PUBLISHER: Grand View Research | PRODUCT CODE: 1363421
PUBLISHER: Grand View Research | PRODUCT CODE: 1363421
Legal AI Market Size, Share & Trends Analysis Report By Component (Solution, Services), By Technology, By Application (E-discovery, Legal Research, Analytics, Legal Chatbots), By End-user, By Region, And Segment Forecasts, 2023 - 2030
Legal AI Market Growth & Trends:
The global legal AI market revenue is anticipated to reach USD 3.89 billion by 2030, according to a new study by Grand View Research, Inc.. It is anticipated to expand at a CAGR of 18.2% from 2023 to 2030. The ever-expanding volume of legal documents, contracts, and regulations has led to increased challenges for legal professionals in managing and extracting meaningful insights from vast amounts of information.
Legal Artificial Intelligence (AI) offers solutions such as automated document analysis and eDiscovery tools to automate and expedite information processing. AI enables the automation of repetitive tasks, such as contract review and due diligence, reducing the time and resources required for these activities. Such advantages offered by AI are increasing demand for AI in the legal industry. Using legal AI tools, legal professionals can focus on higher-value work, improving efficiency and cost savings by automating routine tasks.
AI tools are further helping identify risks, predict case outcomes, and offer strategic guidance, enabling legal professionals to make more informed decisions. In addition, regulatory frameworks are constantly evolving, and organizations must ensure compliance with various laws and regulations, creating demand for AI-based solutions for assistance in monitoring regulatory changes, assessing compliance risks, and ensuring adherence to legal requirements. The continuous advancements in natural language processing, machine learning, and data analytics have further propelled legal systems' capabilities, fueling the market's growth. Such technologies enable accurate data extraction, semantic understanding, and context-aware decision-making, making legal solutions more powerful and effective.
The legal industry has witnessed improvement in document analysis and review processes with the help of AI. AI-powered systems can identify key clauses, analyze document structure, and flag potential risks or discrepancies. For instance, E-discovery, the process of identifying and collecting electronic data for legal proceedings, has been revolutionized by AI technology to efficiently analyze and process large volumes of electronically stored information (ESI), enabling legal firms to ensure faster and more accurate data identification preservation and review. Predictive coding and machine learning algorithms assist in prioritizing and categorizing documents based on their relevance to legal cases.
There is a rapidly growing trend of using virtual assistants and chatbots powered by AI technology in legal settings to provide quick access to legal information, answer common legal questions, and assist with basic legal inquiries. These AI-powered assistants can interact with users, understand their queries, and provide relevant responses, improving client service and efficiency. The technology is also being employed to address cybersecurity and compliance challenges. AI-powered systems can detect and prevent potential data breaches, monitor regulatory changes, assess compliance risks, and ensure adherence to legal and privacy requirements. The companies are introducing innovative legal AI products, further creating lucrative growth opportunities for the market. For instance, in March 2023, Casetext, the legal AI company, launched CoCounsel, the AI legal assistant. CoCounsel leverages the most advanced large language model from OpenAI, which Casetext has customized for legal practice.
Legal AI Market Report Highlights:
- The services segment is anticipated to witness growth at a CAGR exceeding 19.0% from 2023 to 2030. Managed services providers offer ongoing maintenance and support to law firms' software solutions, helping to ensure that the software is always up-to-date and running smoothly. This can be particularly important for law firms lacking internet IT resources to maintain and update their software independently
- Based on application, the e-discovery segment is anticipated to register growth at a CAGR of 17.0% from 2023 to 2030. E-discovery is one of the lucrative segments of the legal technology market. E-discovery involves identifying, collecting, processing, reviewing, and producing electronic documents and data during litigation discovery
- The North America region accounted for the largest revenue share in 2022. The region has a mature legal industry focusing on technology and innovation. Numerous legal tech startups and established companies in North America offer AI-powered solutions to law firms, corporate legal departments, and legal service providers
- The key companies operating in the legal artificial intelligence market include Casetext Inc.; DocuSign Inc.; IBM Corporation; and LexisNexis
