The Legal AI Software market will change significantly from
the previous year. Over the next five years, will register a CAGR in terms of
revenue, and the global market size will reach USD in millions by 2028.
In the United States, a legal
automation system known as an AI lawyer was created to predict a decision.
Since then, continuous attempts have been made to increase the accuracy of the
system. It examines a large number of judgement documents, analyses the text
using proprietary algorithms, and makes choices to automatically determine the case.
Due to the significant increase in the number of proceedings in recent years,
it has become more complex and time-consuming for lawyers to make a correct
verdict in legal decisions. As the number and diversification of online privacy
breaches are expected to increase, developing automated predictive models for
legal decision-making can significantly reduce the effort of legal
professionals and businesses.
The Legal
AI software market in the legal industry has limited market penetration,
which presents a huge opportunity for the existing players as well as the
outsiders willing to enter the market space. However, the existing market
players have a considerable head-start over new entrants in the market. The
high prospects and the growing investments, as well as supporting initiatives,
are expected further to increase the competition among the existing market
players.
The Major Players In The Legal AI Software
Market Include:
IBM, Ross Intelligence, Thomson
Reuters, Veritone, iManage, Luminance, LexisNexis, Neota
Logic,Everlaw,Legalsifter,Pensieve,Cognitiv+,Casetext,Klarity,Omni Software
Systems, Nalanda Technology, Lawgeex, Kira, Ey Riverview Law, Opentext, Rradar
Market has segmented the global Legal
AI Software market on the basis of type, application, and region:
The Legal AI Software market is segmented by type and application. Growth between segments over the period 2022-2028 provides accurate calculations and forecasts of revenue by type and application in terms of volume and value. This analysis can help you expand your business by targeting eligible niches.
By Type:
·
Cloud
·
On Premises
By Application:
·
eDiscovery
·
Legal Research
·
Contract Management
·
Compliance
·
Case Prediction
·
Others (divorce automation,
ebilling, knowledge management, and IP management)
By Regional Outlook
(Revenue, USD Billion, 2017 – 2028)
Covid-19 Impact and Recovery
Analysis on Industry:
The COVID-19 pandemic has had
devastating effects on several industry verticals globally. To constrain the
number of cases and slow the coronavirus spread, various public health
guidelines were implemented in different countries across the globe. COVID-19
protocols ranging from declaring national emergency states, enforcing
stay-at-home orders, closing nonessential business operations and schools,
banning public gatherings, imposing curfews, distributing digital passes, and
allowing police to restrict citizen movements within a country, as well as
closing international borders. With the growing vaccination rate, governments
are uplifting the protocols to give a boost to the stagnant economy. Like other
industries, Legal AI Software Market have experienced slowdown the growth,
however market is expected bounce back as restrictions are being lifted up by
governments across the globe.
The report segments the global legal AI software market by applications eDiscovery, legal research, contract management, compliance, case prediction, and others (divorce automation, ebilling, knowledge management, and IP management); component (solutions and services); technology (ML and deep learning, and NLP); end user (corporate legal department, law firms and others [national firms, solo practitioners, students, subject matter experts, and judges]); and region (North America, Europe, Asia Pacific, Middle East and Africa, and Latin America).
Key benefits of buying the report
·
The report would help the market leaders
and new entrants in the global legal AI software market in the following ways:
·
The report segments the market into
various sub segments, hence it covers the market comprehensively. It provides
the closest approximations of the revenue numbers for the overall market and
its sub segments. The market numbers are further split across applications and
regions.
·
It helps in understanding the overall
growth of the market. It also provides information about key market drivers,
restraints, challenges, and opportunities.
·
It helps stakeholders in understanding
their competitors better and gaining more insights to strengthen their
positions in the market. The study also presents the positioning of the key
players based on their product offerings and business strategies