Legal Software (focus on machine learning) Market Growth Outlook Through 2024-2033

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Overview and Scope

Legal software is software used by legal professionals to perform tasks specifically related to legal affairs and the operation of law firms.

Sizing and Forecast

The legal software (focus on machine learning) market size has grown rapidly in recent years. It will grow from $0.44 billion in 2023 to $0.5 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to increased legal workload, cost efficiency, document management, regulatory compliance, enhanced research.

The legal software (focus on machine learning) market size is expected to see rapid growth in the next few years. It will grow to $0.81 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to predictive analytics, natural language processing (nlp), remote work and collaboration, global expansion, cybersecurity and privacy . Major trends in the forecast period include legal chatbots, data privacy compliance, legal analytics, virtual legal assistants, legal process automation.

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Segmentation & Regional Insights

The legal software (focus on machine learning) market covered in this report is segmented –

1) By Deployment Mode: Cloud, On-Premise

2) By Technology: Machine Learning And Deep Learning, Natural Language Processing

3) By Application: Ediscovery, Legal Research

4) By End User: Corporate Legal Departments, Law Firms

The Asia-Pacific was the largest region in the legal software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the legal software market during the forecast period. The regions covered in the legal software (focus on machine learning) 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

Increasing demand for intelligent business processes in law firms is driving the growth of the machine learning market. Intelligent business process includes the adoption of artificial intelligence (AI) or machine learning in business processes. AI is the development of system that has the ability to perform tasks requiring human intelligence. Software solutions are highly adopted in developed countries like the USA to achieve benefits, such as contract management and efficient legal data analysis. Machine learning helps legal firms and professionals to manage their huge data and derive insights from them. According to Legal Technology Survey Report by ABA Surveying, 35% of respondents from large firms with over 500 attorneys reported they used AI and 16% of respondents at firms with 100 or more attorneys were most likely considering an AI purchase. The growing demand to adopt machine learning in the law firms drives the market.

Key Industry Players

Major companies operating in the legal software (focus on machine learning) market include Microsoft Corporation, International Business Machines Corporation, Google LLC, Baidu Inc., Hewlett Packard Enterprise Development LP, Intel Corporation, SAP SE, SAS Institute Inc., BigML Inc., Fair Isaac Corporation, Wipro Limited, Nuance Communications Inc., KNIME.com AG, RapidMiner Inc., Angoss Software Corporation, H2O.ai Inc., Alpine Data Labs Inc., Domino Data Lab Inc., Dataiku Inc., Luminoso Technologies Inc., TrademarkVision Pty Ltd., Fractal Analytics Inc., TIBCO Software Inc., Teradata Corporation, Dell Technologies Inc., Oracle Corporation, Legal Files Software Inc., Rocket Matter LLC, RELX Group plc, Themis Solutions Inc., MyCase Inc., Smokeball Technologies Pty Ltd., PracticePanther Legal Software LLC, Zola Media LLC, Abacus Data Systems Inc., CosmoLex Inc., TimeSolv Corporation, Bill4Time LLC, Merus Inc., CaseFleet LLC, Filevine Inc.

The legal software (focus on machine learning) market report table of contents includes:

Executive Summary
Legal Software (focus on machine learning) Market Characteristics
Legal Software (focus on machine learning) Market Trends And Strategies
Legal Software (focus on machine learning) Market – Macro Economic Scenario
Global Legal Software (focus on machine learning) Market Size and Growth

Global Legal Software (focus on machine learning) Market Competitive Benchmarking
Global Legal Software (focus on machine learning) Market Competitive Dashboard
Key Mergers And Acquisitions In The Legal Software (focus on machine learning) Market
Legal Software (focus on machine learning) Market Future Outlook and Potential Analysis
Appendix

Top Major Players: