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.
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
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