Global Legal Artificial intelligence (AI) Software Market 2023-2030

Description

List of Tables

Global Legal Artificial intelligence (AI) Software market Size, Share & Trends Analysis Report by Component (Solution and Services), by Deployment (On-Premise, and Cloud), by Application (Legal Research, Contract Review and Management, E-billing, E-discovery, Compliance, Case Prediction, and Others), and by End-User (Law Firms, Corporate Legal Departments, and Others), Forecast Period (2023-2030)

The global legal AI software market is anticipated to grow at a CAGR of 36.8% during the forecast period (2023-2030). The market's growth is attributed to balancing innovation and security. Copyright legislation has to strike a balance between supporting AI innovation and protecting content creators' rights. It needs to encourage AI development while maintaining creators' rights. For instance, in March 2023, Copyright Office launched new initiative to examine the copyright law and policy issues raised by AI, including the scope of copyright in works generated using AI tools and the use of copyrighted materials in AI training.

Segmental Outlook

The global legal AI software market is segmented on the component, deployment application, and end-user. Based on the component, the market is sub-segmented into solution, and services. Based on the deployment, the market is sub-segmented into on-premise, and cloud. Based on the application, the market is sub-segmented into legal research, contract review and management, e-billing, e-discovery, compliance, case prediction, and others. Further, on the basis of end-user, the market is sub-segmented into law firms, corporate legal departments, and others. The solution subcategory is expected to capture a significant portion of the market share within the component segment. This is attributed to the growing adoption of legal AI software for handling the legal department's tasks. AI-powered software solutions are assisting in the automation and acceleration of mundane, repetitive components of legal practice.

The Legal Research Sub-Segment is Anticipated to Hold a Considerable Share of the Global Legal Artificial intelligence (AI) Software Market

Among the applications, the legal research sub-segment is expected to hold a considerable share of the global legal AI software market. The segmental growth is attributed to market disruption in the legal industry. By delivering AI-driven solutions, innovative legal technology startups have the potential to oppose existing legal service models. The ensuing disruption encourages established firms to adapt and develop, propelling the legal AI software market ahead. For instance, in May 2023, William AI, pre-launched new AI-powered legal platform, marking a significant milestone in the evolution of the law industry. The startup aims to transform the legal landscape by making legal services more efficient, economical, and accessible by incorporating AI technology.

Regional Outlook

The global legal AI software market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Europe is anticipated to hold a prominent share of the market across the globe, owing to the AI, machine learning (ML), and natural language processing (NLP) advancements have contributed to the growth of the Europe legal AI industry.

The North America Region is Expected to Grow at a Significant CAGR in the Global Legal Artificial intelligence (AI) Software Market

Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the rising adoption of AI in legal services. The availability of advanced AI technologies improves legal firms in the US by boosting their services, efficiency, and competitiveness. The use of AI in legal services is propelling the global legal AI software industry forward. According to the Stanford AI Index, in April 2023, the U.S. had the highest total amount of AI private investment with $47.4 billion, that was 3.5 times more than that of the next highest country, China ($13.4 billion). Additionally, the U.S. had 1.9 times more newly funded AI companies than the European Union and the United Kingdom combined, and 3.4 times more than China.

Total AI Private Investment by Country (2022)

Source: According to the Stanford AI Index

Market Players Outlook

The major companies serving the global legal AI software market include Casetext, Inc., Ernst & Young Global Ltd., Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP, Kira Inc., LexisNexis group and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in April 2023, Luminance, partnered with alternative service legal provider, Nexa, to embed Luminance's next-generation AI into the NexaConnex legal service offering.

The Report Covers:

Market value data analysis of 2022 and forecast to 2030.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global legal artificial intelligence (AI) software market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies. Competitive strategies by identifying 'who-stands-where' in the market.

Product Code: OMR2027922

1. Report Summary

Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
- 1.2.1. By Segments
- 1.2.2. By Region

2. Market Overview and Insights

2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
- 2.2.1. Key Findings
- 2.2.2. Recommendations
- 2.2.3. Conclusion

3. Competitive Landscape

3.1. Key Company Analysis
3.2. Casetext, Inc.
- 3.2.1. Overview
- 3.2.2. Financial Analysis
- 3.2.3. SWOT Analysis
- 3.2.4. Recent Developments
3.3. CS Disco, Inc.
- 3.3.1. Overview
- 3.3.2. Financial Analysis
- 3.3.3. SWOT Analysis
- 3.3.4. Recent Developments
3.4. IBM Corp.
- 3.4.1. Overview
- 3.4.2. Financial Analysis
- 3.4.3. SWOT Analysis
- 3.4.4. Recent Developments
3.5. Key Strategy Analysis

4. Market Segmentation

4.1. Global Legal Artificial intelligence (AI) Software Market by Component
- 4.1.1. Solution
- 4.1.2. Services
4.2. Global Legal Artificial intelligence (AI) Software Market by Deployment
- 4.2.1. On-Premise
- 4.2.2. Cloud
4.3. Global Legal Artificial intelligence (AI) Software Market by Application
- 4.3.1. Legal Research
- 4.3.2. Contract Review and Management
- 4.3.3. E-billing
- 4.3.4. E-discovery
- 4.3.5. Compliance
- 4.3.6. Case Prediction
- 4.3.7. Others (Document Review and Analysis)
4.4. Global Legal Artificial intelligence (AI) Software Market by End-User
- 4.4.1. Law Firms
- 4.4.2. Corporate Legal Departments
- 4.4.3. Others (Legal Professionals, Government and Public Sector, Compliance and Regulatory Departments)

5. Regional Analysis

5.1. North America
- 5.1.1. United States
- 5.1.2. Canada
5.2. Europe
- 5.2.1. UK
- 5.2.2. Germany
- 5.2.3. Italy
- 5.2.4. Spain
- 5.2.5. France
- 5.2.6. Rest of Europe
5.3. Asia-Pacific
- 5.3.1. China
- 5.3.2. India
- 5.3.3. Japan
- 5.3.4. South Korea
- 5.3.5. Rest of Asia-Pacific
5.4. Rest of the World

6. Company Profiles

6.1. Ernst & Young Global Ltd.
6.2. Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP
6.3. Kira Inc.
6.4. LexisNexis group
6.5. Luminance Technologies Ltd.
6.6. Neota Logic Inc.
6.7. Open Text Corp.
6.8. Reveal Data Corp.
6.9. ROSS Intelligence, Inc.
6.10. Smokeball
6.11. Thomson Reuters Corp.
6.12. Veritone, Inc.
6.13. William