Legal Tech Artificial Intelligence Market Status (2018-2022) and Forecast Market Analysis, Regional Outlook, Segment Growth Potential, and Competitive Market Share Analysis, 2023-2030
Report Description
The global legal tech artificial intelligence market size was valued at USD 1,208.9 million in 2022, expanding at a CAGR of 30.6% from 2023-2030 to reach 10,408.9 Million USD in 2030.
Market Dynamics
AI-powered algorithms are being used to automate document review and due diligence processes. In addition, natural language processing (NLP) techniques enable machines to analyze large volumes of legal documents, contracts, and case law quickly and accurately, significantly reducing the time and effort required for these tasks. Moreover, AI algorithms are being developed to predict legal outcomes, assess risks, and provide decision support to lawyers. Machine learning models can analyze historical case data and identify patterns that can help lawyers in making informed decisions and developing case strategies which are projected to boost the market demand for legal tech artificial intelligence.
Moreover, AI-based contract management systems are gaining popularity. These systems can extract relevant information from contracts, monitor contract compliance, and even provide suggestions for contract negotiation based on predefined rules and legal guidelines. Furthermore, the use of AI in the legal industry raises ethical and regulatory concerns. Issues such as data privacy, bias in algorithms, and the unauthorized practice of law need to be addressed to ensure the responsible and ethical use of AI in legal processes. Thus, the demand for legal tech artificial intelligence is increasing over the forecast period.
Regional Insights
North America is set to take the lead in the global legal tech AI market in the foreseeable future, with a strong dominance expected during the forecast period. This is primarily due to the region's heightened adoption of AI technologies and the rapid influx of legal tech companies venturing into the Artificial Intelligence space. Additionally, the United Kingdom is anticipated to emerge as a noteworthy user of legal tech AI services and solutions, as the legal industry in the country witnesses a surging demand for AI capabilities.
Segment Dynamics
The legal tech artificial intelligence market is fragmented into component, applications, and end-user segments. Based on the component, the software chip segment is likely to maintain its dominance. By application, the e-billing segment is anticipated to grow at the highest CAGR during the forecast period. By end-user, the law firms segment is witnessing to hold the largest market share.
Competitive Insights
The legal tech AI market is experiencing a surge in competition as an influx of start-ups and established technology companies venture into the field. Additionally, this heightened competition is fuelling innovation and propelling the legal industry to explore the limitless possibilities of AI. In October 2022, IBM (NYSE: IBM) bolstered its collection of embeddable AI software by launching three new libraries. These libraries are specifically crafted to assist IBM Ecosystem partners, clients, and developers in seamlessly and expediently constructing their AI-driven solutions, all while minimizing costs and expediting their entry into the market.
Company Coverage (Company Profile, Sales Revenue, Price, Gross Margin, Main Products, etc.):
- FiscalNote
- Open Text Corporation
- Leverton Holdings
- Lawgeex
- Donnelley
- Legal Robot, Inc.
- Luminance Technologies Ltd.
- Blue J Legal Inc.
- Lex Machina
- Casetext Inc.
- Loomanalytics
- Everlaw
- ROSS Intelligence, Inc.
Component Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):
- Software
- Services
Application Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):
- Legal Analytics
- Legal Research
- eDiscovery
- Contract Management
- e-billing
- Prediction Technology
- Others
End User Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):
- Law Firms
- Corporations
- Legal Service Providers
Region Coverage (Regional Consumption, Demand & Forecast by Countries, etc.):
- 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.)
