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Legal AI Software Market

Legal AI Software Market

    
    
    


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Legal AI Software Market Overview

The report is titled ‘Legal AI Software Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the legal AI software market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The legal AI software market is expected to grow at a significant rate in the near future.

The global legal AI software market in 2020 is estimated for more than US$ 419.0 Mn and expected to reach a value of US$ 3,605.7 Mn by 2028 with a significant CAGR of 30.9%.

Legal AI Software Market Definition

Artificial intelligence, also known as machine intelligence, is a distinct field of study which makes computers ‘smart’ and makes them capable to comprehend and analyze. With the growing time, artificial intelligence (AI) is serving its utility in numerous fields and applications such as healthcare, cyber-security, automotive, hospitality, and many more.

Likewise, artificial intelligence is also referring to this trending technology and software to administer legal services among consumers and known as legal technology or legal AI software. Artificial intelligence (AI) assists legal delegates to govern all the legal related matters effectively and smoothly.

Legal AI software provides software solutions for better analysis of related legal data and fluent contract management applications. Owing to such diverse applications, the global legal AI software market is growing rapidly and is projected to grow in the same manner in near future.

Legal AI Software Market Dynamics

The application of artificial intelligence in law and order is expected to generate excellent results during the forecast period owing to the number of benefits and enormous potential the revolutionizing technology carries.

The legal AI software smoothens the working of law and order as it assists legal authorities to perform their functions fluently. Owing to this, the global legal AI software market is projected to witness significant growth during the forecast timeframe.

Along with that, artificial Intelligence is competent and efficient enough for examining and giving data the rundown to help it in predicting the future regarding the legal proceeding much better than the human mind. Such factors further enhance the demand of the legal AI software market in the global market.

Attributing to this, the global legal AI software market is estimated to progress swiftly in the near future. In addition to that, the increased adoption rate of AI software in order to improve customer-client relationships and surging count of prosecutions or litigations in the field of law across the world is also estimated to propel the growth of the global legal AI software market during the forecast period.

Furthermore, the rising need for data-driven solutions and decisions by legal professionals has increased the demand for advanced technologies, ultimately giving a push to the global legal AI software market.

However, the only factor which may hold back the growth of the global legal AI software market is the inadequacy of awareness among consumers and end-users with regards to utilities and benefits of legal AI software and the expensive installation cost of advanced software.

Legal AI Software Market Segmentation

The legal AI software market is segmented on the basis of application, services, deployment, technology, end-use, and region.

By Application

eDiscovery

Legal Research

Contract Management

Compliance

Case Prediction

Others

By Services

Professional Services

Managed Services

By Deployment

Cloud

On-Premises

By Technology

Machine Learning and Deep Learning

Natural Language Processing

By End-Use

Corporate Legal Departments

Law Firms

Others

By Region

North America

Latin America

Europe

Asia Pacific

Middle East

Africa

Legal AI Software Market Key Players

Some of the key participating players in the global legal AI software market are

•    IBM Corporation

•    OpenText

•    Thomson Reuters

•    Veritone

•    ROSS Intelligence

•    Luminance

•    LexisNexis

•    Neota Logic

•    Everlaw

•    Legalsifter

•    Pensieve

•    Cognitiv+

•    Casetext

•    Klarity

•    Omni Software Systems

•    Nalanda Technology

•    LawGeex

•    Kira

•    CaseMine

MMC Overview on Legal AI Software Market Report

The non-identical approach of Meridian Market Consultants stands with conceptual methods backed up with the data analysis. The novel market understanding approach makes up the standard of the assessment results that give a better opportunity for the customers to put their effort.

A research report on the Legal AI Software market by Meridian Market Consultants is an in-depth and extensive study of the market based on the necessary data crunching and statistical analysis. It provides a brief view of the dynamics flowing through the market, which includes the factors that support the market and the factors that are acting as impedance for the growth of the market.

Furthermore, the report includes the various trends and opportunities in the respective market in different regions for a better understanding of readers that helps to analyze the potential of the market.

Factors that are benchmarked while estimating the market

Various factors that are benchmarked while estimating the market growth include (but not restricted to):

•    New product designs and launches

•    Current product compliance

•    Reimbursement

•    Concerns for use of Legal AI Software

•    Advantages of Legal AI Software

Actions taken by the manufacturer and respective regulatory authorities also impact the market growth of the segment. These factors are understood at the regional level and in major countries globally for providing regional insights into the product segment in the report. This helps our clients to make an informed decision.

