Press release
LegalTech Artificial Intelligence (AI) Market to Witness an Outstanding Growth by 2030
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The effects of Corona virus has directly influenced the growth of the LegalTech Artificial Intelligence (AI) Market. As a result of the corona virus lockout, the bulk of law firms businesses closed, which significantly hampered the market for legal-tech artificial intelligence solutions.
Global LegalTech Artificial Intelligence (AI) Market: Dynamics
Increasing demand for AI based Solution.
AI-powered software improves the efficiency of document review and analysis. Companies such as ROSS Intelligence provide Artificial Intelligence software to help review and analyze legal documents with the help of natural language processing technology. Artificial Intelligence has also proved to be impactful in legal analytics, legal research, due diligence, and eDiscovery. Legal analytics helps in sorting through large amounts of data to find trends of value to attorneys. Divorce procedures take more than a year's time. However, the use of Artificial Intelligence technology self-guides clients to divorce solutions in lesser time. Artificial Intelligence has begun to transform the legal sector and is augmenting what humans do, allowing them to work on different tasks such as advising, negotiating deals, etc.
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A few products in the LegalTech Artificial Intelligence market are niche, while others are more generic AI solutions. Companies such as IBM Corporation and Zero focus on legal analytics. Other companies such as Apttus Corporation and iManage focus on offering contract management solutions. The LegalTech Artificial Intelligence market is not mature enough. Research is still ongoing for identifying the use of legal tech Artificial Intelligence in different applications and its impact on the legal sector. The humanlike functions performed by Artificial Intelligence software such as learning, decision making, and planning drives demand for it. Chatbots are also drawing attention in the legal sector and are expected to become a trend in the market. Artificial Intelligence is helping lawyers perform tasks efficiently and in time. However, it is not expected to replace lawyers in the future. Nevertheless, lawyers need to focus on attaining different skills to work alongside AI technology.
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North America Led the Global Market in 2019
Based on region, the global LegalTech Artificial Intelligence (AI) market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The U.S. and the U.K. are expected to be prominent countries of the LegalTech Artificial Intelligence market. North America accounts for a dominant share of the LegalTech Artificial Intelligence market as a large number of LegalTech companies are entering the Artificial Intelligence space.
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Key Players Operating in the Global Market
Key players operating in the global LegalTech Artificial Intelligence (AI) market are listed below:
ROSS Intelligence
IBM Corporation
Casetext Inc.
LawGeex
Lex Machina, Inc.
Kira Inc.
FiscalNote
Luminance Technologies Ltd.
Apttus Corporation
Catalyst Repository Systems
Global LegalTech Artificial Intelligence (AI) Market: Research Scope
Global LegalTech Artificial Intelligence (AI) Market, by Component
Software
Services
Global LegalTech Artificial Intelligence (AI) Market, by Application
Legal analytics
Legal research
eDiscovery
Contract management
e-billing
Prediction technology
Others
Global LegalTech Artificial Intelligence (AI) Market, by End-user
Law Firms
Corporations
Legal Service Providers
Global LegalTech Artificial Intelligence (AI) Market, by Region
North America
U.S.
Canada
Rest of North America
Europe
Germany
France
U.K.
Italy
Spain
Russia
Rest of Europe
Asia Pacific
China
Japan
India
Australia
Rest of Asia Pacific
South America
Brazil
Rest of South America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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