Report Description Table Of Content Research Methodology Download Free Sample

Market Snapshot

CAGR:6.66

2023

2032

Source: Market Expertz

Study Period	2019-2032
Base Year	2023
Forcast Year	2023-2032
CAGR	6.66

Gain accurate insights regarding the negative impacts of COVID-19 on all markets and industries

Download Sample Pdf

Report Overview

2 / 2

The Legal AI Software Market is set for significant growth, with a projected Compound Annual Growth Rate (CAGR) of 31.08% between 2022 and 2032. The market size is expected to expand by USD 6.58 billion during this period. Legal AI software refers to the integration of artificial intelligence technologies into legal processes, document analysis, contract review, and legal research to enhance efficiency, accuracy, and cost-effectiveness in the legal sector.

Legal AI Software Market Overview:

Drivers:

The increasing complexity of legal processes, the need for streamlined document review, and the potential for cost savings drive the expansion of the Legal AI Software market. Legal professionals are adopting AI to automate routine tasks, improve contract management, and enhance overall legal practice.

Furthermore, the rise of electronic discovery (e-discovery) and the potential of AI to analyze vast legal documents contribute to market growth. AI-powered legal software offers insights for better legal decision-making and efficient case management.

Trends:

The integration of AI-driven contract analysis and predictive analytics within legal software is a significant trend shaping the market. Law firms and legal departments are utilizing AI to review and analyze contracts, identify risks, and ensure compliance.

Moreover, the adoption of AI-powered legal research tools is growing. Legal AI software enables efficient case law analysis, legal research, and citation recommendations.

Restraints:

Challenges such as data privacy concerns, regulatory compliance, and the need for ethical AI usage pose obstacles in the market. Ensuring client data security, complying with legal ethics rules, and maintaining transparency in AI decision-making are critical considerations.

Additionally, addressing biases in AI algorithms that affect legal outcomes and ensuring the interpretability of AI-generated legal insights can be a barrier. Legal professionals need to build trust in AI-powered legal software and validate its reliability in legal practice.

Legal AI Software Market Segmentation by Application: The Contract Analysis and Management segment, which involves using AI to review, analyze, and manage legal contracts, is expected to witness substantial growth during the forecast period. AI-powered contract analysis streamlines contract review processes and reduces legal risks.

Furthermore, the E-Discovery and Due Diligence segment is relevant for law firms and legal departments seeking efficient electronic document discovery, litigation support, and regulatory compliance solutions.

Legal AI Software Market Segmentation by End-User: The Law Firms and Legal Departments segment, including legal professionals and corporate legal teams, is anticipated to remain prominent due to the potential for enhanced legal practice efficiency and cost savings. AI in legal software addresses the unique challenges of legal document analysis and case management.

Regional Overview:

Download the report summary now!

Request pdf Sample

North America is projected to contribute significantly to the global Legal AI Software market, accounting for 47% of the market share during the forecast period. The region's legal tech innovation, extensive legal services industry, and focus on legal automation drive market demand.

Moreover, North America's emphasis on leveraging AI for legal practice aligns with the growing trend of integrating AI in the legal sector for improved legal service delivery.

In 2020, the Legal AI Software market experienced growth as legal professionals sought innovative solutions to handle legal processes efficiently during the COVID-19 pandemic. Legal AI software played a pivotal role in adapting to changing legal practice demands.

Legal AI Software Market Customer Landscape: The market report analyzes the adoption lifecycle, ranging from early adopters to late adopters. It examines adoption rates across different legal practice areas, considering penetration levels. The report also explores key criteria influencing Legal AI Software selection and implementation.

Major Legal AI Software Market Companies: Key players in the Legal AI Software market are implementing strategies such as product innovation, partnerships, and acquisitions to enhance their market presence.

Some major players include:

IBM Corporation
Thomson Reuters
LexisNexis (RELX Group)
OpenText Corporation
Everlaw, Inc.
ROSS Intelligence Inc.
iManage LLC
Cognitiv+ Inc.
ThoughtRiver Ltd.
Kira, Inc.

