The AI Software Market in Legal Industry is expected to grow from USD 403.57 million in 2020 to USD 1792.2 million by 2026 at a CAGR of 19.07% from 2020 to 2026.
Legal AI defined as the utilization of artificial intelligence technology to facilitate several tasks carried out by law firms and corporate legal departments. AI is the hypothesis and development of intelligent machines, which have the ability to perform tasks which generally need human intelligence. The significant aim behind leveraging AI powered systems is to reduce the gap between human and machines by enabling these systems to collect, analyze and project future outcomes and mimic an advanced and intelligent system same as the human brain. Benefits of AI such as rising precision, efficiencies, cost savings and speed is the key factor propelling the growth of AI software market in legal industry. Artificial intelligence has the ability to transform businesses and the services and products they provide. In addition to this, the increasing number of litigations in the legal industry around the world, surging demand for automation in legal AI software, requirement to minimize the time it takes to accomplish the legal case are also responsible for the growth of AI software market in legal industry over the forecast period. In addition, there is a rising demand for data-driven decisions and solutions by legal professionals which enhances the use of advanced technologies. Moreover, the adoption of innovative tools such as chatbots assists legal firms to take crucial steps towards artificial intelligence and be a major part of digital transformations. These and various such factors are offering vital growth opportunities for the players operating in legal AI software industry, and eventually fuel the growth of this market during the forecast period.
Furthermore, the research is still going on for identifying the use of legal software Artificial Intelligence in various applications and its impact on the legal industry. The humanlike functions carried out by Artificial Intelligence software such as learning, decision making and planning propels demand for artificial intelligence software. Chatbots are also drawing attention in the legal sector and are expected to become a trend in the market. Artificial Intelligence is assisting lawyers perform tasks efficiently and in time.
The global AI Software Market in Legal Industry is segregated on the basis of Component as Solution and Services. Based on Deployment the global AI Software Market in Legal Industry is segmented in On-Premise and Cloud. Based on Application the global AI Software Market in Legal Industry is segmented in Contract Review and Management, E-Billing, E-Discovery, Compliance, Case Prediction and Other Applications. Based on End-user Industry the global AI Software Market in Legal Industry is segmented in Law Firms, Corporate Legal Departments and Other End-user Industries.
The global AI Software Market in Legal Industry report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The AI Software Market in Legal Industry for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
Everlaw, Ey Riverview Law, IBM, Kira, Klarity and others are among the major players in the global AI Software Market in Legal Industry. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global AI Software Market in Legal Industry has been segmented as below:
AI Software Market in Legal Industry, By Component
AI Software Market in Legal Industry, By Deployment
AI Software Market in Legal Industry, By Application
AI Software Market in Legal Industry, By End-user Industry
AI Software Market in Legal Industry, By Region
AI Software Market in Legal Industry, By Company
The report covers the below scope:
The years considered for the study are as follows:
Report Scope:
The global AI Software Market in Legal Industry report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global AI Software Market in Legal Industry share. Major industry players with significant revenue share include Everlaw, Ey Riverview Law, IBM, Kira, Klarity and others.
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1. Introduction
1.1. Key Points
1.2. Report Description
1.3. Markets Covered
1.4. Stakeholders
2. Research Methodology
2.1. Research Scope
2.2. Research Methodology
2.2.1. Market Research Process
2.2.2. Research Methodology
2.2.2.1. Secondary Research
2.2.2.2. Primary Research
2.2.2.3. Models for Estimation
2.3. Market Size Estimation
2.3.1. Bottom-Up Approach
2.3.2. Top-Down Approach
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Drivers
4.3. Restraints
4.4. Opportunities
4.5. Challenges
5. AI Software Market in Legal Industry, By Component
5.1. Key Points
5.2. Solution
5.3. Services
6. AI Software Market in Legal Industry, By Deployment
6.1. Key Points
6.2. On-Premise
6.3. Cloud
7. AI Software Market in Legal Industry, By Application
7.1. Key Points
7.2. Legal Research
7.3. Contract Review and Management
7.4. E-Billing
7.5. E-Discovery
7.6. Compliance
7.7. Case Prediction
7.8. Other Applications
8. AI Software Market in Legal Industry, By End-user Industry
8.1. Key Points
8.2. Law Firms
8.3. Corporate Legal Departments
8.4. Other End-user Industries
9. Competitive Landscape
9.1. Introduction
9.2. Start-up companies- AI Software Market in Legal Industry
9.3. Recent Developments
9.3.1. Mergers & Acquisitions
9.3.2. New Product Developments
9.3.3. Portfolio/Production Capacity Expansions
9.3.4. Joint Ventures, Collaborations, Partnerships & Agreements
9.3.5. Others
10. Company Profile
10.1. Everlaw
10.2. Ey Riverview Law
10.3. IBM
10.4. Kira
10.5. Klarity
10.6. Lawgeex
10.7. Legalsifter
10.8. Lexisnexis
10.9. Luminance
10.10.Nalanda Technology
10.11. Neota Logic
10.12. Omni Software Systems
10.13. Opentext
10.14. Pensieve
10.15. Ross Intelligence
10.16. Thomson Reuters
10.17. Veritone
AI Software Market in Legal Industry, By Component
AI Software Market in Legal Industry, By Deployment
AI Software Market in Legal Industry, By Application
AI Software Market in Legal Industry, By End-user Industry