Dublin, Dec. 15, 2023 (GLOBE NEWSWIRE) -- The "Legal Software (focus on machine learning) Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The legal software (focus on machine learning) market size has grown rapidly in recent years. It will grow from $0.44 billion in 2023 to $0.5 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The market size is expected to see rapid growth in the next few years. It will grow to $0.81 billion in 2028 at a CAGR of 12.7%.
The anticipated growth in the forecast period can be attributed to various key factors, including the adoption of predictive analytics, the use of natural language processing (NLP) for more efficient legal tasks, the expansion of remote work and collaboration tools, global market expansion, and the increased focus on cybersecurity and privacy in legal operations.
Major trends expected to shape this period include the use of legal chatbots for enhanced client interactions, compliance with data privacy regulations, the integration of legal analytics for decision-making, the development of virtual legal assistants, and the automation of legal processes to improve efficiency and productivity within the legal sector.
The machine learning market is experiencing growth driven by the increasing demand for intelligent business processes within law firms. This entails the integration of artificial intelligence (AI) and machine learning into various aspects of business operations. AI represents systems capable of performing tasks that traditionally require human intelligence. Developed countries like the USA have widely adopted software solutions to gain benefits such as streamlined contract management and efficient analysis of legal data. Machine learning assists legal professionals and firms in managing large volumes of data and extracting valuable insights. According to the Legal Technology Survey Report by ABA Surveying, a significant number of large firms with over 500 attorneys reported using AI, and many others were considering AI adoption. The growing demand for machine learning in law firms is a key driver for this market.
The legal software market is expected to experience growth due to the increasing demand for remote work. Remote work offers legal professionals enhanced flexibility, productivity, cost savings, work-life balance, access to a broader talent pool, and greater adoption of technology. For example, in June 2023, Forbes Media LLC reported that a significant portion of the US workforce was working from home, with a substantial projected increase by 2025. This trend toward remote work is propelling the growth of the legal software market.
The machine learning market faces a hindrance in the form of limited awareness among law firms. Data, information, and knowledge are crucial assets for law firms in their decision-making processes. These firms are operating in an increasingly competitive landscape, with accounting firms re-establishing their legal practices and reducing the available legal work. A survey by Bloomberg Law revealed that only a small percentage of law firms currently use machine learning or AI, indicating a knowledge gap and underutilization of this technology. This lack of awareness serves as a barrier to the growth of the legal software market.
Several online platforms have emerged, offering clients connections with attorneys for various straightforward services like trademark registration, lease agreements, will registrations, contract executions, and resolution of consumer complaints. LegalZoom, a US-based firm, provides access to attorneys without imposing hourly fees, and its documents are widely accepted by courts and government agencies across all 50 states. This surge in online services is expected to fuel the demand for legal software.
Prominent companies in the legal software market are focusing on innovative products such as LZ Books to ensure reliable services for their clientele. LZ Books is a legal software solution crafted for go-to legal and accounting advisors. In August 2023, LegalZoom.com Inc., a US-based legal software company, unveiled LZ Books. This accounting software caters to small business owners, offering features like expense and income tracking, invoicing, payments, and the ability to link bank accounts for automated income and expense categorization, simplifying bookkeeping processes.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Scope
- Markets Covered:
- By Deployment Mode: Cloud; On-Premise
- By Technology: Machine Learning And Deep Learning; Natural Language Processing
- By Application: eDiscovery; Legal Research
- By End User: Corporate Legal Departments; Law Firms
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: Country and regional historic and forecast data, market share of competitors, market segments.
Company Profiles
- Microsoft
- International Business Machines
- Baidu
- Hewlett Packard Enterprise Development
- Intel
- SAP
- SAS Institute
- BigML
- Fair Isaac
- Wipro
- Nuance Communications
- KNIME
- RapidMine
- Angoss Software
- H2O.ai
- Alpine Data Labs
- Domino Data Lab
- Dataiku
- Luminoso Technologies
- TrademarkVision
- Fractal Analytics
- TIBCO Software
- Teradata
- Dell Technologies
- Oracle
- Legal Files Software
- Rocket Matter
- RELX Group
- Themis Solutions
- MyCase
- Smokeball Technologies.
- PracticePanther Legal Software
- Zola Media
- Abacus Data Systems
- CosmoLex Inc.
- TimeSolv
- Bill4Time
- Merus
- CaseFleet
- Filevine
For more information about this report visit https://www.researchandmarkets.com/r/dto1x3
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