Table Of Content
TABLE OF CONTENT
1. LegalTech Artificial Intelligence Market Overview
1.1. Product Overview and Scope of LegalTech Artificial Intelligence
1.2. Global Market Growth Prospects and Revenue Estimates
1.3. Global LegalTech Artificial Intelligence Market Size Growth Rate Analysis by Component,2022 VS 2030
1.3.1. Software
1.3.2. Services
1.4. Global LegalTech Artificial Intelligence Consumption Comparison by Application: 2022 VS 2030
1.4.1. Legal Analytics
1.4.2. Legal Research
1.4.3. eDiscovery
1.4.4. Contract Management
1.4.5. e-billing
1.4.6. Prediction Technology
1.4.7. Others
1.5. Global LegalTech Artificial Intelligence Consumption Comparison by End User: 2022 VS 2030
1.5.1. Law Firms
1.5.2. Corporations
1.5.3. Legal Service Providers
1.6. Global LegalTech Artificial Intelligence Market Size Estimates and Forecasts by Region: 2022 VS 2030
1.6.1. North America LegalTech Artificial Intelligence Estimates
1.6.2. Europe LegalTech Artificial Intelligence Estimates
1.6.3. China LegalTech Artificial Intelligence Estimates
1.6.4. Japan LegalTech Artificial Intelligence Estimates
2. Market Competition by Manufacturers
2.1. Global LegalTech Artificial Intelligence Revenue Market Share by Manufacturers (2021)
2.2. LegalTech Artificial Intelligence Market Share by Company Component(Tier 1, Tier 2 and Tier 3)
2.3. Global LegalTech Artificial Intelligence Average Price by Manufacturers (2018-2022)
2.4. Manufacturers LegalTech Artificial Intelligence Production Sites, Area Served, Product Types
2.5. LegalTech Artificial Intelligence Market Competitive Situation and Trends
2.5.1. LegalTech Artificial Intelligence Market Concentration Rate
2.5.2. Mergers & Acquisitions, Expansion
3. Global LegalTech Artificial Intelligence Consumption by Region (2018-2022)
3.1. Global LegalTech Artificial Intelligence Consumption by Region
3.2. Global LegalTech Artificial Intelligence Consumption Market Share by Region
3.2.1. North America
3.2.2. North America LegalTech Artificial Intelligence Consumption Growth Rate (2018-2022)
3.2.3. North America LegalTech Artificial Intelligence Consumption, Price and Gross Margin (2018-2022)
3.2.4. North America LegalTech Artificial Intelligence Consumption by Country
3.2.4.1. U.S.
3.2.4.2. Canada
3.2.5. Europe
3.2.6. Europe LegalTech Artificial Intelligence Consumption Growth Rate (2018-2022)
3.2.7. Europe LegalTech Artificial Intelligence Consumption, Price and Gross Margin (2018-2022)
3.2.8. Europe LegalTech Artificial Intelligence Consumption by Country
3.2.8.1. Germany
3.2.8.2. U.K.
3.2.8.3. France
3.2.8.4. Italy
3.2.8.5. Spain
3.2.9. Asia Pacific
3.2.10. Asia Pacific LegalTech Artificial Intelligence Consumption Growth Rate (2018-2022)
3.2.11. Asia Pacific LegalTech Artificial Intelligence Consumption, Price and Gross Margin (2018-2022)
3.2.12. Asia Pacific LegalTech Artificial Intelligence Consumption by Country
3.2.12.1. China
3.2.12.2. India
3.2.12.3. Japan
3.2.12.4. Indonesia
3.2.12.5. Malaysia
3.2.12.6. Australia
3.2.12.7. South Korea
3.2.13. South America
3.2.14. South America LegalTech Artificial Intelligence Consumption Growth Rate (2018-2022)
3.2.15. South America LegalTech Artificial Intelligence Consumption, Price and Gross Margin (2018-2022)
3.2.16. South America LegalTech Artificial Intelligence Consumption by Country
3.2.16.1. Brazil
3.2.16.2. Mexico
3.2.16.3. Argentina
3.2.17. Middle East and Africa
3.2.18. Middle East and Africa LegalTech Artificial Intelligence Consumption Growth Rate (2018-2022)
3.2.19. Middle East and Africa LegalTech Artificial Intelligence Consumption, Price and Gross Margin (2018-2022)
3.2.20. Middle East and Africa LegalTech Artificial Intelligence Consumption by Country
3.2.20.1. Saudi Arabia
3.2.20.2. Kuwait
3.2.20.3. UAE
3.2.20.4. South Africa
4. Global LegalTech Artificial Intelligence Consumption by Component(2018-2022)
4.1. Global LegalTech Artificial Intelligence Price by Component(2018-2022)
4.2. Global LegalTech Artificial Intelligence Revenue Market Share by Component(2018-2022)
4.2.1. Single Chip Transceiver
4.2.2. Standalone Chip Transceiver
5. Global LegalTech Artificial Intelligence Consumption by Application (2018-2022)
5.1. Global LegalTech Artificial Intelligence Price by Application (2018-2022)
5.2. Global LegalTech Artificial Intelligence Revenue Market Share by Application (2018-2022)
5.2.1. Base Stations
5.2.2. Mobile Phones
5.2.3. Radar Systems
5.2.4. Others
6. Global LegalTech Artificial Intelligence Consumption by End User (2018-2022)
6.1. Global LegalTech Artificial Intelligence Price by End User (2018-2022)
6.2. Global LegalTech Artificial Intelligence Revenue Market Share by End User (2018-2022)
6.2.1. Telecom
6.2.2. Healthcare
6.2.3. Consumer Electronics
6.2.4. Aerospace & Defense
6.2.5. Others
7. Key Companies Profiled
7.1. FiscalNote
7.1.1. FiscalNote LegalTech Artificial Intelligence Corporation Information
7.1.2. FiscalNote LegalTech Artificial Intelligence Product Portfolio
7.1.3. FiscalNote LegalTech Artificial Intelligence Consumption, Price and Gross Margin (2018-2022)
7.1.4. FiscalNote Main Business and Markets Served
7.1.5. FiscalNote Recent Developments/Updates
7.2. Open Text Corporation
7.3. Leverton Holdings
7.4. Lawgeex
7.5. Donelley
7.6. Legal Robot, Inc.
7.7. Luminance Technologies Ltd.
7.8. Blue J Legal Inc.
7.9. Lex Machina
7.10. Casetext Inc.
7.11. Loomanalytics
7.12. Everlaw
7.13. ROSS Intelligence, Inc.
8. Marketing Channel, Distributors and Customers
8.1. Marketing Channel
8.2. LegalTech Artificial Intelligence Distributors List
