Overview and Scope
LegalTech Artificial Intelligence (AI) refers to the application of artificial intelligence and advanced technologies within the legal industry to improve and streamline various processes. LegalTech AI solutions aim to enhance the efficiency of legal professionals, automate repetitive tasks, and provide valuable insights.
Sizing and Forecast
The LegalTech artificial intelligence market size has grown exponentially in recent years. It will grow from $1.63 billion in 2023 to $2.15 billion in 2024 at a compound annual growth rate (CAGR) of 35.1%. The growth in the historic period can be attributed to automation of legal processes, cost reduction and efficiency gain, rising demand for data security, increased legal research capabilities, expansion of predictive analytics.
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Segmentation & Regional Insights
The legaltech artificial intelligence market covered in this report is segmented –
1) By Component: Software, Services
2) By Application: Legal Analytics, Legal Research, Electronic Discovery (eDiscovery), Contract Management, E-Billing, Prediction Technology, Other Applications
3) By End-User: Law Firms, Corporations, Legal Service Providers
North America was the largest region in the legaltech artificial intelligence market in 2023. The regions covered in the legaltech artificial intelligence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing automation in contract management is expected to propel the growth of the legaltech artificial intelligence market going forward. Contract management refers to the process of overseeing, administering, and optimizing the entire lifecycle of contracts, from initiation and creation through execution, performance monitoring, and eventual closure. LegalTech AI tools leverage natural language processing (NLP) and machine learning algorithms to assist in drafting smart contracts by providing language suggestions, ensuring legal compliance, and offering templates, thereby helping legal professionals create precise and well-structured contract terms. For instance, in June 2022, according to Alchemy Insights Inc., a US-based software solutions company, around 1.45 million Ethereum smart contracts were generated in total during the first quarter of 2022, marking a notable 24.7% increase compared to the 1.16 million smart contracts created in the fourth quarter of 2021. Therefore, increasing automation in contract management is expected to propel the growth of the legaltech artificial intelligence market.
Key Industry Players
Major companies operating in the legaltech artificial intelligence market report are International Business Machines Corporation (IBM), Opentext Corporation, Conga Solutions, Veritone Inc., FiscalNote Holdings Inc., Lawgeex, Lex Machina Inc, Reveal, LawGeex, Kira Inc, Neota Logic Inc, Blue J Legal, eBREVIA, Justia, Casetext Inc, LawTrades, Catalyst Repository Systems Inc, Luminance Technologies Ltd, Legal Robot Inc, Woodpecker
The legaltech artificial intelligence market report table of contents includes:
1. Executive Summary
2. LegalTech Artificial Intelligence Market Characteristics
3. LegalTech Artificial Intelligence Market Trends And Strategies
4. LegalTech Artificial Intelligence Market – Macro Economic Scenario
5. Global LegalTech Artificial Intelligence Market Size and Growth
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32. Global LegalTech Artificial Intelligence Market Competitive Benchmarking
33. Global LegalTech Artificial Intelligence Market Competitive Dashboard
34. Key Mergers And Acquisitions In The LegalTech Artificial Intelligence Market
35. LegalTech Artificial Intelligence Market Future Outlook and Potential Analysis
36. Appendix
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