Press release
2025-2034 Legal AI Software Market Outlook: Key Drivers, Emerging Challenges, and Strategic Insights
Legal AI Software
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How Large Will the Legal AI Software Market Size By 2025?_x000D_
In the past few years, the market size of legal AI software has seen considerable growth. The market size, currently at $2.3 billion in 2024, is expected to surge up to $2.77 billion in 2025 with a compound annual growth rate (CAGR) of 20.0%. The notable growth during the historic period can be attributed to factors such as the rise in legal workload, progress in natural language processing (nlp), cost and time efficiency, concerns regarding data security and compliance, and a surge in demand for predictive analytics._x000D_
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How Big Is the Legal AI Software Market Size Expected to Grow by 2029?_x000D_
In the coming years, the legal AI software market is projected to experience swift expansion, reaching a total of $5.68 billion by 2029, with a compound annual growth rate (CAGR) of 19.7%. The anticipated growth for the projection period can be credited to numerous factors including the globalization of legal amenities, integration with legal procedure management systems, ethical manners and bias control measures, automation of legal research, as well as regulatory modifications and compliance obligations. The forecast period is also likely to see continued evolution in AI technologies, increased remote work and collaboration, integration of contract lifecycle management (CLM), adoption of cloud-based legal solutions, and automation of daily legal duties._x000D_
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Which Key Market Drivers Powering Legal AI Software Market Expansion and Growth?_x000D_
The increase in legal proceedings is projected to stimulate the expansion of the legal AI software market. A lawsuit, a legal action that typically involves a claim, complaint, or dispute initiated by one entity against another, encourages the use of legal AI software. This software takes advantage of predictive analytics to review previous case results and legal precedents, providing crucial insights that aid attorneys in making knowledgeable choices and forming strong legal strategies. For example, the US Equal Employment Opportunity Commission (EEOC), a federal agency in the United States, submitted 143 new employment discrimination lawsuits in the fiscal year 2023. This was an increase exceeding 50% from the number of suits filed in the fiscal year 2022. Furthermore, the fiscal year 2023 witnessed the filing of 25 systemic lawsuits, almost twice the number recorded in each of the preceding three years. As such, the heightened number of lawsuits propels the growth of the legal AI software market._x000D_
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Which Fast-Growing Trends Are Poised to Disrupt the Legal AI Software Market?_x000D_
Leading corporations in the legal AI software market are focusing on the innovation of high-tech solutions like legal generative AI platforms to serve a broader customer base, boost product sales, and enhance market revenues. A legal generative AI platform is a techno-legal application that leverages generative artificial intelligence to craft and generate legal documents, content or insights. For example, LexisNexis, an American software firm, unveiled Lexis+ AI in May 2023, a generative AI solution crafted to revolutionize legal work. This platform is specifically engineered to reinvent legal operations by making use of the most substantial collection of accurate, exclusive legal content. Drawing from an expansive reservoir of documents and records, Lexis+ AI provides unmatched speed and accuracy, delivering trustworthy and all-inclusive legal results to its users. The innovative Lexis+ AI technology incorporates a conversational search feature, simplifying the complex and time-intensive legal research process. This functionality allows users to input a range of legal questions with references, making the research process more streamlined and boosting the efficacy of legal investigations conducted by attorneys._x000D_
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What Are the Emerging Segments in the Legal AI Software Market?_x000D_
The legal ai softwaremarket covered in this report is segmented -_x000D_
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1) By Component: Solution, Services_x000D_
2) By Deployment Mode: On-Premise, Cloud_x000D_
3) By Technology: Machine Learning And Deep Learning, Natural Language Processing_x000D_
4) By Application: eDiscovery, Legal Research, Contract Management, Compliance, Other Applications_x000D_
5) By End User: Corporate Legal Departments, Law Firms, Other End Users_x000D_
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Subsegments:_x000D_
1) By Solution: Document Automation, Legal Research, Contract Analysis, E-Discovery, Case Management, Compliance Management, Predictive Analytics_x000D_
2) By Services: Consulting Services, Implementation Services, Training And Support Services, Maintenance And Support Services_x000D_
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Who Are the Global Leaders in the Legal AI Software Market?_x000D_
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._x000D_
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Which are the Top Profitable Regional Markets for the Legal AI Software Industry?_x000D_
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._x000D_
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3.Policy Makers & Regulators - To track industry developments and align regulatory frameworks._x000D_
4.Consultants & Analysts - To support market entry, expansion strategies, and client advisory work._x000D_
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Our flagship product, the Global Market Model (GMM), is a premier market intelligence platform delivering comprehensive and updated forecasts to support informed decision-making._x000D_
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