8.3. LegalTech Artificial Intelligence Customers
9. Market Dynamics
9.1. LegalTech Artificial Intelligence Industry Trends
9.2. LegalTech Artificial Intelligence Growth Drivers
9.3. LegalTech Artificial Intelligence Market Challenges
9.4. LegalTech Artificial Intelligence Market Restraints
10. Global LegalTech Artificial Intelligence Consumption and Demand Forecast, by Region (2023-2030)
10.1. Global Forecasted Demand Analysis of LegalTech Artificial Intelligence, by Regions and Country
10.1.1. North America Forecasted Consumption of LegalTech Artificial Intelligence by Country
10.1.2. Europe Market Forecasted Consumption of LegalTech Artificial Intelligence by Country
10.1.3. Asia Pacific Market Forecasted Consumption of LegalTech Artificial Intelligence by Region
10.1.4. Latin America Forecasted Consumption of LegalTech Artificial Intelligence by Country
10.1.5. Middle East and Africa Forecasted Consumption of LegalTech Artificial Intelligence by Country
11. Global LegalTech Artificial Intelligence Consumption and Demand Forecast, by Component Segments (2023-2030)
11.1. Global Forecasted Consumption of LegalTech Artificial Intelligence by Component Segments (2023-2030)
11.2. Global Consumption and Price Forecast by Component Segments (2023-2030)
11.3. Global Forecasted Growth Rate of LegalTech Artificial Intelligence byComponentSegments (2023-2030)
12. Global LegalTech Artificial Intelligence Consumption and Demand Forecast, by Application Segments (2023-2030)
12.1. Global Forecasted Consumption of LegalTech Artificial Intelligence by Application Segments (2023-2030)
12.2. Global Consumption and Price Forecast by Application Segments (2023-2030)
12.3. Global Forecasted Growth Rate of LegalTech Artificial Intelligence by Application Segments (2023-2030)
13. Global LegalTech Artificial Intelligence Consumption and Demand Forecast, by End User Segments (2023-2030)
13.1. Global Forecasted Consumption of LegalTech Artificial Intelligence by End User Segments (2023-2030)
13.2. Global Consumption and Price Forecast by End User Segments (2023-2030)
13.3. Global Forecasted Growth Rate of LegalTech Artificial Intelligence by End User Segments (2023-2030)
14. Research Finding and Conclusion
15. Methodology and Data Source
15.1. Methodology/Research Approach
15.1.1. Research Programs/Component
15.1.2. Market Size Estimation
15.1.3. Market Breakdown and Data Triangulation
15.2. Data Source
15.2.1. Secondary Sources
15.2.2. Primary Sources
15.3. Author List
15.4. Disclaimer
Research Methodology
Our research studies are primarily performed in five phases which include Secondary Research, Primary Research, Subject Matter Expert Advice, Quality Check, and Final Review. The process opted for conducting thorough research to make authentic business reports is briefly described below-
Secondary Research-
- Based on the understanding of requirements, we conducted secondary research to identify the Segment specifications, qualitative and quantitative data along with the factors responsible for the growth of the market.
- The secondary sources referred for the study include press releases, company annual reports, and research papers related to the industry.
- Various sources such as industry magazines, trade journals, government websites, and associations were also reviewed for gathering precise analysis on opportunities for business expansions in the market.
- Moreover, quantitative as well as qualitative data were also extracted from paid databases, which included Reuters, Factiva, Bloomberg, One Source, and Hoovers, which proved to be useful for in-depth technical study of the market.
Primary Research-
- The research carried out during the desk research was verified by primary interviews. Primary research was scheduled with a number of industry experts for conducting telephonic interviews, and also our team send questionnaires through their official emails.
- The secondary data collected was then verified by various industry participants which included Segment managers, marketing managers, VPs, CEOs, purchasing managers, subject matter experts.
- An interview with the mentioned participants aids invalidation of our research findings regarding the Segment.
- It helps in the provision of first-hand data on factors such as market size, growth, regional trends, market trends, and competition in the industry. This approach makes our findings precise in order to help our clients in strategic decision-making processes.
Subject Matter Advice-
- The secondary and primary research key findings were then validated by the in-house subject matter experts having extensive experience in the market research industry.
- Specific requirements of the clients were reviewed by the experts to check for completion of the market study. Experts help in channelizing the representation skills of the analyst in terms of providing data that can be easily understood by our customers.
Quality Check-
- The analysis done by the research team was further reviewed to check for data accuracy provided to suit the clients’ specific requirements.
- This revision was done in various phases to check the data authenticity and to remove negligible errors in the final compilation.
Final Review-
- After the quality check, a final review of the report was done to look after the presentation, formatting, and to recheck if all the requirements of the clients were addressed. The next phase remains dispatch of the report to the client.
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