Dublin, May 10, 2019 (GLOBE NEWSWIRE) -- The "Legal AI Software Market by Component (Solutions and Services), Deployment Mode, Technology, End User (Corporate Legal Departments and Law Firms), Application (Legal Research, Contract Management & eDiscovery), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Legal AI Software Size to Grow From USD 317 Million in 2019 to USD 1,236 Million By 2024, at a CAGR of 31.3% During 2019-2024
Major growth factors for the market include an increase in the adoption of AI-based solutions to manage the entire legal process efficiently. A growing demand for automation in applications such as eDiscovery, contract management, compliance, and case prediction are also expected to drive the market.
Legal AI refers to the use of AI technology to facilitate various tasks carried out by law firms and corporate legal departments. AI is the theory and development of intelligent machines, which are capable of performing tasks that generally require human intelligence. The main objective behind leveraging AI powered systems is to minimize the gap between human and machines by allowing these systems to gather, analyze, and anticipate future outcomes and resemble an advanced and intelligent system similar to the human brain.
Some of the application of AI in legal area that are primarily affected include eDiscovey, document review, legal research, contract lifecycle management and due diligence, compliance, case prediction, eBilling, divorce automation, Intellectual Property (IP) management, and knowledge management.
Some of the major players in the legal AI software market include IBM Corporation (IBM), Open Text Corporation (OpenText), Thomson Reuters (Thomson Reuters), Lexis Nexis, Veritone, Inc. (Veritone), ROSS Intelligence, Inc. (ROSS Intelligence), Luminance Technologies Ltd. (Luminance), Neota Logic, Everlaw, LegalSifter, Inc. (LegalSifter), Pensieve, Cognitiv+ Ltd. (Cognitiv+), Casetext, Inc. (Casetext), Klarity, Omni Software Solutions, Nalanda Technology Limited, LawGeex, Kira Inc.(Kira), and EY Riverview Law.
Partnerships, expansions, and new product developments are some of the key strategies implemented by the major vendors in the market.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Legal AI Software Market
4.2 Market Top 3 Applications
4.3 Market Top 3 Applications and Regions
4.4 Market By Application
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increase in the Use of AI By Legal Companies to Reduce the Time It Takes to Complete the Legal Case
5.2.1.2 Growing Number of Litigations Across the Globe in the Legal Industry
5.2.1.3 Increasing Demand for Automation in Legal AI Software
5.2.2 Restraints
5.2.2.1 Lack of Awareness Among Law Firms
5.2.3 Opportunities
5.2.3.1 Growing Demand for Data-Driven Decision By Legal Professionals
5.2.3.2 Chatbots Helping Legal Firms to Take Significant Step Toward AI and Digital Transformation
5.2.4 Challenges
5.2.4.1 Cybersecurity and Data Privacy Concerns of the Legal Data
5.3 Use Cases
5.4 Regulatory Implications
5.4.1 GDPr
5.4.2 HIPAA
5.4.3 FTC
5.4.4 ISO/IEC JTC 1/SC 42
6 Legal AI Software Market By Component
6.1 Introduction
6.2 Solutions
6.2.1 Software Solutions
6.2.1.1 Software Solution Offers Enhanced Set of Features for Specific Legal Application
6.2.2 Platforms
6.2.2.1 Platforms Provide A Complete Foundation to Create Various Legal Applications
6.3 Services
6.3.1 Professional Services
6.3.1.1 Technicalities Involved in Implementing Legal AI Software Solutions to Boost the Growth of Professional Services
6.3.2 Managed Services
6.3.2.1 Growing Deployment of Legal AI Software Solution to Drive Demand for Managed Services
