Overview and Scope
Legal AI software refers to the integration of artificial intelligence technologies into the field of law to enhance and streamline various legal processes, providing lawyers with tools to navigate the legal profession more efficiently. It is used to handle various legal tasks with precision and speed, ultimately saving valuable time and resources.
Sizing and Forecast
The legal ai software market size has grown exponentially in recent years. It will grow from $1.92 billion in 2023 to $2.3 billion in 2024 at a compound annual growth rate (CAGR) of 20.3%. The growth in the historic period can be attributed to increasing legal workload, advancements in natural language processing (nlp), cost and time efficiency, data security and compliance concerns, demand for predictive analytics.
The legal ai software market size is expected to see exponential growth in the next few years. It will grow to $4.83 billion in 2028 at a compound annual growth rate (CAGR) of 20.3%. The growth in the forecast period can be attributed to globalization of legal services, integration with legal practice management systems, ethical and bias mitigation measures, legal research automation, regulatory changes and compliance requirements. Major trends in the forecast period include continued advancements in ai technologies, rise in remote work and collaboration, contract lifecycle management (clm) integration, cloud-based legal solutions, automation of routine legal tasks.
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Segmentation & Regional Insights
The legal ai software market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment Mode: On-Premise, Cloud
3) By Technology: Machine Learning And Deep Learning, Natural Language Processing
4) By Application: eDiscovery, Legal Research, Contract Management, Compliance, Other Applications
5) By End User: Corporate Legal Departments, Law Firms, Other End Users
North America was the largest region in the legal AI software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the legal ai software 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 growing number of lawsuits is expected to boost the growth of the legal AI software market going forward. A lawsuit is a legal proceeding in a court of law, typically involving a claim, complaint, or dispute brought by one party (the plaintiff or claimant) against another party (the defendant). In lawsuits, legal AI software is used in lawsuits as it leverages predictive analytics by analyzing past case outcomes and legal precedents, offering valuable insights to assist lawyers in making informed decisions and formulating robust legal strategies. For instance, in September 2023, the US Equal Employment Opportunity Commission (EEOC), a US-based federal agency, filed 143 new employment discrimination lawsuits in fiscal year 2023, representing more than a 50% increase over fiscal year 2022 suit filings. Further, the fiscal year 2023 suit filings include 25 systemic lawsuits, almost double the number filed in each of the past three fiscal years. Therefore, the growing number of lawsuits is driving the growth of the legal AI software market.
Key Industry Players
Major companies operating in the legal AI software market report are International Business Machines Corporation, Thomson Reuters Corporation, Opentext Corporation, Lexisnexis Group Inc., iManage LLC, Kira Inc., Veritone Inc., Cs Disco Inc., Everlaw , Brightflag, Lex Machina Inc., Brainspace Corporation, Lawgeex, Ironclad Inc., Neota Logic Inc., Luminance Technologies Ltd., LegalSifter Inc., Autto Limited, CaseMine, Cognitiv+ Ltd., Intraspexion Inc., Kim Technologies, Legal Robot Inc., Nalanda Technology Ltd., Omni Software Solutions, Pensieve Technology Ltd., Ross Intelligence, Text IQ Inc.
The legal ai software market report table of contents includes:
1. Executive Summary
2. Legal AI Software Market Characteristics
3. Legal AI Software Market Trends And Strategies
4. Legal AI Software Market – Macro Economic Scenario
5. Global Legal AI Software Market Size and Growth
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32. Global Legal AI Software Market Competitive Benchmarking
33. Global Legal AI Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Legal AI Software Market
35. Legal AI Software Market Future Outlook and Potential Analysis
36. Appendix
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