A mix of top-down and bottom-up approach is followed to arrive at and validate our market value estimations. For a product segment wherein one/two manufacturer(s) dominates the market, its product sales, previous growth rates, and market expansion plans are considered to generate market share in the global market.

1.    Global Legal AI Software Market Report Overview

1.1.    Introduction

1.2.    Report Description

1.3.    Methodology

2.    Global Legal AI Software Market Overview

2.1.    Introduction

2.1.1.    Market Definition

2.1.2.    Market Taxonomy

2.2.    Executive Summary

2.3.    Global Legal AI Software Market Snapshot

2.4.    Global Legal AI Software Market Size and Forecast, 2019–2027

2.4.1.    Introduction

2.4.2.    Market Value Forecast and Annual Growth Rate (AGR) Comparison (2019–2027)

2.5.    Global Legal AI Software Market Dynamics

2.5.1.    Drivers

2.5.2.    Restraints

2.5.3.    Opportunity

2.5.4.    Trends

2.6.    Key Regulations

2.7.    Porter’s Five Forces Model

3.    Global Legal AI Software Market, By Application

3.1.    Introduction

3.1.1.    Annual Growth Rate Comparison, By Application

3.1.2.    BPS Analysis, By Application

3.2.    Market Revenue (US$Mn) Forecast, By Application

3.2.1.    eDiscovery

3.2.2.    Legal Research

3.2.3.    Contract Management

3.2.4.    Compliance

3.2.5.    Case Prediction

3.2.6.    Others

3.3.    Global Legal AI Software Market Attractiveness Index, By Application

4.    Global Legal AI Software Market, By Component

4.1.    Introduction

4.1.1.    Annual Growth Rate Comparison, By Component

4.1.2.    BPS Analysis, By Component

4.2.    Market Revenue (US$Mn) Forecast, By Component

4.2.1.    Solutions

4.2.2.    Services

4.3.    Global Legal AI Software Market Attractiveness Index, By Component

5.    Global Legal AI Software Market, By Solutions

5.1.    Introduction

5.1.1.    Annual Growth Rate Comparison, By Solutions

5.1.2.    BPS Analysis, By Solutions

5.2.    Market Revenue (US$Mn) Forecast, By Solutions

5.2.1.    Software solutions

5.2.2.    Platform

5.3.    Global Legal AI Software Market Attractiveness Index, By Solutions

6.    Global Legal AI Software Market, By Services

6.1.    Introduction

6.1.1.    Annual Growth Rate Comparison, By Services

6.1.2.    BPS Analysis, By Services

6.2.    Market Revenue (US$Mn) Forecast, By Services

6.2.1.    Professional Services

6.2.2.    Managed Services

6.3.    Global Legal AI Software Market Attractiveness Index, By Services

7.    Global Legal AI Software Market, By Deployment

7.1.    Introduction

7.1.1.    Annual Growth Rate Comparison, By Deployment

7.1.2.    BPS Analysis, By Deployment

7.2.    Market Revenue (US$Mn) Forecast, By Deployment

7.2.1.    Cloud

7.2.2.    On premises

7.3.    Global Legal AI Software Market Attractiveness Index, By Deployment

8.    Global Legal AI Software Market, By Technology

8.1.    Introduction

8.1.1.    Annual Growth Rate Comparison, By Technology

8.1.2.    BPS Analysis, By Technology

8.2.    Market Revenue (US$Mn) Forecast, By Technology

8.2.1.    Machine Learning and Deep Learning

8.2.2.    Natural Language Processing

8.3.    Global Legal AI Software Market Attractiveness Index, By Technology

9.    Global Legal AI Software Market, By End Userr

9.1.    Introduction

9.1.1.    Annual Growth Rate Comparison, By End Userr

9.1.2.    BPS Analysis, By End Userr

9.2.    Market Revenue (US$Mn) Forecast, By End Userr

9.2.1.    Corporate Legal Departments

9.2.2.    Law Firms

9.2.3.    Others

9.3.    Global Legal AI Software Market Attractiveness Index, By End Userr

10.    Global Legal AI Software Market, By Region

10.1.    Introduction

10.1.1.    Annual Growth Rate Comparison, By Region

10.1.2.    BPS Analysis, By Region

10.2.    Market Revenue (US$Mn) Forecast, By Region

10.2.1.    North America

10.2.2.    Latin America

10.2.3.    Europe

10.2.4.    Asia Pacific

10.2.5.    Middle East

10.2.6.    Africa

10.3.    Global Legal AI Software Market Attractiveness Index, By Region