7 Legal AI Software Market By Technology
7.1 Introduction
7.2 Machine Learning and Deep Learning
7.2.1 Growing Demand for Automation of Manual Legal Tasks to Drive Machine Learning and Deep Learning Segment
7.3 Natural Language Processing
7.3.1 Natural Language Processing to Grow at A Rapid Pace in the Coming Years
8 Legal AI Software Market By Deployment Mode
8.1 Introduction
8.2 Cloud
8.2.1 Scalability and Ease of Implementation to Boost the Growth of Cloud Deployment Mode
8.3 On-Premises
8.3.1 Data-Sensitive Organizations to Adopt On-Premises Deployment Mode for Legal AI Software Solutions
9 Legal AI Software Market By End User
9.1 Introduction
9.2 Corporate Legal Departments
9.2.1 Corporate Legal Departments Adopting AI-Powered Solutions to Reduce Cost
9.3 Law Firms
9.3.1 Law Firms Adopting AI-Powered Solutions to Save Time and Increase Efficiency
9.4 Others
10 Legal AI Software Market By Application
10.1 Introduction
10.2 Ediscovery
10.2.1 AI Solutions Becoming Crucial to Make Ediscovery Process More Effective and Efficient
10.3 Legal Research
10.3.1 AI Tools Becoming Crucial to Reduce Time Required to Complete Tedious Tasks in Research
10.4 Contract Management
10.4.1 AI-Powered Solutions Enabling Law Firms to Efficiently Streamline the Entire Contract Management Process
10.5 Compliance
10.5.1 Mandatory Compliance With Stringent Regulations to Drive the Adoption of AI-Powered Solutions By Law Firms
10.6 Case Prediction
10.6.1 AI Technology Becoming Crucial to Deliver Accurate Case Prediction Results
10.7 Others
11 Geographic Analysis
11.1 Introduction
11.2 North America
11.2.1 United States
11.2.1.1 Growing Implementation of AI and Mi Based Solutions to Boost the Growth of Legal AI Software Market
11.2.2 Canada
11.2.2.1 Increase in AI Based Investment and Funding to Drive the Growth of Market in Canada
11.3 Europe
11.3.1 United Kingdom
11.3.1.1 Growing Investments and Funding in the Market to Drive the Deployment of Legal AI Software
11.3.2 Germany
11.3.2.1 Rapid Adoption of New Technologies to Spur Demand for Legal AI Software Solutions
11.3.3 France
11.3.3.1 Government Investments in AI Technology to Boost Market Growth in France
11.3.4 Rest of Europe
11.4 Asia Pacific
11.4.1 China
11.4.1.1 Growing Investment in AI for Legal Industry to Offer Growth Opportunities for Market in China
11.4.2 Japan
11.4.2.1 Startups Offering AI for Legal Industry to Drive Market in Japan
11.4.3 Singapore
11.4.3.1 Government Initiatives in AI to Boost the Market Growth
11.4.4 Rest of Asia Pacific
11.5 Middle East and Africa
11.5.1 Middle East
11.5.1.1 Upcoming AI Startups to Drive Market in the Middle East
11.5.2 Africa
11.5.2.1 Rising Adoption of Advanced Digital Technologies to Offer Opportunities for Vendors of Legal AI Software Solutions and Services in Africa
11.6 Latin America
11.6.1 Brazil
11.6.1.1 Emergence of Innovative Startups Offering Legal AI Solutions to Boost the Market Growth in Brazil
11.6.2 Mexico
11.6.2.1 Government Initiatives to Drive the Adoption of AI-Based Solutions in Mexico
11.6.3 Rest of Latin America
12 Competitive Landscape
12.1 Competitive Leadership Mapping (Startup)
12.2 Strength of Product Portfolio
12.3 Business Strategy Excellence
13 Company Profiles
13.1 Introduction
13.2 IBM
13.3 Opentext
13.4 Thomson Reuters
13.5 Veritone
13.6 Ross Intelligence
13.7 Luminance
13.8 Lexisnexis
13.9 Neota Logic
13.10 Everlaw
13.11 Legalsifter
13.12 Pensieve
13.13 Cognitiv+
13.14 Casetext
13.15 Klarity
13.16 Omni Software Systems
13.17 Nalanda Technology
13.18 Lawgeex
13.19 Kira
13.20 Ey Riverview Law
For more information about this report visit https://www.researchandmarkets.com/r/lx83gl
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