Legal AI defined
as the utilization of artificial intelligence technology to facilitate several
tasks carried out by law firms and corporate legal departments. AI is the hypothesis
and development of intelligent machines, which have the ability to perform
tasks which generally need human intelligence. The significant aim behind
leveraging AI powered systems is to reduce the gap between human and machines
by enabling these systems to collect, analyze and project future outcomes and mimic
an advanced and intelligent system same as the human brain. Benefits of AI such as rising precision, efficiencies,
cost savings and speed is the key factor propelling the growth of AI software
market in legal industry. Artificial intelligence has the ability to transform
businesses and the services and products they provide. In addition to this, the
increasing number of litigations in the legal industry around the world, surging
demand for automation in legal AI software, requirement to minimize the time it
takes to accomplish the legal case are also responsible for the growth of AI
software market in legal industry over the forecast period. In addition, there
is a rising demand for data-driven decisions and solutions by legal
professionals which enhances the use of advanced technologies. Moreover, the adoption
of innovative tools such as chatbots assists legal firms to take crucial steps
towards artificial intelligence and be a major part of digital transformations.
These and various such factors are offering vital growth opportunities for the
players operating in legal AI software industry, and eventually fuel the growth
of this market during the forecast period.
Furthermore, the research is still going on for identifying
the use of legal software Artificial Intelligence in various applications and
its impact on the legal industry. The humanlike functions carried out by
Artificial Intelligence software such as learning, decision making and planning
propels demand for artificial intelligence software. Chatbots are also drawing
attention in the legal sector and are expected to become a trend in the
market. Artificial Intelligence is assisting lawyers perform tasks
efficiently and in time.
The
global AI Software Market in Legal Industry is segregated on the basis of Component
as Solution and Services. Based on Deployment the global AI Software Market in
Legal Industry is segmented in On-Premise and Cloud. Based on Application the
global AI Software Market in Legal Industry is segmented in Contract Review and
Management, E-Billing, E-Discovery, Compliance, Case Prediction and Other
Applications. Based on End-user Industry the global AI Software Market in Legal
Industry is segmented in Law Firms, Corporate Legal Departments and Other
End-user Industries.
The
global AI Software Market in Legal Industry report provides geographic analysis
covering regions, such as Europe, North America, Asia Pacific, and Rest of The
World. The AI Software Market in Legal Industry for each region is further
segmented for major countries including the U.S., Canada, Germany, the U.K.,
France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
Everlaw, Ey
Riverview Law, IBM, Kira, Klarity and others are among the major players in the
global AI Software Market in Legal Industry. The companies studied in terms of
product strategy and various n several growth and expansion strategies to gain
a competitive edge in the market. The major players not only follow value chain
integration with business operations in multiple stages of the value chain.
- In
January 2019, OpenText acquired Repository Systems, a prominent provider of
eDiscovery solutions for corporate legal departments and law firms, to improve
its market position as a provider of AI-enabled eDiscovery solution.
- In
October 2019, QNC GmbH, a legal tech firm, with the help of IBM Watson
Knowledge Studio and the Watson Discovery service, was able to introduce its
new “digital law firm” subscription service and offer inexpensive, fast,
flat-rate online legal services to small enterprises in Germany.
- In
October 2019, ROSS Intelligence and Clio declared integration among their
innovative AI-based products. Cilo is one of the major players in the
cloud-based legal technology provider. As a result of this collaboration, all
Clio customers will be able to use ROSS’s Document Analyzer.
- In
September 2018, Kira Systems, an AI-driven contract analytics software company,
declared a USD 50 million small investment from Insight Venture Partners. The
company offers AI software Kira, which assists in reducing the time spent on
document review by 20% to 90% and improve the precision of the review.
The global AI Software Market in Legal Industry has
been segmented as below:
AI
Software Market in Legal Industry, By Component
AI
Software Market in Legal Industry, By Deployment
AI Software
Market in Legal Industry, By Application
- Legal Research
- Contract Review and Management
- E-Billing
- E-Discovery
- Compliance
- Case Prediction
- Other Applications
AI
Software Market in Legal Industry, By End-user Industry
- Law Firms
- Corporate Legal Departments
- Other End-user Industries
AI
Software Market in Legal Industry, By Region
- Europe
- North America
- Asia Pacific
- Rest of The World
AI
Software Market in Legal Industry, By Company
- Everlaw
- Ey Riverview Law
- IBM
- Kira
- Klarity
- Lawgeex
- Legalsifter
- Lexisnexis
- Luminance
- Nalanda Technology
- Neota Logic
- Omni Software Systems
- Opentext
- Pensieve
- Ross Intelligence
- Thomson Reuters
- Veritone
The
report covers the below scope:
- Global AI Software Market in Legal
Industry sizes from 2020 to 2026, along with CAGR for 2020-2026
- Market size comparison for 2019 vs
2026, with actual data for 2019, estimates for 2019 and forecast from 2020 to
2026
- Global AI Software Market in Legal
Industry trends, covering comprehensive range of consumer trends &
manufacturer trends
- Value chain analysis covering
participants from raw material suppliers to the downstream buyer in the global AI
Software Market in Legal Industry
- Major market opportunities and
challenges in forecast timeframe to be focused
- Competitive landscape with analysis
on competition pattern, portfolio comparisons, development trends and strategic
management
- Comprehensive company profiles of
the key industry players
The
years considered for the study are as follows:
- Base year - 2019
- Estimated year - 2019
- Projected year - 2020
- Forecast period - 2021 to 2026
Report
Scope:
The global AI Software Market in Legal Industry
report scope includes detailed study covering underlying factors influencing
the industry trends. The report covers analysis on regional and country level
market dynamics. The scope also covers competitive overview providing company
market shares along with company profiles for major revenue contributing
companies. The report scope includes detailed competitive outlook covering
market shares and profiles key participants in the global AI Software Market in
Legal Industry share. Major industry players with significant revenue share
include Everlaw, Ey Riverview Law, IBM, Kira, Klarity and others.
Why to
Buy this Report:
- Gain detailed insights on the AI Software Market in Legal industry trends
- Find complete analysis on the
market status
- Identify the AI Software Market in
Legal Industry opportunities and growth segments
- Analyse competitive dynamics by
evaluating business segments & product portfolios
- Facilitate strategy planning and
industry dynamics to enhance decision making
Target
Audience:
- The report targeted towards the existing players in
the industry is as follows:
- Market Manufacturers/Service
Providers
- Market Wholesale/Traders
- Investment and Financial
Institutions
Free
and Paid Customization based on the requirement