Global LegalTech Artificial Intelligence Market Projected to Surpass $8.43 Billion by 2029 with 31.5% Annual Growth

What industry-specific factors are fueling the growth of the legaltech artificial intelligence market?
The growth of the legaltech artificial intelligence market is anticipated to be fueled by the escalating automation in contract management. The process of contract management, which involves overseeing, administering, and optimizing all phases of a contract from its inception to execution, monitoring the performance, and finally closing, utilizes LegalTech AI tools. These tools, powered by natural language processing (NLP) and machine learning algorithms, provide support in drafting intelligent contracts. They suggest appropriate language, assure legal conformity, and offer useful templates, which empowers legal experts to devise thorough and well-organized contract conditions. As per Alchemy Insights Inc., a firm from the United States specializing in software solutions, approximately 1.45 million Ethereum smart contracts were produced entirely in the first quarter of 2022, indicating a significant 24.7% rise from the 1.16 million smart contracts made in the last quarter of 2021. Consequently, the projected escalation in contract management automation is likely to boost the expansion of the legaltech artificial intelligence market.

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What Is the projected market size and growth rate for the legaltech artificial intelligence market?
The size of the legaltech artificial intelligence market has seen significant expansion recently. There is an anticipated increase from $2.15 billion in 2024 to $2.82 billion in 2025, with a CAGR of 31.0%. Factors contributing to the growth during the historic period include legal process automation, reduced costs and efficiency improvements, heightened demand for data security, enhanced abilities for legal research, and widened use of predictive analytics.

The market for legaltech artificial intelligence is predicted to experience a remarkable increase in the coming years, rising to a value of $8.43 billion in 2029 with a compound annual growth rate (CAGR) of 31.5%. This projected development within the forecast period can be linked to the progression in natural language processing (NLP), modifications in global regulations, a growing attraction to cloud-based solutions, a sustained focus on cybersecurity, and shifting client expectations. The forecast period will also see key trends such as the emergence of virtual legal assistants, a broadened application of blockchain in legal processes, a focus on explainable AI (XAI), the integration of cloud-based legal solutions, and the automation in contract lifecycle management.

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What new trends are reshaping the legaltech artificial intelligence market and its opportunities?
Key businesses in the legaltech AI market are concentrating on producing advanced products with cutting-edge technological solutions like cloud-based advocacy platforms to consolidate their market stature. Generally, a cloud-based advocacy platform signifies a software platform or service facilitated and administered via a cloud computing framework. For instance, FiscalNote Holdings Inc., an American firm specializing in software, data, and media, in April 2023, launched advanced AI features and amalgamated OpenAI's ChatGPT to transform AI application in the lobbying and advocacy sector. The platform has a reputation for its dependability, security, and comprehensive digital advocacy solutions. It offers functionalities like AI-integrated campaign emails, prefilled lawmaker contact schemas, detailed ROI analysis, management tools for events, newsletters, surveys, and petitions. The VoterVoice workflow software offered by FiscalNote allows organizations to stimulate members for specific advocacy campaigns. Leveraging this platform and FiscalNote's policy data, corporations equip members to converse directly with lawmakers through messages, emails, and texts, thus addressing swiftly to changing political and regulatory matters.

What major market segments define the scope and growth of the legaltech artificial intelligence market?
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

Subsegments:
1) By Software: Document Automation Software, Legal Research Tools, Contract Analysis Software, E-Discovery Software, Case Management Systems
2) By Services: Consulting Services, Implementation And Integration Services, Training And Support Services, Custom Development Services, Managed Services

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Which region dominates the legaltech artificial intelligence market?
North America was the largest region in the legaltech artificial intelligence market in 2024. The regions covered in the legaltech artificial intelligence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Which key market leaders are driving the legaltech artificial intelligence industry growth?
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

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What Is Covered In The LegalTech Artificial Intelligence Global Market Report?

•Market Size Forecast: Examine the legaltech artificial intelligence market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the legaltech artificial intelligence market for a structured understanding.
•Key Players Overview: Analyze major players in the legaltech artificial intelligence market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the legaltech artificial intelligence market.
•Segment Contributions: Evaluate how different segments drive overall growth in the legaltech artificial intelligence market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the legaltech artificial intelligence market.
•Industry Challenges: Identify potential risks and obstacles affecting the legaltech artificial intelligence market.
•Competitive Landscape: Review strategic developments in the legaltech artificial intelligence market, including expansions, agreements, and new product launches.

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