The LegalTech Artificial Intelligence Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s LegalTech Artificial Intelligence Global Market Report 2024, The LegalTech artificial intelligence market size is expected to see exponential growth in the next few years. It will grow to $6.40 billion in 2028 at a compound annual growth rate (CAGR) of 31.3%. The growth in the forecast period can be attributed to advancements in natural language processing (nlp), global regulatory change, increasing embrace of cloud-based solution, continued focus on cybersecurity, evolving client expectations. Major trends in the forecast period include rise of virtual legal assistants, expanded use of blockchain in legal processes, emphasis on explainable ai (xai), integration of cloud-based legal solutions, automation in contract lifecycle management.
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.
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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
Major companies operating in the legaltech artificial intelligence market are focused on developing innovative products with advanced technological solutions, such as cloud-based advocacy platforms, to strengthen their position in the market. A cloud-based advocacy platform typically refers to a software platform or service that is hosted and delivered through a cloud computing infrastructure. For instance, in April 2023, FiscalNote Holdings Inc., a US-based software, data, and media company, launched enhanced AI functionality and integrated OpenAI’s ChatGPT to revolutionize the use of AI in the lobbying and advocacy industry. The platform is known for its reliability, security, and comprehensive digital advocacy solutions, offering features such as pre-filled lawmaker contact forms, AI-enhanced campaign emails, detailed ROI reports, event management tools, newsletters, surveys, and petitions. VoterVoice workflow software enables organizations to mobilize members for targeted advocacy campaigns. Using the platform and FiscalNote’s policy data, businesses empower members to directly communicate with lawmakers via messages, emails, and text messages, responding promptly to evolving political and regulatory issues.
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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26. South America LegalTech Artificial Intelligence Market
27. Brazil LegalTech Artificial Intelligence Market
28. Middle East LegalTech Artificial Intelligence Market
29. Africa LegalTech Artificial Intelligence Market
30. LegalTech Artificial Intelligence Market Competitive Landscape And Company Profiles
Top Major Players:
- International Business Machines Corporation (IBM)
- Opentext Corporation
- Conga Solutions
- Veritone Inc
- FiscalNote Holdings Inc
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