11.    North America Legal AI Software Market Analysis and Forecast, 2019–2027

11.1.    Introduction

11.1.1.    Annual Growth Rate Comparison, By Country

11.1.2.    BPS Analysis, By Country

11.2.    Market Revenue (US$Mn) Forecast, By Country

11.2.1.    U.S. Legal AI Software Market

11.2.2.    Canada Legal AI Software Market

11.3.    North America Legal AI Software Market, By Application

11.3.1.    eDiscovery

11.3.2.    Legal Research

11.3.3.    Contract Management

11.3.4.    Compliance

11.3.5.    Case Prediction

11.3.6.    Others

11.4.    North America Legal AI Software Market, By Component

11.4.1.    Solutions

11.4.2.    Services

11.5.    North America Legal AI Software Market, By Solutions

11.5.1.    Software Solutions

11.5.2.    Platforms 

11.6.    North America Legal AI Software Market, By Services

11.6.1.    Professional Services

11.6.2.    Managed Services

11.7.    North America Legal AI Software Market, By Deployment

11.7.1.    Cloud

11.7.2.    On premises

11.8.    North America Legal AI Software Market, By Technology

11.8.1.    Machine Learning and Deep Learning

11.8.2.    Natural Language Processing

11.9.    North America Legal AI Software Market, By End User

11.9.1.    Corporate Legal Departments

11.9.2.    Law Firms

11.9.3.    Others

11.10.    North America Legal AI Software Market Attractiveness Index

11.10.1.    By Country

11.10.2.    By Application

11.10.3.    By Component

11.10.4.    By Solutions

11.10.5.    By Services

11.10.6.    By Deployment

11.10.7.    By Technology

11.10.8.    By End User

12.    Latin America Legal AI Software Market Analysis and Forecast, 2019–2027

12.1.    Introduction

12.1.1.    Annual Growth Rate Comparison, By Country

12.1.2.    BPS Analysis, By Country

12.2.    Market (US$Mn) Forecast, By Country

12.2.1.    Brazil Legal AI Software Market

12.2.2.    Mexico Legal AI Software Market

12.2.3.    Argentina Legal AI Software Market

12.2.4.    Rest of Latin America Legal AI Software Market

12.3.    Latin America Legal AI Software Market, By Application

12.3.1.    eDiscovery

12.3.2.    Legal Research

12.3.3.    Contract Management

12.3.4.    Compliance

12.3.5.    Case Prediction

12.3.6.    Others

12.4.    Latin America Legal AI Software Market, By Component

12.4.1.    Solutions

12.4.2.    Services

12.5.    Latin America Legal AI Software Market, By Solutions

12.5.1.    Software Solutions

12.5.2.    Platforms 

12.6.    Latin America Legal AI Software Market, By Services

12.6.1.    Professional Services

12.6.2.    Managed Services

12.7.    Latin America Legal AI Software Market, By Deployment

12.7.1.    Cloud

12.7.2.    On premises

12.8.    Latin America Legal AI Software Market, By Technology

12.8.1.    Machine Learning and Deep Learning

12.8.2.    Natural Language Processing

12.9.    Latin America Legal AI Software Market, By End User

12.9.1.    Corporate Legal Departments

12.9.2.    Law Firms

12.9.3.    Others

12.10.    Latin America Legal AI Software Market Attractiveness Index

12.10.1.    By Country

12.10.2.    By Application

12.10.3.    By Component

12.10.4.    By Solutions

12.10.5.    By Services

12.10.6.    By Deployment

12.10.7.    By Technology

12.10.8.    By End User

13.    Europe Legal AI Software Market Analysis and Forecast, 2019–2027

13.1.    Introduction

13.1.1.    Annual Growth Rate Comparison, By Country

13.1.2.    BPS Analysis, By Country

13.2.    Market (US$Mn) Forecast, By Country

13.2.1.    U.K. Legal AI Software Market

13.2.2.    Germany Legal AI Software Market

13.2.3.    Italy Legal AI Software Market

13.2.4.    France Legal AI Software Market

13.2.5.    Spain Legal AI Software Market

13.2.6.    Russia Legal AI Software Market

13.2.7.    Poland Legal AI Software Market

13.2.8.    BENELUX Legal AI Software Market

13.2.9.    NORDIC Legal AI Software Market

13.2.10.    Rest of Europe Legal AI Software Market

13.3.    Europe Legal AI Software Market, By Application

13.3.1.    eDiscovery

13.3.2.    Legal Research

13.3.3.    Contract Management

13.3.4.    Compliance

13.3.5.    Case Prediction

