Legal AI Software Market Size,Share,Geography Global and Forecast (2024-2031)

Legal documents, contracts, case law and regulatory documents are merely a few of the numerous kinds of data that the legal sector produces and this data can be processed and analyzed by legal AI software effectively, making it a useful tool for law offices and legal departments. Legal AI software automates many manual and time-consuming tasks, such as contract review and legal research and this leads to increased efficiency and significant cost savings for legal professionals.For instance, on 25 April 2023, Luminance, a leader in legal process automation, partnered with NexaConnex, a brand of Nexa Law, to integrate Luminance's AI technology into the NexaConnex legal service offering. NexaConnex, a fast-growing legal services provider in UK, supports mid-market law firms in various sectors. The partnership was initiated when NexaConnex used Luminance's AI to streamline a complex and time-sensitive disclosure exercise for one of its law firm clients, resulting in significant time savings.

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Market Dynamics

Automation of routine tasks and processes allows legal professionals to focus on higher-value tasks, such as legal analysis and strategy development and this leads to increased efficiency and productivity within law firms and legal departments. Automation helps reduce operational costs by minimizing the need for manual labor in tasks like document review, contract analysis and legal research, this cost reduction is appealing to legal organizations seeking to optimize their budgets.

According to GlobalSCAPE, Inc. and Ponemon studies the cost of disregarding data privacy regulations has significantly increased in recent years. Average annual expenditures for non-compliance for organizations are USD 14.82 million, which is 2.71 times more expensive than keeping compliance. The amount of sensitive or confidential information handled by each industry affects the differences in compliance costs that range from USD 7.7 million on average annually for media organizations to over USD 30.9 million for financial services companies.

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Segment Analysis

As laws and regulations become more intricate, legal professionals require advanced tools to manage and interpret vast volumes of legal information efficiently. Legal AI software provides the means to process this complexity. Legal AI can automate routine and time-consuming tasks, such as document review and contract analysis and this automation reduces operational costs and allows legal professionals to focus on higher-value tasks.For instance, on 8 May 2023, Law Bot Pro is a groundbreaking app developed by a law student, Mandaar Mukesh Giri, aimed at providing easy and accessible legal information to the public. The app features an intelligent chatbot that answers legal questions in plain language, making legal knowledge more understandable. The app's chatbot is designed to simplify legal information, making it accessible to individuals with varying levels of legal knowledge.

Competitive Landscape

The major global players in the market include International Business Machines, Thomson Reuters Corporation Reuters Corporation, Open Text Corporation India Private Limited, Neota Logic Inc., Cognitiv+, Casetext, Inc., Klarity Intelligence, Inc., CaseMine, Kira Inc. and Reed Elsevier Inc..

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