Legal AI Software Market Insights | Key players: IBM, Oracle, SAS, Coupa Software and Genpact
Browse 52 market data Tables and 42 Figures spread through 134 Pages and in-depth TOC on "Legal AI Software Market”
Contract management application to grow at the highest CAGR during the forecast period
The legal AI market by applications covers eDiscovery, legal research, contract management, compliance, case prediction, and others (divorce automation, ebilling, knowledge management, and IP) segments. The contract management is expected to grow at the highest CAGR during the forecast period, owing to an increasing demand for AI-powered solutions to streamline the entire contract management process using legal AI software solutions.
ML and deep learning technology to hold the largest market size during the forecast period
The legal AI software market by technology has 2 segments: ML and deep learning, and NLP. The ML and deep learning segment is expected to account for the largest market size during the forecast period, due to an increasing demand for intelligently automating the legal processes by integrating it into the legal AI software.
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North America to hold the largest market size during the forecast period
North America is expected to hold the the largest market size during the forecast period. In the region, the growth rate can be attributed to various factors including the adoption of advanced technologies, economic developments, increasing customer demand, and high investments by legal AI software solution providers. Driving forces in the region are large-scale investments, funding, and R&D activities in the marketspace. Major law firms and independent lawyers are adopting legal AI software solutions rapidly.
The legal AI software market report provides the competitive landscape and company profiles of the key vendors by their product offerings and business strategies. Major vendors in the global legal AI software market include IBM (US), OpenText (US), Thomson Reuters (US), Veritone (US), ROSS Intelligence (US), Luminance (US), LexisNexis (US), Neota Logic (US), Everlaw (US), Legalsifter (US), Pensieve (India), Cognitiv+ (UK), Casetext (US), Klarity (US), Omni Software Systems (US), Nalanda Technology (UK), LawGeex (Israel), Kira (US), and CaseMine (India).
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