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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

  • ID: 4769918
  • Report
  • Region: Global
  • 135 Pages
  • Markets and Markets
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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

FEATURED COMPANIES

  • Casetext
  • Ey Riverview Law
  • Klarity
  • Lexisnexis
  • Neota Logic
  • Pensieve
  • MORE

The legal AI software market to grow at a Compound Annual Growth Rate (CAGR) of 31.3% during the forecast period

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.

Software solutions to grow at a higher CAGR during the forecast period

The legal AI software market by solutions has software solutions and platforms segments. Software solutions have witnessed high adoption to achieve many benefits, such as smooth contract management process and analyzing legal data efficiently. It helps legal firms and professionals to manage their huge data and derive insights from them.

Corporate legal department to grow at the highest rate during the forecast period

The legal AI software by end user has corporate legal departments, law firms, and other segments. The corporate legal department segment is expected to grow at the highest CAGR during the forecast period, as legal AI software helps them in reducing the cost and streamlining work and processes, reducing repetitive tasks, and attorneys focusing more on building strategies, and increasing productivity. Law firms have adopted legal AI software to save time and increase efficiency.

Among regions, Europe to grow at the highest CAGR during the forecast period

The legal AI software market by region covers North America, Europe, APAC, MEA, and Latin America. Europe is expected to grow at the highest CAGR, owing to the increasing adoption of AI software solutions to manage the tasks efficiently and derive insights from the data. Growth in the number of AI vendors in major European countries, such as the UK, Germany, and France, and technological advancements are expected to be key growth drivers for the market in Europe. Also, an increasing demand for efficient business decision-making, reducing unwanted costs, and helping law firms to make legal case decisions efficiently is driving the market in the region.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from key organizations operating in the legal AI software market.

  • By Company: Tier I:15 %, Tier II: 42%, and Tier III: 43%
  • By Designation: C-Level: 62%, Director Level: 18%, and Others: 20%
  • By Region: North America: 40%, Europe: 20%, APAC: 30%, MEA: 5%, and Latin America: 5%

The report includes the study of key players offering legal AI software solutions. It profiles major vendors in the global legal AI software market, including IBM (US), OpenText (US), Thomson Reuters (US), Veritone (US), ROSS Intelligence (US), Luminance (US), LexisNexis (US), Neota Logic (US), Everlaw (US), Legalsifter (US), Pensieve (India), Cognitiv+ (UK), Casetext (US), Klarity (US), Omni Software Systems (US), Nalanda Technology (UK), LawGeex (Israel), Kira (US), and CaseMine (India). It also includes an in-depth competitive analysis of the key legal AI software players, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.

Research coverage

The report segments the global legal AI software market by applications eDiscovery, legal research, contract management, compliance, case prediction, and others (divorce automation, ebilling, knowledge management, and IP management); component (solutions and services); technology (ML and deep learning, and NLP); end user (corporate legal department, law firms and others [national firms, solo practitioners, students, subject matter experts, and judges]); and region (North America, Europe, Asia Pacific, Middle East and Africa, and Latin America).

Key benefits of buying the report

The report would help the market leaders and new entrants in the global legal AI software market in the following ways:

1. The report segments the market into various subsegments, hence it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are further split across applications and regions.

2. It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.

3. It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.

Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Casetext
  • Ey Riverview Law
  • Klarity
  • Lexisnexis
  • Neota Logic
  • Pensieve
  • MORE

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regions Covered
1.4 Years Considered for the Study
1.5 Currency Considered
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakup of Primaries
2.1.2.2 Key Industry Insights
2.2 Market Breakup and Data Triangulation
2.3 Market Size Estimation
2.3.1 Top-Down Approach
2.3.2 Bottom-Up Approach
2.4 Market Forecast
2.5 Assumptions for the Study
2.6 Limitations of the Study

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
5.3.1 Use Case: Scenario 1
5.3.2 Use Case: Scenario 2
5.3.3 Use Case: Scenario 3
5.3.4 Use Case: Scenario 4
5.3.5 Use Case: Scenario 5
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 the 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)
12.1.1 Progressive Companies
12.1.2 Responsive Companies
12.1.3 Dynamic Companies
12.1.4 Starting Blocks
12.2 Strength of Product Portfolio
12.3 Business Strategy Excellence

13 Company Profiles 
13.1 Introduction
(Business Overview, Products, Platforms & Solutions, Key Insights, Recent Developments, SWOT Analysis, MnM View)*
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

*Details on Business Overview, Products, Platforms & Solutions, Key Insights, Recent Developments, SWOT Analysis, MnM View Might Not Be Captured in Case of Unlisted Companies.

