LegalTech Artificial Intelligence Market Analysis 2024-2033 : Market Size, Top Segments, Leading Region Forecast | International Business Machines Corporation (IBM), Opentext Corporation

"The new report published by The Business Research Company, titled "" LegalTech Artificial Intelligence Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the LegalTech artificial intelligence market size has grown exponentially in recent years. It will grow from $1.63 billion in 2023 to $2.15 billion in 2024 at a compound annual growth rate (CAGR) of 35.1%. The LegalTech artificial intelligence market size is expected to see exponential growth in the next few years. It will grow to $6.40 billion in 2028 at a compound annual growth rate (CAGR) of 31.3%.

Download Free Sample Report @ https://www.thebusinessresearchcompany.com/sample.aspx?id=13870&type=smp

The Surge Of LegalTech Artificial Intelligence Driven By Automated Contract Management
The increasing automation in contract management is expected to propel the growth of the legaltech artificial intelligence market going forward. Contract management refers to the process of overseeing, administering, and optimizing the entire lifecycle of contracts, from initiation and creation through execution, performance monitoring, and eventual closure. LegalTech AI tools leverage natural language processing (NLP) and machine learning algorithms to assist in drafting smart contracts by providing language suggestions, ensuring legal compliance, and offering templates, thereby helping legal professionals create precise and well-structured contract terms. For instance, in June 2022, according to Alchemy Insights Inc., a US-based software solutions company, around 1.45 million Ethereum smart contracts were generated in total during the first quarter of 2022, marking a notable 24.7% increase compared to the 1.16 million smart contracts created in the fourth quarter of 2021. Therefore, increasing automation in contract management is expected to propel the growth of the legaltech artificial intelligence market.

Cloud-Based Advocacy Platforms And AI Solutions For Comprehensive Legal And Advocacy Services
Major companies operating in the legaltech artificial intelligence market are focused on developing innovative products with advanced technological solutions, such as cloud-based advocacy platforms, to strengthen their position in the market. A cloud-based advocacy platform typically refers to a software platform or service that is hosted and delivered through a cloud computing infrastructure. For instance, in April 2023, FiscalNote Holdings Inc., a US-based software, data, and media company, launched enhanced AI functionality and integrated OpenAI's ChatGPT to revolutionize the use of AI in the lobbying and advocacy industry. The platform is known for its reliability, security, and comprehensive digital advocacy solutions, offering features such as pre-filled lawmaker contact forms, AI-enhanced campaign emails, detailed ROI reports, event management tools, newsletters, surveys, and petitions. VoterVoice workflow software enables organizations to mobilize members for targeted advocacy campaigns. Using the platform and FiscalNote's policy data, businesses empower members to directly communicate with lawmakers via messages, emails, and text messages, responding promptly to evolving political and regulatory issues.

The legaltech artificial intelligence market covered in this report is segmented -

1) By Component: Software, Services
2) By Application: Legal Analytics, Legal Research, Electronic Discovery (eDiscovery), Contract Management, E-Billing, Prediction Technology, Other Applications
3) By End-User: Law Firms, Corporations, Legal Service Providers

Buy Now & Get Exclusive Discount on this Report, Checkout link @
https://www.thebusinessresearchcompany.com/Discount?id=13870&type=discount

Major companies operating in the legaltech artificial intelligence market report are International Business Machines Corporation (IBM), Opentext Corporation, Conga Solutions, Veritone Inc., FiscalNote Holdings Inc., Lawgeex, Lex Machina Inc, Reveal, LawGeex, Kira Inc, Neota Logic Inc, Blue J Legal, eBREVIA, Justia, Casetext Inc, LawTrades, Catalyst Repository Systems Inc, Luminance Technologies Ltd, Legal Robot Inc, Woodpecker

Contents of the report:
1. Executive Summary
2. LegalTech Artificial Intelligence Market Report Structure
3. LegalTech Artificial Intelligence Market Trends And Strategies
4. LegalTech Artificial Intelligence Market - Macro Economic Scenario
5. LegalTech Artificial Intelligence Market Size And Growth
…..
27. LegalTech Artificial Intelligence Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

Explore the report store to make a direct purchase of the report @ https://www.thebusinessresearchcompany.com/report/legaltech-artificial-intelligence-global-market-report

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ "

Learn More About The Business Research Company

The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

This release was published on openPR.