• US: +1 9176726599
  • Login

Legal Tech Artificial Intelligence Market Status (2018-2022) and Forecast Market Analysis, Regional Outlook, Segment Growth Potential, and Competitive Market Share Analysis, 2023-2030

Format: PDF | Pages: 305 | Report ID: MRS1271


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.)

Frequently Asked Questions

The global legal tech artificial intelligence market size was valued at USD 1,208.9 million in 2022, expanding at a CAGR 30.6% from 2023-2030 to reach 10,408.9 Million USD in 2030.
North America captured the highest revenue in 2021 and is projected to continue its dominance during the study period.
The global legal tech artificial intelligence market is expanding at a CAGR 30.6% from 2023-2030 to reach 10,408.9 Million USD in 2030.
Asia Pacific (especially China, and India) region is projected to grow at the fastest growth rate during the study period.
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.
faq schema test

Why Choose Market Research Strategy?

  Authenticated Data Sources

We utilize market analysis/information from verified authenticated data sources to scoop accurate research reports

  Express Delivery

We understand the urgency of our clients and their clients' in the competitive space thus, deliver the report in minimum turnaround

  Gain Instant Access

Without further ado, choose us and get instant access to reliable analysis to help you make the right business decisions.

  Our Pledge to You

We abide by the information security policy and adheres to keep your private and business information confidential and secure.

Copyright © 2022 Market Research Strategy, All rights reserved.