14 Appendix 
14.1 Industry Excerpts
14.2 Discussion Guide
14.3 Knowledge Store: Subscription Portal
14.4 Available Customizations
14.5 Related Reports
14.6 Author Details

List of Tables (52 Tables)
Table 1 United States Dollar Exchange Rate, 2016–2018
Table 2 Factor Analysis
Table 3 Global Legal AI Software Market Size and Growth Rate, 2017–2024 (USD Million and Y-O-Y %)
Table 4 Market Size By Component, 2017–2024 (USD Million)
Table 5 Market Size By Solutions, 2017–2024 (USD Million)
Table 6 Market Size By Service, 2017–2024(USD Million)
Table 7 Market Size By Technology, 2017–2024(USD Million)
Table 8 Market Size By Deployment Mode, 2017–2024(USD Million)
Table 9 Market Size By End User, 2017–2024 (USD Million)
Table 10 List of Top 100 Global Law Firms By Revenue
Table 11 Legal AI Software AI Market Size, By Application, 2017–2024 (USD Million)
Table 12 Legal AI Software Market Size, By Region, 2017–2024 (USD Million)
Table 13 North America: Legal AI Software Market Size, By Component, 2017–2024 (USD Million)
Table 14 North America: Market Size By Solution, 2017–2024 (USD Million)
Table 15 North America: Market Size By Service, 2017–2024 (USD Million)
Table 16 North America: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 17 North America: Market Size By Technology, 2017–2024 (USD Million)
Table 18 North America: Market Size By End User, 2017–2024 (USD Million)
Table 19 North America: Market Size By Application, 2017–2024 (USD Million)
Table 20 North America: Market Size By Country, 2017–2024 (USD Million)
Table 21 Europe: Legal AI Software Market Size, By Component, 2017–2024 (USD Million)
Table 22 Europe: Market Size, By Solution, 2017–2024 (USD Million)
Table 23 Europe: Market Size By Service, 2017–2024 (USD Million)
Table 24 Europe: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 25 Europe: Market Size By Technology, 2017–2024 (USD Million)
Table 26 Europe: Market Size By End User, 2017–2024 (USD Million)
Table 27 Europe: Market Size By Application, 2017–2024 (USD Million)
Table 28 Europe: Market Size By Country, 2017–2024 (USD Million)
Table 29 Asia Pacific: Legal AI Software Market Size, By Component, 2017–2024 (USD Million)
Table 30 Asia Pacific: Market Size By Solution, 2017–2024 (USD Million)
Table 31 Asia Pacific: Market Size By Service, 2017–2024 (USD Million)
Table 32 Asia Pacific: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 33 Asia Pacific: Market Size By Technology, 2017–2024 (USD Million)
Table 34 Asia Pacific: Market Size By End User, 2017–2024 (USD Million)
Table 35 Asia Pacific: Market Size By Application, 2017–2024 (USD Million)
Table 36 Asia Pacific: Market Size By Country, 2017–2024 (USD Million)
Table 37 Middle East and Africa: Legal AI Software Market Size, By Component, 2017–2024 (USD Million)
Table 38 Middle East and Africa: Market Size By Solution, 2017–2024 (USD Million)
Table 39 Middle East and Africa: Market Size By Service, 2017–2024 (USD Million)
Table 40 Middle East and Africa: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 41 Middle East and Africa: Market Size By Technology, 2017–2024 (USD Million)
Table 42 Middle East and Africa: Market Size By End User, 2017–2024 (USD Million)
Table 43 Middle East and Africa: Market Size By Application, 2017–2024 (USD Million)
Table 44 Middle East and Africa: Market Size By Country, 2017–2024 (USD Million)
Table 45 Latin America: Legal AI Software Market Size, By Component, 2017–2024 (USD Million)
Table 46 Latin America: Market Size By Solution, 2017–2024 (USD Million)
Table 47 Latin America: Market Size By Service, 2017–2024 (USD Million)
Table 48 Latin America: Market Size By Deployment Mode, 2017–2024 (USD Million)
Table 49 Latin America: Market Size By Technology, 2017–2024 (USD Million)
Table 50 Latin America: Market Size By End User, 2017–2024 (USD Million)
Table 51 Latin America: Market Size By Application, 2017–2024 (USD Million)
Table 52 Latin America: Market Size By Country, 2017–2024 (USD Million)