The research report provides a comprehensive competitive landscape analysis of 20 market companies, evaluating their strengths, weaknesses, and strategic approaches. The analysis categorizes companies based on their market focus and dominance.

Segment Overview:

The Legal AI Software market report forecasts revenue growth globally, regionally, and at the country level. It analyzes trends and growth opportunities from 2019 to 2032.

Application Outlook (USD Billion, 2019 - 2032)

Contract Analysis and Management
E-Discovery and Due Diligence
Legal Research
Predictive Analytics
Others

End-User Outlook (USD Billion, 2019 - 2032)

Law Firms and Legal Departments
Corporate Legal Departments
Others

Geography Outlook (USD Billion, 2019 - 2032)

North America

U.S.
Canada

Europe

U.K.
Germany
France
Rest of Europe

APAC

China
Japan
India

South America

Brazil
Argentina
Rest of South America

Middle East & Africa

UAE
South Africa
Rest of Middle East & Africa

TABLE OF CONTENTS: GLOBAL Legal AI Software MARKET

Chapter 1. MARKET SYNOPSIS

1.1. Market Definition

1.2. Research Scope & Premise

1.3. Methodology

1.4. Market Estimation Technique

Chapter 2. EXECUTIVE SUMMARY

2.1. Summary Snapshot, 2016 – 2027

Chapter 3. INDICATIVE METRICS

3.1. Macro Indicators

Chapter 4. Legal AI Software MARKET SEGMENTATION & IMPACT ANALYSIS

4.1. Legal AI Software Segmentation Analysis

4.2. Industrial Outlook

4.3. Price Trend Analysis

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

4.5.1. Legal AI Software Of Suppliers

4.5.2. Legal AI Software Of Buyers

4.5.3. Threat Of Substitutes

4.5.4. Threat Of New Entrants

4.5.5. Competitive Rivalry

Chapter 5. Legal AI Software MARKET BY component landscape

SIGHTS & TRENDS

5.1. Segment 1 Dynamics & Market Share, 2019 & 2027

5.2 Solutions

5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

5.3 Services

5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 6. Legal AI Software MARKET BY End user INSIGHTS & TRENDS

6.1. Segment 2 Dynamics & Market Share, 2019 & 2027

6.2 Corporate Legal Departments

6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

6.3 Law Firms

6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)

6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)

Chapter 7. Legal AI Software MARKET REGIONAL OUTLOOK

7.1. Legal AI Software Market Share By Region, 2019 & 2027

7.2. NORTH AMERICA

7.2.1. North America Legal AI Software Market Estimates And Forecast, 2016 – 2027 (USD Million)

7.2.2. North America Legal AI Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.3. North America Legal AI Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.4. North America Legal AI Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.5. U.S.

7.2.5.1. U.S. Legal AI Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.5.2. U.S. Legal AI Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.5.3. U.S. Legal AI Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.5.4. U.S. Legal AI Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.2.6. CANADA

7.2.6.1. Canada Legal AI Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.2.6.2. Canada Legal AI Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.2.6.3. Canada Legal AI Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.2.6.4. Canada Legal AI Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3. EUROPE

7.3.1. Europe Legal AI Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.2. Europe Legal AI Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.3. Europe Legal AI Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.4. Europe Legal AI Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.5. GERMANY

7.3.5.1. Germany Legal AI Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.5.2. Germany Legal AI Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.5.3. Germany Legal AI Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.5.4. Germany Legal AI Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.6. FRANCE

7.3.6.1. France Legal AI Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.6.2. France Legal AI Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.6.3. France Legal AI Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.6.4. France Legal AI Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.3.7. U.K.

