Legal Artificial intelligence (AI) Software Market Booming Worldwide with Latest Trend and Future Scope by 2031

Legal AI software market is anticipated to grow at a CAGR of 36.8% during the forecast period (2024-2031). The market's growth is attributed to balancing innovation and security. Copyright legislation has to strike a balance between supporting AI innovation and protecting content creators' rights. It needs to encourage AI development while maintaining creators' rights. For instance, in March 2023, Copyright Office launched new initiative to examine the copyright law and policy issues raised by AI, including the scope of copyright in works generated using AI tools and the use of copyrighted materials in AI training.

The global legal AI software market is segmented on the component, deployment application, and end-user. Based on the component, the market is sub-segmented into solution, and services. Based on the deployment, the market is sub-segmented into on-premise, and cloud. Based on the application, the market is sub-segmented into legal research, contract review and management, e-billing, e-discovery, compliance, case prediction, and others. Further, on the basis of end-user, the market is sub-segmented into law firms, corporate legal departments, and others. The solution subcategory is expected to capture a significant portion of the market share within the component segment. This is attributed to the growing adoption of legal AI software for handling the legal department's tasks. AI-powered software solutions are assisting in the automation and acceleration of mundane, repetitive components of legal practice.

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Market Coverage

Market number available for - 2023-2031
Base year- 2023
Forecast period- 2024-2031
Segment Covered- By Source, By Product Type, By Applications
Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
, and others

Legal Artificial intelligence (AI) Software Market Segmentation

By Component 

Solution
Services

By Deployment

On-Premise
Cloud

By Application 

Legal Research
Contract Review and Management
E-billing
E-discovery
Compliance
Case Prediction
Others (Document Review and Analysis)

By End-User

Law Firms
Corporate Legal Departments
Others (Legal Professionals, Government and Public Sector, Compliance and Regulatory Departments)

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Regional Analysis

North America                                                                                                            

·        United States

·        Canada                     

Europe

·        UK

·        Germany

·        Spain

·        France

·        Italy

·        Rest of Europe

Asia-Pacific

·                  India

·                  China

·                  Japan              

·                  South Korea

·                  Rest of APAC

Rest of the World

•       Latin America

•       Middle East and Africa 

Company Profiles 

Ernst & Young Global Ltd.
Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP
Kira Inc.
LexisNexis group
Luminance Technologies Ltd.
Neota Logic Inc.
Open Text Corp.
Reveal Data Corp.
ROSS Intelligence, Inc.
Smokeball
Thomson Reuters Corp.
Veritone, Inc.
William

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