AI in Legal Services Market Opportunities to Transform Contract Review and E-Discovery Processes with Robotic Process Automation and Virtual Assistants

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global AI in Legal Services Market - (By Type (Natural Language Processing (NLP), Machine Learning, Predictive Analytics, Data Analytics and Visualization, Robotic Process Automation (RPA), Virtual Assistants, Expert Systems), By Application (Contract Review and Analysis, Legal Research, E-Discovery and Litigation Support, Due Diligence, Predictive Legal Analytics, Compliance Management, Document Automation, Case Prediction and Outcome Analysis, Intellectual Property Management, Legal Chatbots), By End User (Law Firms, Corporate Legal Departments, Government and Regulatory Bodies, Legal Tech Companies, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global AI in Legal Services Market is valued at US$ 9.2 Billion in 2023, and it is expected to reach US$ 61.6 Bn by 2031, with a CAGR of 27.7% during the forecast period of 2024-2031.

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The increasing volume of legal documents, contracts, and regulations generated on a daily basis presents significant challenges for the legal sector. Legal Artificial Intelligence (AI) offers effective solutions to mitigate these challenges, including eDiscovery technologies that streamline and expedite information processing, as well as automated document analysis. AI enables the automation of repetitive tasks such as due diligence and contract review, substantially reducing the time and resources traditionally required for these processes. The growing recognition of the benefits of AI is driving its widespread adoption within the legal industry. By automating routine tasks, legal professionals can improve productivity, reduce operational costs, and allocate more time to higher-value strategic activities.

AI tools are also proving essential in supporting legal professionals with informed decision-making, by predicting case outcomes, identifying potential risks, and providing actionable strategic recommendations. Additionally, the rapidly changing regulatory environment requires businesses to maintain compliance with a broad spectrum of laws and standards. This has led to an increased demand for AI-driven solutions that assist with regulatory monitoring, compliance risk assessment, and ensuring adherence to legal requirements. Continuous advancements in natural language processing (NLP), machine learning, and data analytics have significantly enhanced the capabilities of AI-powered legal systems, thereby contributing to the sector's ongoing growth and evolution.

List of Major Players in the AI in Legal Services Market:
• IBM Corporation
• ROSS Intelligence
• Luminance Technologies Ltd.
• Casetext Inc.
• Kira Systems Inc.
• Legal Robot Inc.
• Neota Logic Inc.
• RAVN Systems (now part of iManage)
• Seal Software (now part of DocuSign)
• Everlaw Inc.
• eBrevia Inc.
• NexLP Inc.
• Judicata Inc.
• Cognitiv+ (now part of NetDocuments)
• LawGeex Ltd.
• Legatics Ltd.
• Disco (formerly CS Disco Inc.)
• ThoughtRiver Ltd.
• Evisort Inc.
• Eigen Technologies Ltd.
• Premonition AI Ltd.
• Ayfie Group AS
• Omnius AG
• Knovos Inc.
• Lecorpio (now part of CPA Global)

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Market Dynamics
Drivers:
Increased investments in AI-powered legal solutions and the broader legal technology sector are driving innovation and fostering substantial market growth. This trend is accelerating the adoption of advanced AI tools within the legal industry. Additionally, advancements in natural language processing (NLP) have enhanced AI's capacity to accurately interpret and process human language, improving the reliability and efficiency of AI applications in document analysis, legal research, and contract review. As a result, these tools are becoming increasingly valuable and appealing to legal professionals.

Challenges:
The integration of AI into legal services introduces significant ethical and legal concerns. Issues related to data confidentiality, privacy, and the potential for biased or unjust outcomes may pose barriers to the widespread adoption of AI solutions. Ensuring compliance with data protection regulations and legal standards remains a crucial challenge. Furthermore, the lack of established protocols and industry standards for the implementation of AI in legal services complicates the consistent integration and operational effectiveness of AI technologies within law firms.

Regional Trends:
The North American market for AI in legal services is expected to maintain a dominant share of global revenue and is projected to experience strong growth in the coming years. This growth is driven by the presence of key market players, continuous technological advancements, and the introduction of innovative AI solutions. In parallel, the Asia-Pacific region has secured a notable market share, propelled by its expanding economy and growing adoption of AI-driven legal technologies. The increasing funding for AI and legal technology startups in this region is fueling the development of new AI tools and solutions, driving innovation and supporting the overall market expansion.

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Recent Developments:
• In June 2024, Thomson Reuters (TRI.TO) announced that it will purchase Casetext, a legal company that provides an artificial intelligence-powered assistant for law professionals, in a $650 million all-cash transaction. The CFO of Thomson Reuters announced that the firm intends to allocate approximately $100 million per year towards investments in artificial intelligence (AI). This budget will be in addition to the company's merger and acquisition budget of approximately $10 billion, which will be utilized between now and 2025.

Segmentation of AI in Legal Services Market-
By Type-
• Natural Language Processing (NLP)
• Machine Learning
• Predictive Analytics
• Data Analytics and Visualization
• Robotic Process Automation (RPA)
• Virtual Assistants
• Expert Systems
By Application-
• Contract Review and Analysis
• Legal Research
• E-Discovery and Litigation Support
• Due Diligence
• Predictive Legal Analytics
• Compliance Management
• Document Automation
• Case Prediction and Outcome Analysis
• Intellectual Property Management
• Legal Chatbots
By End User-
• Law Firms
• Corporate Legal Departments
• Government and Regulatory Bodies
• Legal Tech Companies
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.