Global LegalTech Artificial Intelligence Market To Record Protruding Growth with US$ 10,408.9 Million By 2030

May 2023 | Report Format: Electronic (PDF)

The legal tech artificial intelligence market is thriving as companies prioritize efficient decision-making to serve their customers and clients better. Additionally, rapid advancements in automation technology are enabling the legal industry to tackle a growing number of complex processes globally. As organizations strive to minimize time spent on legal cases, the demand for sophisticated AI solutions is skyrocketing. Thereby it is fuelling the growth of the legal tech artificial intelligence market.

On the other side, the legal tech artificial intelligence market's potential for growth is hindered by a prevailing lack of awareness among law firms. Furthermore, despite the increasing demand for data-driven decisions in the legal tech artificial intelligence market, many law firms remain unaware of the benefits and opportunities offered by this technology. For instance, in August 2020, Kira Systems, the leading provider of machine learning contract review and analysis software, announced the upcoming launch of Answers & Insights. This exciting new capability surpasses the traditional functions of identifying and extracting provisions, clauses, and data points by taking data interpretation to the next level.

The U.K. and U.S. are anticipated to dominate the legal tech AI market. Due to the various number of organizations that are joining the AI market. Additionally, to cutting-edge technologies and investment in legal tech AI to save cost with highly automated processes and automate the lead generation process, the Canada and United States are projected to offer lucrative opportunities.

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LegalTech Artificial Intelligence Market Report Highlights

• Evisort revolutionizes contract management with its innovative platform. By leveraging cutting-edge machine learning algorithms, Evisort delivers a comprehensive solution for end-to-end contract management and analysis. With a centralized platform, users can seamlessly handle all aspects of contract management, making the process more efficient and effective.

• In February 2023, Docket Alarm, a company under Fastcase's ownership, unveiled an innovative tool that leverages GPT-3's artificial intelligence capabilities. This tool enables legal professionals to access summaries of litigation filings without the need to open and read the entire underlying PDF document. By harnessing GPT-3's summarization prowess, the tool simplifies and streamlines the process, providing a practical solution for legal practitioners.

LEGALTECH ARTIFICIAL INTELLIGENCE MARKET SEGMENTATION

The research report published by Market Research Strategy contains industry segments, as below-

LegalTech Artificial Intelligence Component Outlook (Revenue, USD Million, 2018 - 2030)

• Software
• Services

LegalTech Artificial Intelligence Application Outlook (Revenue, USD Million, 2018 - 2030)

• Legal Analytics
• Legal Research
• eDiscovery
• Contract Management
• e-billing
• Prediction Technology
• Others

LegalTech Artificial Intelligence End-User Outlook (Revenue, USD Million, 2018 - 2030)

• Law Firms
• Corporations
• Legal Service Providers

LegalTech Artificial Intelligence Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America (U.S., and Canada)
• Europe (Germany, U.K., France, Italy, Spain etc.)
• Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Australia, South Korea, etc.)
• South America (Brazil, Mexico, Argentina etc.)
• Middle East & Africa (Saudi Arabia, Kuwait, UAE, South Africa etc.)

List of Key Players- LegalTech Artificial Intelligence Market

• FiscalNote
• Open Text Corporation
• Leverton Holdings
• Lawgeex
• Donelley
• Legal Robot, Inc.
• Luminance Technologies Ltd.
• Blue J Legal Inc.
• Lex Machina
• Casetext Inc.
• Loomanalytics
• Everlaw
• ROSS Intelligence, Inc.

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