Legal AI Software Market Anticipated To Witness Robust Growth, Surpassing $5.76 Billion By 2029

The Legal AI Software Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Projected Growth of the Legal AI Software Market?
The market size of AI-powered legal software has seen substantial expansion in the past few years. The market is predicted to swell from $2.3 billion in 2024 to $2.79 billion in 2025, reflecting a compound annual growth rate (CAGR) of 20.9%. Factors contributing to the growth during the historic period include an escalation in legal workload, progress in natural language processing (nlp), improved cost and time efficiency, concerns over data security and compliance, and the need for predictive analytics.

The market for AI legal software is set to flourish and experience swift expansion in the coming years, reaching a value of $5.76 billion by 2029, with an annual compound growth rate (CAGR) of 19.9%. The driving factors during the forecast period largely involve the globalization of legal services, establishment of connections with legal practice management systems, measures for mitigating bias and ensuring ethicality, the automation of legal research, as well as regulatory alterations and compliance necessities. The forecast period also expects to see ongoing improvements in AI technology, a surge in remote collaboration and work, the incorporation of contract lifecycle management (CLM), legal solutions based on the cloud and the automation of usual legal duties.

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What Are the Different Legal AI Software Market Segments?
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 Are the Primary Drivers Shaping the Legal AI Software Market?
The increase in legal proceedings is predicted to enhance the expansion of the legal AI software market in the future. A legal proceeding, or lawsuit, takes place in a law court and generally involves a dispute, claim, or complaint enacted by one party, also known as the plaintiff or claimant, against another party, the defendant. Legal AI software is becoming more common in these lawsuits, as it uses predictive analysis to review previous case results and legal precedents, providing valuable insights that help lawyers make informed decisions and create solid legal tactics. A case in point is the 143 new employment discrimination lawsuits filed in fiscal 2023 by the US Equal Employment Opportunity Commission (EEOC), a US federal agency. This figure shows a rise of over 50% compared to the suit filings in fiscal 2022. Additionally, the suit filings for fiscal 2023 contain 25 systemic lawsuits, nearly twice the number filed in each of the last three fiscal years. Consequently, the rising number of lawsuits is propelling the expansion of the legal AI software market.

Which Companies Are Leading in the Legal AI Software Market?
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.

What Legal AI Software Market Trends Are Gaining Traction Across Different Segments?
Leading organizations in the legal AI software market, such as LexisNexis, are pioneering sophisticated technologies, like legal generative AI platforms, to broaden their consumer reach, boost sales, and increase market revenue. Legal generative AI platforms utilize AI to create and generate legal documentation, content and insights. For example, LexisNexis, a US software firm, unveiled a generative AI platform called Lexis+ AI in May 2023, aimed at revolutionising how legal work is done. The platform leverages the vast and exclusive legal content repository, delivering superior speed and precision by accessing an extensive collection of documents and records. The new Lexis+ AI technology undeniably simplifies the often convoluted and lengthy legal research process through its conversational search feature. Users can ask a variety of legal questions with citations, simplifying the research and enhancing the ability of legal professionals to conduct thorough and efficient investigations.

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What Are the Top Revenue-Generating Geographies 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.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Legal AI Software Market?
2. What is the CAGR expected in the Legal AI Software Market?
3. What Are the Key Innovations Transforming the Legal AI Software Industry?
4. Which Region Is Leading the Legal AI Software Market?

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