Press release
Major Force in the Legal AI Software Market 2025: Legal AI Software Market Growth Fueled By Rising Lawsuits And Evolving Legal Landscape
Legal AI Software Market Share
The legal AI software market will grow from $2.3 billion in 2024 to $2.79 billion in 2025, at a CAGR of 20.9%. This rapid growth is driven by increasing legal workloads, advancements in natural language processing, demand for time and cost efficiency, and heightened concerns for data security and compliance.
The legal AI software market is expected to grow to $5.76 billion by 2029, driven by globalization, AI advancements, legal research automation, and regulatory changes. Key trends include the integration of legal practice management systems, contract lifecycle management (CLM), and cloud-based solutions.
What Key Elements Are Boosting Growth in the Legal AI Software Market?
The increasing number of lawsuits is anticipated to fuel the expansion of the legal AI software market in the future. A lawsuit is a formal legal process in which one party (the plaintiff or claimant) files a complaint or claim against another party (the defendant). In these lawsuits, legal AI software is utilized as it applies predictive analytics, analyzing past case results and legal precedents, offering valuable insights to help lawyers make informed decisions and create strong legal strategies. For example, in September 2023, the US Equal Employment Opportunity Commission (EEOC) filed 143 new employment discrimination lawsuits in fiscal year 2023, showing an increase of more than 50% compared to fiscal year 2022. Additionally, 25 systemic lawsuits were filed in fiscal year 2023, almost double the number from the previous three fiscal years. Thus, the increasing volume of lawsuits is driving the growth of the legal AI software market.
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Who Are the Major Industry Players Fueling Legal AI Software Market Expansion?
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.
How Is the Legal AI Software Market Evolving?
Leading companies in the legal AI software market are developing advanced technological solutions like legal generative AI platforms to expand their customer base, boost sales, and drive market revenues. A legal generative AI platform is a technology solution leveraging artificial intelligence to generate legal documents, insights, or content. For example, in May 2023, LexisNexis, a US-based software company, launched Lexis+ AI, a generative AI platform aimed at revolutionizing legal work. This platform harnesses a vast repository of accurate and exclusive legal content to provide unparalleled speed and precision, ensuring reliable and comprehensive legal results. Featuring conversational search functionality, Lexis+ AI simplifies complex legal research by allowing users to ask legal questions with citations, streamlining the research process and enabling legal professionals to conduct more efficient investigations.
How Is the Segmentation of the Legal AI Software Market Defined?
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
Subsegments:
1) By Solution: Document Automation, Legal Research, Contract Analysis, E-Discovery, Case Management, Compliance Management, Predictive Analytics
2) By Services: Consulting Services, Implementation Services, Training And Support Services, Maintenance And Support Services
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What Is the Leading Region in the Legal AI Software Market?
North America was the largest region in the legal AI software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the legal ai software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Legal AI Software Global Market Report?
- Market Size Analysis: Analyze the Legal AI Software Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Legal AI Software Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Legal AI Software Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Legal AI Software Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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