7.3.7.1. U.K. Legal AI Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.3.7.2. U.K. Legal AI Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.3.7.3. U.K. Legal AI Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.3.7.4. U.K. Legal AI Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4. ASIA-PACIFIC

7.4.1. Asia Pacific Legal AI Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.2. Asia Pacific Legal AI Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.3. Asia Pacific Legal AI Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.4. Asia Pacific Legal AI Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.5. CHINA

7.4.5.1. China Legal AI Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.5.2. China Legal AI Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.5.3. China Legal AI Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.5.4. China Legal AI Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.6. INDIA

7.4.6.1. India Legal AI Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.6.2. India Legal AI Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.6.3. India Legal AI Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.6.4. India Legal AI Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.7. JAPAN

7.4.7.1. Japan Legal AI Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.7.2. Japan Legal AI Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.7.3. Japan Legal AI Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.7.4. Japan Legal AI Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.4.8. AUSTRALIA

7.4.8.1. Australia Legal AI Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.4.8.2. Australia Legal AI Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.4.8.3. Australia Legal AI Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.4.8.4. Australia Legal AI Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.5. MIDDLE EAST AND AFRICA (MEA)

7.5.1. Mea Legal AI Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.5.2. Mea Legal AI Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.5.3. Mea Legal AI Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.5.4. Mea Legal AI Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

7.6. LATIN AMERICA

7.6.1. Latin America Legal AI Software Market Estimates And Forecast, 2016 – 2027, (USD Million)

7.6.2. Latin America Legal AI Software Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)

7.6.3. Latin America Legal AI Software Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)

7.6.4. Latin America Legal AI Software Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)

7.6.5. Latin America Legal AI Software Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)

Chapter 8. COMPETITIVE LANDSCAPE

8.1. Market Share By Manufacturers

8.2. Strategic Benchmarking

8.2.1. New Product Launches

8.2.2. Investment & Expansion

8.2.3. Acquisitions

8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures

8.3. Vendor Landscape

8.3.1. North American Suppliers

8.3.2. European Suppliers

8.3.3. Asia-Pacific Suppliers

8.3.4. Rest Of The World Suppliers

Chapter 9. COMPANY PROFILES

9.1 Casetext

9.1.1. Company Overview

9.1.2. Financial Performance

9.1.3. Product Insights

9.1.4. Strategic Initiatives

9.2 Cognitiv+

9.2.1. Company Overview

9.2.2. Financial Performance

9.2.3. Product Insights

9.2.4. Strategic Initiatives

9.3 Everlaw

9.3.1. Company Overview

9.3.2. Financial Performance

9.3.3. Product Insights

9.3.4. Strategic Initiatives

9.4 Ey Riverview Law

9.4.1. Company Overview

9.4.2. Financial Performance

9.4.3. Product Insights

9.4.4. Strategic Initiatives

9.5 IBM

9.5.1. Company Overview

9.5.2. Financial Performance

9.5.3. Product Insights

9.5.4. Strategic Initiatives

9.6 Kira

9.6.1. Company Overview

9.6.2. Financial Performance

9.6.3. Product Insights

9.6.4. Strategic Initiatives

9.7 Klarity

9.7.1. Company Overview

9.7.2. Financial Performance

9.7.3. Product Insights

9.7.4. Strategic Initiatives

9.8 Lawgeex

9.8.1. Company Overview

9.8.2. Financial Performance

9.8.3. Product Insights

9.8.4. Strategic Initiatives

9.9 Legalsifter

9.9.1. Company Overview

9.9.2. Financial Performance

9.9.3. Product Insights

9.9.4. Strategic Initiatives

9.10 Lexisnexis

9.10.1. Company Overview

9.10.2. Financial Performance

9.10.3. Product Insights

9.10.4. Strategic Initiatives

RESEARCH METHODOLOGY

A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.

Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.

Now let’s take a closer look at the research methods here.

Secondary Research Model

Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.

Primary Insights

Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.

However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.

Market Estimation

The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.

Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.

Final Presentation

The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.

You can also purchase parts of this report. Do you want to check out a section wise price list?

Request for Special Pricing

Personalized Business Report Tailored to Your Requirements

Our expert analysts collaborate directly with you to comprehend your specific needs.
Get data on regions, segments, competitors, and vendors of your choice.
Information is presented in alignment with your exact preferences and formatting.

Request for customization

Ask For Discount

Free Sample Report

"Find new revenue generation opportunities"

Legal Ai Software Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032