencing a rapid transformation. This is primarily driving the growth of this market in the European region.

Some of the prominent players operating in the legal AI software market include Ross Intelligence, Veritone, Thomson Reuters, iManage, LexisNexis, Luminance, Neota Logic, Legalsifter, Everlaw, Pensieve, Casetext, Cognitiv+, Klarity, Nalanda Technology, Omni Software Systems, Lawgeex, Kira, Opentext, Ey Riverview Law, and Radar, among others.

Historical and Forecast Period

This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The Legal AI Software Market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global legal AI software market based on components, technology, deployment model, application, and geography. Key segments covered in the report are as follows:

Key questions are answered in this report.

  • What was the market size of Legal AI Software in 2018, and what is the forecast up to 2027?
  • Which is the largest regional market for the contract management application segment?
  • What are the major trends followed in the legal AI software market across different regions?
  • Who are the key legal AI software companies leading the market?
  • What are the key strategies adopted by the leading legal AI software companies in the market?

Unique data points of this report

  • Statistics on legal AI software penetration and spending worldwide
  • Recent trends across different regions in terms of the adoption of legal AI software for various applications in various industries
  • Notable developments were going on in the legal AI software industry.
  • Attractive investment propositions for segments as well as geography
  • Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)

Frequently Asked Questions:

The market for Legal AI Software Market is expected to reach US$ 240.0 Mn By 2027.

The Legal AI Software Market is expected to see significant CAGR growth over the coming years, at XX%.

The report is forecasted from 2019 To 2027.

The base year of this report is 2018.

Ross Intelligence, Veritone, Thomson Reuters, iManage, LexisNexis, Luminance, Neota Logic, Legalsifter, Everlaw, Pensieve, Casetext, Cognitiv+, Klarity, Nalanda Technology, Omni Software Systems, Lawgeex, Kira, Opentext, Ey Riverview Law, and Radar are some of the major players in the global market.

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Godaddy
Published Date:  Jul 2019
Category:  Technology & Media
Report ID:   59769
Report Format:   PDF
Pages:   120
Rating:    4.1 (66)
Delivery Time: 24 Hours to 48 Hours   
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