Legal Software: The Role of Machine Learning in Shaping the Market in 2024

The Business Research Company recently released a comprehensive report on the Global Legal Software (focus on machine learning) Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The legal software (focus on machine learning) market size has grown rapidly in recent years. It will grow from $0.44 billion in 2023 to $0.5 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to increased legal workload, cost efficiency, document management, regulatory compliance, enhanced research.

The legal software (focus on machine learning) market size is expected to see rapid growth in the next few years. It will grow to $0.81 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to predictive analytics, natural language processing (nlp), remote work and collaboration, global expansion, cybersecurity and privacy . Major trends in the forecast period include legal chatbots, data privacy compliance, legal analytics, virtual legal assistants, legal process automation.

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Market Drivers and Trends:

Increasing demand for intelligent business processes in law firms is driving the growth of the machine learning market. Intelligent business process includes the adoption of artificial intelligence (AI) or machine learning in business processes. AI is the development of system that has the ability to perform tasks requiring human intelligence. Software solutions are highly adopted in developed countries like the USA to achieve benefits, such as contract management and efficient legal data analysis. Machine learning helps legal firms and professionals to manage their huge data and derive insights from them. According to Legal Technology Survey Report by ABA Surveying, 35% of respondents from large firms with over 500 attorneys reported they used AI and 16% of respondents at firms with 100 or more attorneys were most likely considering an AI purchase. The growing demand to adopt machine learning in the law firms drives the market.

Many online platforms have been introduced that provide potential clients to connect with lawyers for simple services that include trademark registration, leases, registration and execution of wills, contracts and lease agreements, dishonoring of cheques, recovering suits, and consumer complaints. For instance, LegalZoom, a US-based firms helps you find attorneys without any hourly fees, and documents provided by this firm are accepted by courts and government agencies across all 50 states. This trend in providing online services will drive the demand for legal software.

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Major Key Players of the Market:

Microsoft Corporation, International Business Machines Corporation, Google LLC, Baidu Inc., Hewlett Packard Enterprise Development LP, Intel Corporation, SAP SE, SAS Institute Inc., BigML Inc., Fair Isaac Corporation, Wipro Limited, Nuance Communications Inc., KNIME.com AG, RapidMiner Inc., Angoss Software Corporation, H2O.ai Inc., Alpine Data Labs Inc., Domino Data Lab Inc., Dataiku Inc., Luminoso Technologies Inc., TrademarkVision Pty Ltd., Fractal Analytics Inc., TIBCO Software Inc., Teradata Corporation, Dell Technologies Inc., Oracle Corporation, Legal Files Software Inc., Rocket Matter LLC, RELX Group plc, Themis Solutions Inc., MyCase Inc., Smokeball Technologies Pty Ltd., PracticePanther Legal Software LLC, Zola Media LLC, Abacus Data Systems Inc., CosmoLex Inc., TimeSolv Corporation, Bill4Time LLC, Merus Inc., CaseFleet LLC, Filevine Inc.

Legal Software (focus on machine learning) Market 2024 Key Insights:

• The legal software (focus on machine learning) market size is expected to see rapid growth in the next few years. It will grow to $0.81 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%.
• Machine Learning Revolutionizing Intelligent Business Processes In Law Firms
• Rising Focus On Online Legal Services
• The Asia-Pacific was the largest region in the legal software market in 2023

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