A recently published report titled, “Legal AI Software Market: Opportunity Analysis and Future Assessment 2022-2030” offers a thorough and profound assessment on the market stature along with the top leading facts and figures, definition, overview, expert opinions, SWOT analysis, as well as the recent developments of the market all around the world. The market report also computes the market size, market sales, revenue, price, market share and gross margin and market forecast, growth rate and cost structure. The report estimates the revenue created from the sales and technologies by various application segments.
The global legal AI software market in 2022 is estimated for more than US$ 419.0 Mn and expected to reach a value of US$ 3,605.7 Mn by 2030 with a significant CAGR of 30.9%.
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Legal AI Software Introduction
Artificial intelligence, also known as machine intelligence, is a distinct field of study which makes computers ‘smart’ and makes them capable to comprehend and analyze. With the growing time, artificial intelligence (AI) is serving its utility in numerous fields and applications such as healthcare, cyber-security, automotive, hospitality, and many more.
Likewise, artificial intelligence is also referring to this trending technology and software to administer legal services among consumers and known as legal technology or legal AI software. Artificial intelligence (AI) assists legal delegates to govern all the legal related matters effectively and smoothly.
Legal AI software provides software solutions for better analysis of related legal data and fluent contract management applications. Owing to such diverse applications, the global legal AI software market is growing rapidly and is projected to grow in the same manner in near future.
Legal AI Software Market Dynamics
The application of artificial intelligence in law and order is expected to generate excellent results during the forecast period owing to the number of benefits and enormous potential the revolutionizing technology carries.
The legal AI software smoothens the working of law and order as it assists legal authorities to perform their functions fluently. Owing to this, the global legal AI software market is projected to witness significant growth during the forecast timeframe.
Along with that, artificial Intelligence is competent and efficient enough for examining and giving data the rundown to help it in predicting the future regarding the legal proceeding much better than the human mind. Such factors further enhance the demand of the legal AI software market in the global market.
Attributing to this, the global legal AI software market is estimated to progress swiftly in the near future. In addition to that, the increased adoption rate of AI software in order to improve customer-client relationships and surging count of prosecutions or litigations in the field of law across the world is also estimated to propel the growth of the global legal AI software market during the forecast period.
Furthermore, the rising need for data-driven solutions and decisions by legal professionals has increased the demand for advanced technologies, ultimately giving a push to the global legal AI software market.
However, the only factor which may hold back the growth of the global legal AI software market is the inadequacy of awareness among consumers and end-users with regards to utilities and benefits of legal AI software and the expensive installation cost of advanced software.
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Legal AI Software Market Segmentation
The legal AI software market is segmented on the basis of application, services, deployment, technology, end-use, and region.
By Application
eDiscovery
Legal Research
Contract Management
Compliance
Case Prediction
Others
By Services
Professional Services
Managed Services
By Deployment
Cloud
On-Premises
By Technology
Machine Learning and Deep Learning
Natural Language Processing
By End-Use
Corporate Legal Departments
Law Firms
Others
By Region
North America
Latin America
Europe
Asia Pacific
Middle East
Africa
Legal AI Software Market Key Players
Some of the key participating players in the global legal AI software market are
- IBM Corporation
- OpenText
- Thomson Reuters
- Veritone
- ROSS Intelligence
- Luminance
- LexisNexis
- Neota Logic
- Everlaw
- Legalsifter
- Pensieve
- Cognitiv+
- Casetext
- Klarity
- Omni Software Systems
- Nalanda Technology
- LawGeex
- Kira
- CaseMine
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