About Legal AI Software
AI has a massive potential to bring accuracy, efficiencies, cost savings, and speed to a whole range of formerly human activities and to offer entirely new insights into the market and consumer behavior. It has the ability to transform businesses and the services and products they offer. A decision to adopt AI can increase fundamental ethical and moral issues for society.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
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 Legal AI Software 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.
IBM (United States), OpenText (United States), Thomson Reuters (United States), Veritone (United States), ROSS Intelligence (United States), Luminance (United States), LexisNexis (United States), Neota Logic (United States), Everlaw (United States) and Legalsifter (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 Pensieve (India), Cognitiv+ (UK), Casetext (United States), Klarity (United States), Omni Software Systems (United States), Nalanda Technology (UK), LawGeex (Israel), Kira (United States) and CaseMine (India).
Segmentation Overview
AMA Research has segmented the market of Global Legal AI Software market by , Application (eDiscovery, Legal Research, Contract Management, Compliance, Case Prediction and Others) and Region.
On the basis of geography, the market of Legal AI Software 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). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Deployment Mode, the sub-segment i.e. Cloud will boost the Legal AI Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Services, the sub-segment i.e. Professional Services will boost the Legal AI Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Solutions, the sub-segment i.e. Software solutions will boost the Legal AI Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Technology, the sub-segment i.e. Machine Learning and Deep Learning will boost the Legal AI Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Solutions will boost the Legal AI Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Corporate Legal Departments will boost the Legal AI Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increase in the Use of AI By Legal Companies to Reduce the Time It Takes to Complete the Legal Case
Market Growth Drivers:
Growing Number of Litigations Across the Globe in the Legal Industry and Increasing Demand for Automation in Legal AI Software
Challenges:
Cybersecurity and Data Privacy Concerns of the Legal Data
Restraints:
Lack of Awareness Among Law Firms
Opportunities:
Growing Demand for Data-Driven Decision By Legal Professionals and Chatbots Helping Legal Firms to Take Significant Step Toward AI and Digital Transformation
Market Leaders and their expansionary development strategies
On 31st January 2019, OpenText acquired Repository Systems, a leading provider of eDiscovery solutions for corporate legal departments and law firms, to strengthen its market position as a provider of AI-powered eDiscovery solution.
In March 2024, Thomson Reuters (TR) recently released new artificial intelligence (AI) solutions for legal professionals to draft contracts or briefs and research complex legal topics more efficiently.
Key Target Audience
Legal AI Software Providers, Government Regulatory Bodies, Research Organizations, Government Research Organizations 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.