LegalTech Artificial Intelligence Market is segmented By Application (Document Management System, E-Discovery, Practice and Case Management, E-Billing, Contract Management, IP-Management, Legal Research, Legal Analytics, Cyber Security, Predictive Technology, and Compliance), and By End-User (Lawyers and Clients) and Region (United States, Canada, Mexico, South America, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, South Africa, Rest of World)
LegalTech Artificial Intelligence Market size was estimated at $3,245 million in 2020 and is expected to reach $37,858 million by 2028, growing at a CAGR of 35.94% during the forecast period of 2021 to 2028
LegalTech businesses are technology companies that operate in the legal area. They provide legal professionals, corporations, and consumers with software and technology-enabled services. Artificial Intelligence (AI) is frequently used in Legal Tech for a variety of purposes. Artificial Intelligence (AI) is generally found in Legal Tech for a variety of purposes. AI is a critical component of the Legal tech field. It saves time, improves efficiency, and also minimizes the likelihood of mistakes. Legal Tech businesses are technology companies that operate in the legal area. They provide legal professionals, corporations, and consumers with software and technology-enabled services. Artificial intelligence (AI) is frequently utilized in Legal Tech for a variety of purposes. Businesses are leveraging machine learning and linguistic communication processing techniques and building software to address a range of legal technological advances. Law firms devote substantial effort to contract evaluation, which may be accomplished in less time without sacrificing quality with the aid of AI.
A few items in the LegalTech AI industry are specialists, while others are more generic AI solutions. IBM Corporation and Zero are two companies that specialize in legal analytics. Apttus Corporation and iManage, on the other hand, specialize in contract management software. The market for LegalTech Artificial Intelligence is in its infancy. The research on the use of legal technology Artificial Intelligence in many applications and its influence on the legal industry is still underway. Artificial Intelligence software performs human-like tasks such as learning, decision making, and planning, which increases demand for it. Chatbots are also gaining traction in the legal area, where they are likely to become a trend. Artificial intelligence enables attorneys to do jobs quickly and on schedule. However, technology is not likely to ever completely replace attorneys. Nonetheless, attorneys must focus on developing new abilities to operate alongside AI technology.
LegalTech Artificial Intelligence Market Growth and Trend
The efficiency of document inspection and analysis is increased with the use of AI-powered applications. ROSS Intelligence, for example, provides Artificial Intelligence software that assists in the evaluation and analysis of legal documents through the use of natural language processing technology. Artificial intelligence has also been demonstrated to be beneficial in the areas of legal analytics, legal research, due care, and electronic discovery. Legal analytics assists attorneys in sifting through enormous volumes of data to identify valuable trends. Divorce proceedings typically take more than a year. However, the introduction of Artificial Intelligence and machine learning enables customers to self-guide themselves to divorce resolutions in a fraction of the time. Artificial intelligence is transforming the legal industry and enhancing what people do by enabling them to work on various activities such as counseling, negotiating transactions, and so on.
The markets primary driver is the growing demand for AI-based solutions. The software-driven by artificial intelligence increases the efficiency of document review and analysis. Companies such as ROSS Intelligence provide artificial intelligence tools to help in the study and analysis of legal documents through the use of language processing technologies. AI has also been shown to be beneficial in legal studies, legal research, proper research, and electronic discovery. Legal analytics assists attorneys in sifting through huge volumes of knowledge to identify relevant trends. Divorce proceedings might take up to a year. However, the use of AI technology enables customers to self-guide themselves to divorce resolutions in less time. AI has begun to reshape the legal industry, enhancing what people do by enabling them to work on various activities such as counseling, negotiating transactions, and so on.
LegalTech Artificial Intelligence Market Segmentation
The LegalTech artificial intelligence market is segmented by application and end-user. Based on application, the market is segmented into document management system, e-discovery, practice and case management, e-billing, contract management, ip-management, legal research, legal analytics, cyber security, predictive technology, and compliance. Based on end-user, the market is divided into lawyers and clients.
LegalTech Artificial Intelligence Market Country Analysis
North America dominates the LegalTech artificial intelligence industry, owing to the proliferation of LegalTech firms entering the AI field. The United States and the United Kingdom are likely to be major players in the LegalTech Artificial Intelligence industry. The Asia Pacific dominated the market in 2018 and is estimated to continue to do so throughout the forecast period. China led the Asia Pacific LegalTech Artificial Intelligence powered market in terms of revenue in 2018, owing to the growing number of printer cartridge manufacturers and growing demand for home and commercial picture printing services across the nation.
LegalTech Artificial Intelligence Market Share and Competition
The major players operating in the global LegalTech artificial intelligence market are Blue J Legal, Casetext Inc., Catalyst Repository Systems, eBREVIA, Everlaw, FiscalNote, Judicata, Justia, Knomos Knowledge Management Inc., Lawgeex, Legal Robot, Inc., LEVERTON, LexMachina, Loom Analytics, Luminance Technologies Ltd., Ravel Law, ROSS, and vLex.com.
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Industry Segmentation and Revenue Breakdown
Application Analysis (Revenue, USD Million, 2021 - 2028)
• Document Management System
• Practice and Case Management
• Contract Management
• Legal Research
• Legal Analytics
• Cyber Security
• Predictive Technology
End-User Analysis (Revenue, USD Million, 2021 - 2028)
Region Analysis (Revenue, USD Million, 2021 – 2028)
• North America
o United States
• South America
o United Kingdom
• Asia Pacific
o South Korea
• Middle East
o GCC C ountries
o South Korea
• South Africa
• Rest of World
LegalTech Artificial Intelligence Market Companies
• Blue J Legal
• Casetext Inc.
• Catalyst Repository Systems
• Knomos Knowledge Management Inc.
• Legal Robot, Inc.
• Loom Analytics
• Luminance Technologies Ltd.
• Ravel Law
• United States LegalTech Artificial Intelligence Industry Research Report
• Europe LegalTech Artificial Intelligence Industry Research Report
• Asia Pacific LegalTech Artificial Intelligence Industry Research Report
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