Press release
Legal AI Software Market Report 2024: Strategies And Recent Developments | International Business Machines Corporation, Thomson Reuters Corporation, Opentext Corporation, Lexisnexis Group Inc
Legal AI Software Market Trends
The Business Research Company offers in-depth market insights through Legal AI Software Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The legal ai software market size has grown exponentially in recent years. It will grow from $1.92 billion in 2023 to $2.3 billion in 2024 at a compound annual growth rate (CAGR) of 20.3%. The growth in the historic period can be attributed to increasing legal workload, advancements in natural language processing (nlp), cost and time efficiency, data security and compliance concerns, demand for predictive analytics.
The legal ai software market size is expected to see exponential growth in the next few years. It will grow to $4.83 billion in 2028 at a compound annual growth rate (CAGR) of 20.3%. The growth in the forecast period can be attributed to globalization of legal services, integration with legal practice management systems, ethical and bias mitigation measures, legal research automation, regulatory changes and compliance requirements. Major trends in the forecast period include continued advancements in ai technologies, rise in remote work and collaboration, contract lifecycle management (clm) integration, cloud-based legal solutions, automation of routine legal tasks.
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Market Segmentation:
The legal ai software market covered in this report is segmented -
1) By Component: Solution, Services
2) By Deployment Mode: On-Premise, Cloud
3) By Technology: Machine Learning And Deep Learning, Natural Language Processing
4) By Application: eDiscovery, Legal Research, Contract Management, Compliance, Other Applications
5) By End User: Corporate Legal Departments, Law Firms, Other End Users
Major Driver - Legal AI Software Market Growth Fueled By Rising Lawsuits And Evolving Legal Landscape
The growing number of lawsuits is expected to boost the growth of the legal AI software market going forward. A lawsuit is a legal proceeding in a court of law, typically involving a claim, complaint, or dispute brought by one party (the plaintiff or claimant) against another party (the defendant). In lawsuits, legal AI software is used in lawsuits as it leverages predictive analytics by analyzing past case outcomes and legal precedents, offering valuable insights to assist lawyers in making informed decisions and formulating robust legal strategies. For instance, in September 2023, the US Equal Employment Opportunity Commission (EEOC), a US-based federal agency, filed 143 new employment discrimination lawsuits in fiscal year 2023, representing more than a 50% increase over fiscal year 2022 suit filings. Further, the fiscal year 2023 suit filings include 25 systemic lawsuits, almost double the number filed in each of the past three fiscal years. Therefore, the growing number of lawsuits is driving the growth of the legal AI software market.
Competitive Landscape:
Major companies operating in the legal AI software market report are International Business Machines Corporation, Thomson Reuters Corporation, Opentext Corporation, Lexisnexis Group Inc., iManage LLC, Kira Inc., Veritone Inc., Cs Disco Inc., Everlaw , Brightflag, Lex Machina Inc., Brainspace Corporation, Lawgeex, Ironclad Inc., Neota Logic Inc., Luminance Technologies Ltd., LegalSifter Inc., Autto Limited, CaseMine, Cognitiv+ Ltd., Intraspexion Inc., Kim Technologies, Legal Robot Inc., Nalanda Technology Ltd., Omni Software Solutions, Pensieve Technology Ltd., Ross Intelligence, Text IQ Inc.
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Top Trend - Leading Innovations in the Legal AI Software Market
Major companies operating in the legal AI software market are developing advanced technological solutions, such as legal generative AI platforms, to meet larger customer bases, increase sales, and drive revenues in the market. A legal generative AI platform refers to a technology solution in the field of law that utilizes generative artificial intelligence (AI) to create and generate legal documents, content, or insights. For instance, in May 2023, LexisNexis, a US-based software company, launched Lexis+ AI, a generative AI platform designed to transform legal work. This AI platform is specifically designed to revolutionize legal processes, harnessing the power of the largest repository of accurate and exclusive legal content. By tapping into an extensive collection of documents and records, Lexis+ AI delivers unparalleled speed and precision, offering customers trusted and comprehensive legal results. The new Lexis+ AI technology features conversational search functionality, which simplifies the often intricate and time-consuming legal research process. This feature enables users to pose diverse legal questions with citations, streamlining the research journey and enhancing lawyers' ability to conduct effective and efficient investigations.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Legal AI Software Market Characteristics
3. Legal AI Software Market Trends And Strategies
4. Legal AI Software Market - Macro Economic Scenario
5. Legal AI Software Market Size And Growth
…..
27. Legal AI Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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