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.
· On Premises
· Legal Research
· Contract Management
· 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