13.3.6.    Others

13.4.    Europe Legal AI Software Market, By Component

13.4.1.    Solutions

13.4.2.    Services

13.5.    Europe Legal AI Software Market, By Solutions

13.5.1.    Software Solutions

13.5.2.    Platforms 

13.6.    Europe Legal AI Software Market, By Services

13.6.1.    Professional Services

13.6.2.    Managed Services

13.7.    Europe Legal AI Software Market, By Deployment

13.7.1.    Cloud

13.7.2.    On premises

13.8.    Europe Legal AI Software Market, By Technology

13.8.1.    Machine Learning and Deep Learning

13.8.2.    Natural Language Processing

13.9.    Europe Legal AI Software Market, By End User

13.9.1.    Corporate Legal Departments

13.9.2.    Law Firms

13.9.3.    Others

13.10.    Europe Legal AI Software Market Attractiveness Index

13.10.1.    By Country

13.10.2.    By Application

13.10.3.    By Component

13.10.4.    By Solutions

13.10.5.    By Services

13.10.6.    By Deployment

13.10.7.    By Technology

13.10.8.    By End User

14.    Asia Pacific Legal AI Software Market Analysis and Forecast, 2019–2027

14.1.    Introduction

14.1.1.    Annual Growth Rate Comparison, By Country

14.1.2.    BPS Analysis, By Country

14.2.    Market (US$Mn) Forecast, By Country

14.2.1.    China Legal AI Software Market

14.2.2.    India Legal AI Software Market

14.2.3.    Japan Legal AI Software Market

14.2.4.    Australia and New Zealand Legal AI Software Market

14.2.5.    South Korea Legal AI Software Market

14.2.6.    ASEAN Legal AI Software Market

14.2.7.    Rest of Asia Pacific Legal AI Software Market

14.3.    Asia Pacific Legal AI Software Market, By Application

14.3.1.    eDiscovery

14.3.2.    Legal Research

14.3.3.    Contract Management

14.3.4.    Compliance

14.3.5.    Case Prediction

14.3.6.    Others

14.4.    Asia Pacific Legal AI Software Market, By Component

14.4.1.    Solutions

14.4.2.    Services

14.5.    Asia Pacific Legal AI Software Market, By Solutions

14.5.1.    Software Solutions

14.5.2.    Platforms 

14.6.    Asia Pacific Legal AI Software Market, By Services

14.6.1.    Professional Services

14.6.2.    Managed Services

14.7.    Asia Pacific Legal AI Software Market, By Deployment

14.7.1.    Cloud

14.7.2.    On premises

14.8.    Asia Pacific Legal AI Software Market, By Technology

14.8.1.    Machine Learning and Deep Learning

14.8.2.    Natural Language Processing

14.9.    Asia Pacific Legal AI Software Market, By End User

14.9.1.    Corporate Legal Departments

14.9.2.    Law Firms

14.9.3.    Others

14.10.    Asia Pacific Legal AI Software Market Attractiveness Index

14.10.1.    By Country

14.10.2.    By Application

14.10.3.    By Component

14.10.4.    By Solutions

14.10.5.    By Services

14.10.6.    By Deployment

14.10.7.    By Technology

14.10.8.    By End User

15.    Middle East Legal AI Software Market Analysis and Forecast, 2019–2027

15.1.    Introduction

15.1.1.    Annual Growth Rate Comparison, By Country

15.1.2.    BPS Analysis, By Country

15.2.    Market (US$Mn) Forecast, By Country

15.2.1.    GCC Countries Legal AI Software Market

15.2.2.    Israel Legal AI Software Market

15.2.3.    Oman Legal AI Software Market

15.2.4.    Rest of Middle East Legal AI Software Market

15.3.    Middle East Legal AI Software Market, By Application

15.3.1.    eDiscovery

15.3.2.    Legal Research

15.3.3.    Contract Management

15.3.4.    Compliance

15.3.5.    Case Prediction

15.3.6.    Others

15.4.    Middle East Legal AI Software Market, By Component

15.4.1.    Solutions

15.4.2.    Services

15.5.    Middle East Legal AI Software Market, By Solutions

15.5.1.    Software Solutions

15.5.2.    Platforms 

15.6.    Middle East Legal AI Software Market, By Services

15.6.1.    Professional Services

15.6.2.    Managed Services

15.7.    Middle East Legal AI Software Market, By Deployment

15.7.1.    Cloud

15.7.2.    On premises

15.8.    Middle East Legal AI Software Market, By Technology

15.8.1.    Machine Learning and Deep Learning

15.8.2.    Natural Language Processing

