About Artificial Intelligence in Law
Artificial Intelligence companies continue to find ways of developing technology that will manage laborious tasks in different industries for better speed and accuracy. In the legal profession, Artificial Intelligence has already found its way into supporting lawyers and clients alike. The growing interest in applying AI in law is slowly transforming the profession and closing in on the work of paralegals, legal researchers, and litigators. AI is currently being applied in the legal profession; AI is helping lawyers to streamline work processing. The market for AI in law is expected to grow rapidly during the upcoming years.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Artificial Intelligence in Law market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
AIBrain (United States), Amazon Web Services (United States), IBM (United States), LawGeex (Israel), vLex (Spain), Premonition (United States), LegalSifter (United States), Doctrine (France), Knomos Knowledge Management Inc. (Canada), TrademarkVision (Australia), ROSS Intelligence (United States), Counselytics (United States) and BookLawyer (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Luminance Technologies (United Kingdom), Practiceleague Elm Platform (India), Leverton (United States), Ross Intelligence (United States), Kira (Canada), Everlaw (United States) and Legalsifter (United States).
Segmentation Overview
AMA Research has segmented the market of Global Artificial Intelligence in Law market by Type (Software and Services), Application (Due diligence, Prediction technology, Legal analytics, Document automation, Intellectual property and Electronic billing) and Region.
On the basis of geography, the market of Artificial Intelligence in Law 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). If we see Market by End Users, the sub-segment i.e. Lawyers will boost the Artificial Intelligence in Law market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rapid Adoption of Big Data Analytics
Market Growth Drivers:
The Exponential Growth in Legal Services Market, Rising Automation in the Law Sector Booming the Growth for the AI Market and Pressures on Legal Process Management Fueling the Demand for AI Technology
Challenges:
Legal Roles Will Be Automated and Be Replaced By Artificially Intelligent Systems during Upcoming Years
Restraints:
Not Completely Accepted By Legal Professionals, High Cost Involved in the Technology and Privacy and Protection of Personal Data is Another Concern
Opportunities:
AI Continually Changing the Legal Profession, Requiring Lawyers to Possess an Increasing Number Of Skills To Make Use Of Such Technology To Remain Competitive In The Market
Market Leaders and their expansionary development strategies
In May 2023, William AI, a leading legal technology company, announced the pre-launch of its new AI-powered legal platform, marking a significant milestone in the evolution of the law industry. With the integration of AI technology, the company is set to transform the legal landscape by making legal services more efficient, affordable, and accessible.
On 15 Oct 2019, LawGeex, the leading Contract Review Automation (CRA) provider, announced the release of LawGeex 5.0, the latest version of its award-winning AI platform, which automates the review and approval of routine contracts., and In September 2023, A group of leading law schools, led by the University of Arizona James E. Rogers College of Law, has announced an exciting new initiative called the Future of Law Libraries: Artificial Intelligence, Opportunities, and Advancement. The goal of this collaborative project is to prepare law libraries across the country to strategically incorporate artificial intelligence into their operations to enhance collections, instruction/training and services.
Key Target Audience
Artificial Intelligence in Law Technology Providers, AI Software Developers, Research & Consulting Firms, Regulatory & Government Bodies, End Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.