Table of Contents
Chapter 1 Methodology And Scope
- 1.1 Market Segmentation & Scope
- 1.2 Market Definitions
- 1.3 Information Procurement
- 1.3.1 Information Analysis
- 1.3.2 Market Formulation & Data Visualization
- 1.3.3 Data Validation & Publishing
- 1.4 Research Scope And Assumptions
- 1.4.1 List To Data Sources
Chapter 2 Executive Summary
- 2.1 Legal AI Market Snapshot
- 2.2 Legal AI - Segment Snapshot (1/2)
- 2.3 Legal AI - Segment Snapshot (2/2)
- 2.4 Legal AI - Competitive Landscape Snapshot
Chapter 3 Legal AI Market - Industry Outlook
- 3.1 Market Lineage Outlook
- 3.2 Value Chain Analysis
- 3.3 Market Dynamics
- 3.3.1 Market Driver Analysis
- 3.3.2 Market Restraint Analysis
- 3.4 Industry Analysis Tools
- 3.4.1 Porter's Analysis
- 3.4.2 Macroeconomic Analysis
- 3.5 Legal AI Service Market - Technology Trends
- 3.5.1 Changing Nature Of Business
- 3.5.1.1 Artificial Intelligence Powered Contract Lifecycle Management Solutions
- 3.5.1.2 Emerging Technologies And Increasingly Complex Nature Of Legal Services
- 3.5.2 Adoption Of Ai, Machine Learning And Deep Learning Technology In Legal Industry
- 3.5.3 Adoption Of Natural Language Processing Technology In Legal Industry
- 3.5.1 Changing Nature Of Business
- 3.6 Future Opportunities Of Artificial Intelligence In Legal Industry
- 3.6.1 Demand For Ai In Legal Indutry
- 3.6.2 Application Of Ai In Legal Indsutry
- 3.6.2.1 Legal Research
- 3.6.2.2 Contract Lifecycle Management
- 3.6.2.3 E-Discovery
- 3.6.2.4 Compliance
- 3.6.2.5 Time-Tracking & Billing
- 3.7 Legal AI Market - Covid-19 Impact Analysis
Chapter 4 Legal AI Market: Component Estimates & Trend Analysis
- 4.1 Component Movement Analysis & Market Share, 2022 & 2030
- 4.2 Legal AI Market Estimates & Forecast, By Component (USD Million)
- 4.2.1 Solution
- 4.2.1.1 Cloud-Based
- 4.2.1.2 On-Premises
- 4.2.2 Services
- 4.2.2.1 Consulting Services
- 4.2.2.2 Support Services
- 4.2.2.3 Others
- 4.2.1 Solution
Chapter 5 Legal AI Market: Technology Estimates & Trend Analysis
- 5.1 Technology Movement Analysis & Market Share, 2022 & 2030
- 5.2 Legal AI Market Estimates & Forecast, By Technology (USD Million)
- 5.2.1 Natural Language Processing Technology
- 5.2.2 Machine Learning And Deep Learning Technology
Chapter 6 Legal AI Market: Application Estimates & Trend Analysis
- 6.1 Application Movement Analysis & Market Share, 2022 & 2030
- 6.2 Legal AI Market Estimates & Forecast, By Application (USD Million)
- 6.2.1 E-Discovery
- 6.2.2 Legal Research
- 6.2.3 Analytics
- 6.2.4 Compliance And Regulatory Monitoring
- 6.2.5 Document Drafting And Review
- 6.2.6 Contract Management
- 6.2.7 Legal Chatbots
- 6.2.8 Others
Chapter 7 Legal AI Market: End-User Estimates & Trend Analysis
- 7.1 End-User Movement Analysis & Market Share, 2022 & 2030
- 7.2 Legal AI Market Estimates & Forecast, By End-User (USD Million)
- 7.2.1 Law Firms
- 7.2.2 Corporate Legal Departments
- 7.2.3 Others
Chapter 8 Regional Estimates & Trend Analysis
- 8.1 Legal AI Market: Regional Outlook
- 8.2 North America
- 8.2.1 North America Legal AI Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 8.2.2 U.S.
- 8.2.2.1 U.S. Legal AI Market Estimates & Forecasts, 2018 - 2030 , (USD Million)
- 8.2.3 Canada
- 8.2.3.1 Canada Legal AI Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 8.3 Europe
- 8.3.1 Europe Legal AI Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 8.3.2 Germany
- 8.3.2.1 Germany Legal AI Market Estimates & Forecasts, 2018 - 2030 , (USD Million)
- 8.3.3 Uk
- 8.3.3.1 Uk Legal AI Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 8.3.4 France
- 8.3.4.1 France Legal AI Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 8.3.5 Italy
- 8.3.5.1 Italy Legal AI Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 8.3.6 Spain
- 8.3.6.1 Spain Legal AI Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 8.4 Asia Pacific
- 8.4.1 Asia Pacific Legal AI Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 8.4.2 China
- 8.4.2.1 China Legal AI Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 8.4.3 India
- 8.4.3.1 India Legal AI Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 8.4.4 Japan
- 8.4.4.1 Japan Legal AI Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 8.4.5 South Korea
- 8.4.5.1 South Korea Legal AI Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 8.5 Latin America
- 8.5.1 Latin America Legal AI Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 8.5.2 Brazil
- 8.5.2.1 Brazil Legal AI Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 8.5.3 Argentina
- 8.5.3.1 Argentina Legal AI Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 8.6 Middle East And Africa
- 8.6.1 Middle East And Africa Legal AI Market Estimates & Forecasts, 2018 - 2030 , (USD Million)
- 8.6.2 UAE
- 8.6.2.1 UAE Legal AI Market Estimates & Forecasts, 2018 - 2030 (USD Million)
- 8.6.3 South Africa
- 8.6.3.1 South Africa Legal AI Market Estimates & Forecasts, 2018 - 2030 (USD Million)
Chapter 9 Legal AI Market - Competitive Landscape
- 9.1 Key Market Participants
- 9.1.1 Casetext Inc.
