Legal AI Software Market 2027- Credence Research | Size, Share & Forecast

The global legal AI software market is set to grow with a CAGR of more than 20 percent over the forecast period from 2019 to 2027, starting from US$ 240.0 million in 2018.

SANJOSE, United States - July 22, 2019 /MarketersMedia/ —

According to a new market research report published by Credence Research “Global Legal AI Software Market (Component (Solutions, Services), Technology (Machine Learning, Deep Learning, NLP), Deployment Model (Cloud, On-premise), Application (Ediscovery, Legal Research, Contract Management, Compliance, Case Prediction) and End User (Corporate Legal Departments, Law Firms)) – Growth, Future Prospects and Competitive Analysis, 2019 - 2027”, the overall Legal AI Software Market worldwide is set to grow with a CAGR of more than 20% during the forecast period from 2019 to 2027, starting from US$ 240.0 Mn in 2018.

Market Insights

The global legal AI software market is highly driven by increasing inclination toward IOT and automation. Additionally, increasing penetration of artificial intelligence in the legal industry is changing the face of this industry and has created a vast demand for these advanced platforms. Artificial intelligence provides various advantages such as process accuracy, efficiency, reduced cost and speed. These advantages have increased adoption of legal AI software in law firms and legal departments. Additionally, rising number of litigations in the legal industry across the world, and need to reduce the time it takes to complete the legal case are also contributing to the growth of legal AI software market during the forecast period.

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Furthermore, growing need to develop data-driven solutions in the legal industry also fuels the adoption of legal AI software by legal professionals. These factors are likely to drive the growth of this market during the forecast period. However, lack of awareness among law firms of the benefits of legal AI software, high cost of installation, and cybersecurity and data privacy concerns of the legal data are likely to restrain the growth of this market during the forecast period.

Based on the type of applications, contract management application segment is expected to grow at the highest CAGR during the forecast period. As most of the legal firms conduct contract review process to analyze the risk, and opportunities associated with the contracts. To complete proper contract analysis, AI-based software can help understand the language of the contract and the meaning of the clauses. These advantages have increased the adoption of AI software for contract management and is projected to continue to grow during the forecast period. Based on geography, North America dominates the legal AI software market by holding the largest market share of nearly 40% of the total revenue generated worldwide. This market position is mainly attributed to increasing investments and product developments in the field of artificial intelligence.

Additionally, the US being a technologically advanced country is experiencing growth in digitization in the legal industry. Moreover, there is increasing investment in research and development of automation and artificial intelligence techniques in this region. These factors are attributed to the highest position of North America, in the global legal AI market. However, Europe is expected to witness the highest growth in the global legal AI software market. As large number of European law firms and legal companies are adopting AI technology, the legal industry is experiencing a rapid transformation. This is the primary factor driving the growth of this market in the European region. Additionally, legal AI software market in Asia-Pacific is also growing at a significant pace.

Some of the major companies profiled in the report include Ross Intelligence, Veritone, Thomson Reuters, iManage, LexisNexis, Luminance, Neota Logic, Legalsifter, Everlaw, Pensieve, Casetext, Cognitiv+, Klarity, Nalanda Technology, Omni Software Systems, Lawgeex, Kira, Opentext, Ey Riverview Law, Rradar, among others.

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Chapter 1 Preface
1.1 Report Scope and Description
1.1.1 Study Purpose
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Scope
1.3 Research Methodology
1.3.1 Phase I – Secondary Research
1.3.2 Phase II – Primary Research
1.3.3 Approach Adopted
1.3.4 Top-Down Approach
1.3.5 Bottom-Up Approach
1.3.6 Phase III – Expert Panel Review
1.3.7 Assumptions
1.4 Market Segmentation

Chapter 2 Executive Summary

Chapter 3 Market Dynamics
3.1 Introduction
3.2 Market Dynamics
3.2.1 Market Drivers
3.2.2 Market Restraint
3.3 Attractive Investment Proposition, by Geography, 2017
3.4 Market Positioning of Key Legal AI Software Vendors, 2017

Chapter 4 Global Legal AI Software Market, by Component
4.1 Overview
4.1.1 Global Legal AI Software Market Value Share, by Component, 2017 & 2026 (Value, %)
4.2 Solutions
4.2.1 Global Solutions Market Value, 2016 – 2026 (US$ Bn)
4.2.2 Software Solutions Global Software Solutions Market Value, 2016 – 2026 (US$ Bn)
4.2.3 Platforms Global Platforms Market Value, 2016 – 2026 (US$ Bn)
4.3 Services
4.3.1 Global Services Market Value, 2016 – 2026 (US$ Bn)
4.3.2 Professional Services
4.4 Managed Services

Chapter 5 Global Legal AI Software Market, by Technology Protocol
5.1 Overview
5.2 Machine Learning and Deep Learning
5.3 Natural Language Processing

Chapter 6 Global Legal AI Software Market, by Services Segment
6.1 Overview
6.2 Cloud
6.3 On-Premises

Chapter 7 Global Legal AI Software Market, by End User Segment
7.1 Overview
7.2 Corporate Legal Departments
7.3 Law Firms

Chapter 8 Global Legal AI Software Market, by Application
8.1 Overview
8.2 EDiscovery
8.3 Legal Research
8.4 Contract Management
8.5 Compliance
8.6 Case Prediction
8.7 Others

Chapter 9 North America Legal AI Software Market Analysis, 2016 – 2026 (US$ Bn)

Chapter 10 Europe Legal AI Software Market Analysis, 2016 – 2026 (US$ Bn)

Chapter 11 Asia Pacific Legal AI Software Market Analysis, 2016 – 2026 (US$ Bn)

Chapter 12 Rest of the World (RoW) Legal AI Software Market Analysis, 2016 – 2026 (US$ Bn)

Chapter 13 Company Profiles
13.1 Ross Intelligence
13.2 Thomson Reuters
13.3 Veritone
13.4 IManage
13.5 Luminance
13.6 LexisNexis
13.7 Neota Logic
13.8 Everlaw
13.9 Legalsifter
13.10 Pensieve
13.11 Cognitiv+
13.12 Casetext
..............toc continued

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