List of Figures (42 Figures)
Figure 1 Global Legal AI Software Market: Research Design
Figure 2 Breakup of Primary Participants’ Profiles: By Company, Designation, and Region
Figure 3 Legal AI Software Market: Top-Down and Bottom-Up Approaches
Figure 4 Market Snapshot By Component
Figure 5 Market Snapshot By Solution
Figure 6 Market Snapshot By Service
Figure 7 Market Snapshot By Deployment Mode
Figure 8 Market Snapshot By Technology
Figure 9 Market Snapshot By End User
Figure 10 Market Snapshot, By Application
Figure 11 Market Snapshot, By Region
Figure 12 Growing Use of Data Driven Decisions By Legal Professionals Driving the Legal AI Software Market
Figure 13 Contract Management Application to Have the Highest CAGR During the Forecast Period
Figure 14 Legal Research Application and North America to Account for the Highest Market Shares in the Legal AI Software Market in 2019
Figure 15 Legal Research Application to Register the Highest Market Share in 2019
Figure 16 Market Investment Scenario: Europe to Be the Best Region for Investments During the Forecast Period
Figure 17 Drivers, Restraints, Opportunities, and Challenges: Legal AI Software Market
Figure 18 Services Segment to Grow at A Higher CAGR During the Forecast Period
Figure 19 Software Solutions Segment to Grow at A Higher CAGR During the Forecast Period
Figure 20 Managed Services Segment to Grow at A Higher CAGR During the Forecast Period
Figure 21 Machine Learning and Deep Learning Segment to Register A Higher CAGR During the Forecast Period
Figure 22 Cloud Segment to Register Growth at A Higher CAGR During the Forecast Period
Figure 23 Corporate Legal Departments Segment to Grow at the Highest CAGR During the Forecast Period
Figure 24 Contract Management Segment to Register the Highest CAGR During the Forecast Period
Figure 25 North America to Hold the Largest Market Size and Europe to Grow at the Highest CAGR During the Forecast Period
Figure 26 Germany to Register Growth at the Highest CAGR During the Forecast Period
Figure 27 North America to Account for the Largest Market Size in 2019
Figure 28 North America: Market Snapshot
Figure 29 North America: Legal AI Software Market, By Application
Figure 30 Europe: Market Snapshot
Figure 31 Europe: Contract Management Application to Grow at the Highest CAGR During Forecast Period
Figure 32 Contract Management Application to Grow at the Highest CAGR During the Forecast Period
Figure 33 Middle East and Africa: Contract Management Application to Grow at the Highest CAGR During Forecast Period
Figure 34 Contract Management Application to Grow at the Highest CAGR in Latin America During Forecast Period
Figure 35 Legal AI Software Market, Competitive Leadership Mapping, for Startups, 2018
Figure 36 IBM: Company Snapshot
Figure 37 IBM: SWOT Analysis
Figure 38 Opentext: Company Snapshot
Figure 39 Opentext: SWOT Analysis
Figure 40 Thomson Reuters: Company Snapshot
Figure 41 Thomson Reuters: SWOT Analysis
Figure 42 Veritone: Company Snapshot

Note: Product cover images may vary from those shown
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  • Casetext
  • Cognitiv+
  • 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
Note: Product cover images may vary from those shown
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Note: Product cover images may vary from those shown
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