15.9.    Middle East Legal AI Software Market, By End User

15.9.1.    Corporate Legal Departments

15.9.2.    Law Firms

15.9.3.    Others

15.10.    Middle East Legal AI Software Market Attractiveness Index

15.10.1.    By Country

15.10.2.    By Application

15.10.3.    By Component

15.10.4.    By Solutions

15.10.5.    By Services

15.10.6.    By Deployment

15.10.7.    By Technology

15.10.8.    By End User

16.    Africa Legal AI Software Market Analysis and Forecast, 2019–2027

16.1.    Introduction

16.1.1.    Annual Growth Rate Comparison, By Country

16.1.2.    BPS Analysis, By Country

16.2.    Market (US$Mn) Forecast, By Country

16.2.1.    South Africa Legal AI Software Market

16.2.2.    Egypt Legal AI Software Market

16.2.3.    North Africa Legal AI Software Market

16.2.4.    Rest of Africa Legal AI Software Market

16.3.    Africa Legal AI Software Market, By Application

16.3.1.    eDiscovery

16.3.2.    Legal Research

16.3.3.    Contract Management

16.3.4.    Compliance

16.3.5.    Case Prediction

16.3.6.    Others

16.4.    Africa Legal AI Software Market, By Component

16.4.1.    Solutions

16.4.2.    Services

16.5.    Africa Legal AI Software Market, By Solutions

16.5.1.    Software Solutions

16.5.2.    Platforms 

16.6.    Africa Legal AI Software Market, By Services

16.6.1.    Professional Services

16.6.2.    Managed Services

16.7.    Africa Legal AI Software Market, By Deployment

16.7.1.    Cloud

16.7.2.    On premises

16.8.    Africa Legal AI Software Market, By Technology

16.8.1.    Machine Learning and Deep Learning

16.8.2.    Natural Language Processing

16.9.    Africa Legal AI Software Market, By End User

16.9.1.    Corporate Legal Departments

16.9.2.    Law Firms

16.9.3.    Others

16.10.    Africa Legal AI Software Market Attractiveness Index

16.10.1.    By Country

16.10.2.    By Application

16.10.3.    By Component

16.10.4.    By Solutions

16.10.5.    By Services

16.10.6.    By Deployment

16.10.7.    By Technology

16.10.8.    By End User

17.    Recommendation

17.1.    Market Strategy

18.    Competitive Landscape

18.1.    Competition Dashboard

18.2.    List and Company Overview of Global Key Players

18.3.    Company Profiles

18.3.1.    IBM Corp.

18.3.1.1.    Company Overview

18.3.1.2.    Financial Overview

18.3.1.3.    Application Portfolio

18.3.1.4.    Key Developments

18.3.1.5.    Business Strategies

18.3.2.    OpenText

18.3.3.    Thomson Reuters

18.3.4.    Veritone

18.3.5.    ROSS Intelligence

18.3.6.    Luminance

18.3.7.    LexisNexis

18.3.8.    Neota Logic

18.3.9.    Everlaw

18.3.10.    Legalsifter

18.3.11.    Pensieve

18.3.12.    Cognitiv+

18.3.13.    Casetext

18.3.14.    Klarity

18.3.15.    Omni Software Systems

18.3.16.    Nalanda Technology

18.3.17.    LawGeex

18.3.18.    Kira

19.    Acronyms

Frequently Asked Questions

  • What is the projected market size & Compound Annual Growth Rate (CAGR) of the market?
    The global legal AI software market in 2020 is estimated for more than US$ 419.0 Mn and expected to reach a value of US$ 3,605.7 Mn by 2028 with a significant CAGR of 30.9%.
  • What are the key factors driving the growth of market?
    Number of benefits and enormous potential the revolutionizing technology carries and increased adoption rate of AI software in order to improve customer-client relationships and surging count of prosecutions or litigations in the field of law across the world is also estimated to propel the growth of the global legal AI software market
  • What segments are covered in market report?
    The legal AI software market is segmented on the basis of application, services, deployment, technology, end-use, and region.
  • What are the key participating players in the market?
    Some of the key participating players in the global legal AI software market are IBM Corporation, OpenText, Thomson Reuters, Veritone, ROSS Intelligence, Luminance, LexisNexis, Neota Logic, Everlaw, Legalsifter, Pensieve, Cognitiv+, Casetext, Klarity, Omni Software Systems, Nalanda Technology, LawGeex, Kira, and CaseMine