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Legal Software (Focus On Machine Learning) Market Analysis, Trends, Growth, Research And Forecast 2033
Legal Software (Focus On Machine Learning) Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the legal software (focus on machine learning) industry. This report on legal software (focus on machine learning) market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The legal software (focus on machine learning) market size has grown rapidly in recent years. It will grow from $0.44 billion in 2023 to $0.5 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to increased legal workload, cost efficiency, document management, regulatory compliance, enhanced research.
The legal software (focus on machine learning) market size is expected to see rapid growth in the next few years. It will grow to $0.81 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to predictive analytics, natural language processing (nlp), remote work and collaboration, global expansion, cybersecurity and privacy . Major trends in the forecast period include legal chatbots, data privacy compliance, legal analytics, virtual legal assistants, legal process automation.
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Key Market Players:
Microsoft Corporation, International Business Machines Corporation, Google LLC, Baidu Inc., Hewlett Packard Enterprise Development LP, Intel Corporation, SAP SE, SAS Institute Inc., BigML Inc., Fair Isaac Corporation, Wipro Limited, Nuance Communications Inc., KNIME.com AG, RapidMiner Inc., Angoss Software Corporation, H2O.ai Inc., Alpine Data Labs Inc., Domino Data Lab Inc., Dataiku Inc., Luminoso Technologies Inc., TrademarkVision Pty Ltd., Fractal Analytics Inc., TIBCO Software Inc., Teradata Corporation, Dell Technologies Inc., Oracle Corporation, Legal Files Software Inc., Rocket Matter LLC, RELX Group PLC, Themis Solutions Inc., MyCase Inc., Smokeball Technologies Pty Ltd., PracticePanther Legal Software LLC, Zola Media LLC, Abacus Data Systems Inc., CosmoLex Inc., TimeSolv Corporation, Bill4Time LLC, Merus Inc., CaseFleet LLC, Filevine Inc.
Market Drivers:
According to the Legal Software (Focus On Machine Learning) Market Report 2024 by The Business Research Company, the key factors driving the growth of the legal software (focus on machine learning) market, includes the increasing demand for remote work is expected to propel the growth of the legal software market going forward. Remote work, often referred to as telecommuting or telework, is a work arrangement in which employees perform their job tasks and responsibilities from a location outside the traditional office environment. Remote work enhances the legal professionals' work experience, flexibility, productivity, reduces stress, enhances cost savings, work-life balance, access to talent, and the adoption of technology. For instance, in June 2023, according to Forbes Media LLC, a US-based media company, in the US, 12.7% of employees reported working from home in 2023, and by 2025, 32.6 million people are expected to work remotely. Therefore, the increasing adoption of remote work is driving the growth of the legal software market .
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Market segments for home insurance include:
1) By Deployment Mode: Cloud, On-Premise
2) By Technology: Machine Learning And Deep Learning, Natural Language Processing
3) By Application: eDiscovery, Legal Research
4) By End User: Corporate Legal Departments, Law Firms
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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