Global Legal AI Software Market was valued at US$ 303.57 Mn in 2019 and is expected to reach US$ 1892.2 Mn by 2027, at a CAGR of 29.07% during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
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Global Legal AI Software Market Dynamics
AI has a massive potential to bring accuracy, efficiency, cost savings and speed to a whole range of formerly human activities and to offer entirely new insights into the market and consumer behaviour. It has the ability to transform businesses, services and products they offer. A decision to adopt AI can increase fundamental ethical and moral issues for society.
Growing use of AI by legal companies to reduce the time it takes to complete the legal case, rising number of litigations across the world in the legal industry, growing demand for automation in legal AI software are the major factors driving the legal AI software market globally.
However, lack of awareness among law firms of the legal AI software market is predicted to restrain the market growth. A major challenge faced by the market is cyber security and data privacy concerns of the legal data.
Global Legal AI Software Market Segment Analysis
Based on the application, contract management segment is expected to grow at the highest CAGR during the forecast period. Law firms and corporate legal departments spend a major amount of time in the contract review process to analyze the risk. Here, AI-powered solutions can aid them to analyze the language of the contract and meaning of the clauses. Similarly, AI-powered tools are designed for contract analysis that can read and analyze incoming contracts & suggest changes based on predefined rules.
Global Legal AI Software Market Regional Insights
Region-wise, North American legal AI software market is anticipated to show considerable market growth in the years ahead, because of the presence of key companies and large investments made in the AI market. Driving factors in North America region are large-scale investments, funding, and R&D activities in the market space. Major Law firms and independent lawyers are adopting legal AI software solutions quickly.
Ross Intelligence Inc is one of the major players operating in the market. The company operates an online platform to provide legal research services. The company offers answer with citations and suggest topical readings from a variety of content sources for user’s questions.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Legal AI Software Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the Global Legal AI Software Market.
Global Legal AI Software Market, Key Highlights:
• Global Legal AI Software Market analysis and forecast, in terms of value.
• Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Legal AI Software Market
• Global Legal AI Software Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.
• Global Legal AI Software Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.
• Global Legal AI Software Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.
• Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.
• Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global Legal AI Software Market are also profiled.
Scope of the Global Legal AI Software Market: Inquire before buying
Global Legal AI Software Market, By Component
• Solutions
o Software Solutions
o Platforms
• Services
o Professional Services
o Managed Services
Global Legal AI Software Market, by Technology
• Machine Learning and Deep Learning
• Natural Language Processing
Global Legal AI Software Market, by Deployment Mode
• Cloud
• On-Premises
Global Legal AI Software Market, by End User
• Corporate Legal Departments
• Law Firms
Global Legal AI Software Market, by Application
• Ediscovery
• Legal Research
• Contract Management
• Compliance
• Case Prediction
• Others
Global Legal AI Software Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Global Legal AI Software Market Key players
• IBM
• Ross Intelligence
• Thomson Reuters
• Veritone
• iManage
• Luminance
• LexisNexis
• Neota Logic
• Everlaw
• Legalsifter
• Pensieve
• Cognitiv+
• Casetext
• Klarity
• Omni Software Systems
• Nalanda Technology
• Lawgeex
• Kira
• Ey Riverview Law
• Opentext
• Rradar
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