- 9.1.2 Cosmolex Cloud Llc
- 9.1.3 Docusign Inc.
- 9.1.4 Everlaw Inc
- 9.1.5 Filevine Inc.
- 9.1.6 Ibm Corporation
- 9.1.7 Icertis Inc.
- 9.1.8 Knovos Llc
- 9.1.9 Legalsifter
- 9.1.10 Lexisnexis
- 9.1.11 Luminance Technologies Ltd.
- 9.1.12 Mystacks Inc. Dba Lawyaw
- 9.1.13 Neota Logic
- 9.1.14 Open Text Corporation
- 9.1.15 Practice Insight Pty Ltd
- 9.1.16 Themis Solutions Inc
- 9.1.17 Thomson Reuters
- 9.1.18 Timesoly Corporation
- 9.1.19 Veritone Inc.
- 9.2 Recent Developments & Impact Analysis, By Key Market Participants
- 9.3 Company Categorization
- 9.4 Participant's Overview
- 9.5 Financial Performance
- 9.6 Product Benchmarking
- 9.7 Company Market Share Analysis, 2022
- 9.8 Company Heat Map Analysis
- 9.9 Strategy Mapping
- 9.9.1 Expansion
- 9.9.2 Mergers & Acquisition
- 9.9.3 Collaborations
- 9.9.4 New Product Launches
List of Tables
- Table 1 Legal AI market - Key market driver impact
- Table 2 Key market restraint/challenges impact
- Table 3 Legal AI Market Revenue Estimates and Forecast, By Component, 2018 - 2030 (USD Million)
- Table 4 Global Legal AI Market Revenue Estimates and Forecast, By Technology, 2018 - 2030 (USD Million)
- Table 5 Global Legal AI Market Revenue Estimates and Forecast, By Application, 2018 - 2030 (USD Million)
- Table 6 Global Legal AI Market Revenue Estimates and Forecast, By End-User, 2018 - 2030 (USD Million)
- Table 7 Recent Developments & Impact Analysis, By Key Market Participants
- Table 8 Company Heat Map Analysis
- Table 9 Key Companies undergoing expansions
- Table 10 Key Companies involved in M&As
- Table 11 Key Companies undergoing collaborations
- Table 12 Key Companies launching new products
List of Figures
- Fig. 1 Legal AI Market Segmentation
- Fig. 2 Information Procurement
- Fig. 3 Data Analysis Models
- Fig. 4 Market Formulation And Validation
- Fig. 5 Data Validating & Publishing
- Fig. 6 Market Snapshot
- Fig. 7 Segment Snapshot (1/2)
- Fig. 8 Segment Snapshot (2/2)
- Fig. 9 Competitive Landscape Snapshot
- Fig. 10 Legal AI - Industry Value Chain Analysis
- Fig. 11 Market dynamics
- Fig. 12 Legal AI market: PORTER's Analysis
- Fig. 13 Legal AI market: PESTEL Analysis
- Fig. 14 Legal AI Market, by Component: Key Takeaways
- Fig. 15 Legal AI Market, by Component: Market Share, 2022 & 2030
- Fig. 16 Legal AI Market, by Technology: Key Takeaways
- Fig. 17 Legal AI Market, by Technology: Market Share, 2022 & 2030
- Fig. 18 Legal AI Market, by Application: Key Takeaways
- Fig. 19 Legal AI Market, by Application: Market Share, 2022 & 2030
- Fig. 20 Legal AI Market, by End-User: Key Takeaways
- Fig. 21 Legal AI Market, by End-User: Market Share, 2022 & 2030
- Fig. 22 Legal AI Market Revenue By Region, 2022 & 2030 (USD Million)
- Fig. 23 Regional marketplace: Key takeaways
- Fig. 24 North America Legal AI market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 25 U.S. Legal AI market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 26 Canada Legal AI market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 27 Europe Legal AI market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 28 Germany Legal AI market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 29 UK Legal AI market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 30 France Legal AI market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 31 Italy Legal AI market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 32 Spain Legal AI market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 33 Asia Pacific Legal AI market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 34 China Legal AI market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 35 India Legal AI market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 36 Japan Legal AI market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 37 South Korea Legal AI market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 38 Latin America Legal AI market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 39 Brazil Legal AI market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 40 Argentina Legal AI market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 41 MEA Legal AI market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 42 Saudi Arabia Legal AI market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 43 South Africa Legal AI market estimates & forecast, 2018 - 2030 (USD Million)
- Fig. 44 Key Company Categorization
- Fig. 45 Company Market Share Analysis, 2022
- Fig. 46 Strategic framework
