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.