Press release
LegalTech Artificial Intelligence Market Overview, Key Players Analysis and Business Forecast 2022 - 2030 | Lex Machina, Casetext Inc., Everlaw, Judicata, Lawgeex
The Global LegalTech Artificial Intelligence Market size was valued at USD 4.4 billion in 2021 and is expected to reach USD 37.7 billion by 2030, growing at a CAGR of 30.5% from 2022 to 2030.
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One of the primary drivers of the LegalTech AI market is the growing demand for improved legal services. AI technologies are capable of analyzing large amounts of legal data and identifying patterns that can be used to provide better legal advice and solutions. This is particularly attractive to law firms and legal departments that need to process large volumes of information to provide accurate legal advice to clients. Another driver of this market is the need to reduce costs. The use of AI technologies can help reduce the time and resources required to process legal data, which can lead to significant cost savings for law firms and clients.
The increasing regulatory compliance is also driving the growth of the LegalTech AI market. AI technologies can help legal departments and firms to identify and comply with regulatory requirements, ensuring that legal solutions are effective and compliant.
One of the major restraints of the LegalTech AI market is the lack of trust in AI technologies. Some clients and law firms may question the reliability and accuracy of AI technologies in providing legal solutions. Another restraint is the high cost of implementing AI technologies. The initial investment required to implement AI technologies can be high, which may deter some law firms from adopting these technologies.
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Key Players Influencing the LegalTech Artificial Intelligence Market:
Lex Machina, Loomanalytics, Justia Inc., FiscalNote Inc., Open Text Corporation, Casetext Inc., Everlaw, Luminance Technologies Ltd., ROSS Intelligence Inc., vLex LLC, Judicata, Legal Robot Inc., Leverton Holdings LLC, Lawgeex, Blue J Legal Inc., Donelley Financial Solutions amongst other market participants.
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Our 420+ Pages Report titled, LegalTech Artificial Intelligence Market will include extensive information on the following pointers:
Global market size and forecast values (2015 - 2030), in terms of revenue (US$ Million) and volume (Kilotons) by segments/sub-segments
Split of the market revenue (US$ Million) and Volume (Kilotons) into all the relevant segments & sub-segments across all major regions/countries.
Years Considered (2015 - 2030)
(Historic Years: 2015 - 2020
Base Year: 2021
Forecast Years: 2022 - 2030)
Market determinants and Influencing Factors
Market Dynamics (Drivers, Restraints, Opportunities and Trends)
Analysis on Impact of Covid-19 on Global LegalTech Artificial Intelligence Market
Macro-Economic and Micro-Economic Indicators
Porter's Five Forces Analysis
Regulatory Landscape
PESTEL Analysis
Competitive Benchmarking: Global Presence and Growth Strategies
(Mergers and Acquisitions
Product Launches
Investments Trends
R&D Initiatives)
Market Share Analysis, 2021
Detailed profiles of major market participants operating in the market, encompassing information pertaining to Company Details, Company Overview, Product Offerings, Key Developments, Financial Analysis, SWOT Analysis and Business Strategies
Region specific report, including North America, Europe, Asia Pacific, Middle East & Africa and Latin America, can also be provided.
The reports can be provided in different languages including German, Korean, Arabic, Russian, French, Japanese, Spanish, Chinese and other languages.
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Global LegalTech Artificial Intelligence Market:
By Application
Document Management System
E-Discovery
Practice and Case management
E-Billing
Contract Management
IP-Management
Legal Research
Legal Analytics
Cyber security
Predictive Technology
Compliance
By End-Users
Lawyer
Client
By Region
North America [U.S., Canada, Mexico]
Europe [Germany, UK, France, Italy, Rest of Europe]
Asia-Pacific [China, India, Japan, South Korea, Southeast Asia, Australia, Rest of Asia Pacific]
South America [Brazil, Argentina, Rest of Latin America]
Middle East & Africa [GCC, North Africa, South Africa, Rest of the Middle East and Africa]
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