The legal software (focus on machine learning) global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Legal Software (focus on machine learning) Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size —
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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Scope Of Legal Software (focus on machine learning) Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Legal Software (focus on machine learning) Market Overview
Market Drivers –
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.
Market Trends —
Many online platforms have been introduced that provide potential clients to connect with lawyers for simple services that include trademark registration, leases, registration and execution of wills, contracts and lease agreements, dishonoring of cheques, recovering suits, and consumer complaints. For instance, LegalZoom, a US-based firms helps you find attorneys without any hourly fees, and documents provided by this firm are accepted by courts and government agencies across all 50 states. This trend in providing online services will drive the demand for legal software.
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
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Regional Insights —
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
Key Companies —
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.
Table of Contents
1. Executive Summary
2. Legal Software (focus on machine learning) Market Report Structure
3. Legal Software (focus on machine learning) Market Trends And Strategies
4. Legal Software (focus on machine learning) Market — Macro Economic Scenario
5. Legal Software (focus on machine learning) Market Size And Growth
…..
27. Legal Software (focus on machine learning) Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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