LegalTech Artificial Intelligence Market Scope
Artificial intelligence is increasingly transforming industries, including law practice. Companies that use technology for the legal sector are known as LegalTech companies. They provide software and services to the legal sector, businesses, corporations, and consumers. AI in legal practices is gaining popularity due to increased accuracy and efficiency in legal records keeping with low cost. With the help of Artificial Intelligence, Law firms can review contracts in less time, without compromising on quality. The United States market for LegalTech Artificial Intelligence is expected to rise with the growing number of mergers and acquisitions in the LegalTech industry and significant investments in AI-related technologies in the region. According to the ABA’s 2020 Legal Technology Survey Report, Artificial intelligence-based tools continue to be used by only a very small percentage of law firms.
The United States LegalTech Artificial Intelligence market is fairly fragmented. The key companies continue to drive innovation and, adopt digital transformations, and the overall competitive ecosystem is dominated by market leaders as well as emerging players with niche offerings. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global LegalTech Artificial Intelligence market throughout the predicted period.
ROSS Intelligence, Inc. (United States), Legalmation (United States), Casetext Inc. (United States), LawGeex (United States), LexisNexis (United States), eBREVIA (United States), LegalSifter, Inc. (United States), Luminance Technologies Ltd. (United Kingdom), Kira Inc. (Canada) and Blue J Legal Inc. (Canada) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Leverton Holdings, LLC (United States), Everlaw (United Kingdom), FiscalNote (United States), Apttus Corporation (United States) and Open Text Corporation (Canada).
Segmentation Overview
The study have segmented the market of Global LegalTech Artificial Intelligence market , by Application (Legal Analytics, Legal Research, e-discovery, Contract Management, E-Billing, Prediction Technology and Others (IP-Management, Cyber Security, Document Automation)) and Region with country level break-up.
On the basis of geography, the market of LegalTech Artificial Intelligence has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Introduction of Blockchain Technology in the Law Sector and Growing Digitization and Increasing Use of Cloud
Market Growth Drivers:
Growing Demand for AI-based Solution in the Legal Sector and Increased Efficiency with Fewer Chances of Error by AI Enabled System
Challenges:
Less Awareness among Firms for AI in Legal Services
Restraints:
High Cost of the Services and Software’s owing to More Features and Issues Regarding the Data Privacy
Opportunities:
Increasing Adoption of AI Technology in Government Agencies and Private Law Firms, Huge Opportunities for Start-ups and New Market Entrants and Increasing Burden of Legal Activities across the Law Sector
On April 23, 2018, LegalMation™, developer of a revolutionary A.I. platform, has announced that Ogletree Deakins, a leading labor and employment law firm, will utilize LegalMation’s innovative technology on certain litigation matters.
Key Target Audience
LegalTech Artificial Intelligence Service Providers, Software Developers and Solution Providers, Law Firms and Legal Service Providers, Government Agencies and Lawyers, End-Use Industries, Investors/Partners and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.