The global legal artificial intelligence (AI) software market is anticipated to grow at a CAGR of 36.8% during the forecast period (2023-2030). AI software can be used to review and analyze documents for errors, inconsistencies, and relevant clauses. It can also identify terms and concepts to aid in document retrieval and understanding. Additionally, AI-based tools can assist in contract management, legal research, due diligence, and e-discovery. These tools can quickly identify and analyze data points, and help to reduce the time and cost associated with tasks. Furthermore, the growth of the market’s is attributed to productivity and efficiency. Legal AI software can automate routine processes such as document inspection and contract analysis, increasing the productivity of legal personnel. As a result, productivity increases and legal professionals can concentrate on more sophisticated and strategic work. For instance, in September 2023, EY launched AI platform EY.ai following $1.4 billion investment. These investments have enabled the incorporation of AI into proprietary EY technologies such as EY Fabric, which is utilized by 60,000 EY clients and over 1.5 million unique client users, in addition to assisting in the completion of a succession of EY technology acquisitions with accompanying cloud and automation technologies.
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Furthermore, solutions can be used to process large datasets, making them suitable for law firms and legal departments of all sizes and allowing them to be adapted to various business requirements. For instance, in August 2023, Gunderson Dettmer Launched ChatGD. The first US-Based firm to develop proprietary internal generative AI App.
Market Coverage
- The market number available for – 2022-2030
- Base year- 2022
- Forecast period- 2023-2030
- Segment Covered-
o By Component
o By Deployment
o By Application
o By End-User
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- includes Casetext, Inc., Ernst & Young Global Ltd., Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP, Kira Inc., LexisNexis group, and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Legal Artificial intelligence (AI) Software Market Report Segment
By Component
- Solution
- Services
By Deployment
- On-Premise
- Cloud
By Application
- Legal Research
- Contract Review and Management
- E-billing
- E-discovery
- Compliance
- Case Prediction
- Others (Document Review and Analysis)
By End-User
- Law Firms
- Corporate Legal Departments
- Others (Legal Professionals, Government and Public Sector, Compliance and Regulatory Departments)
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Global Legal Artificial intelligence (AI) Software Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
Company Profiles
- Ernst & Young Global Ltd.
- Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP
- Kira Inc.
- LexisNexis group
- Luminance Technologies Ltd.
- Neota Logic Inc.
- Open Text Corp.
- Reveal Data Corp.
- ROSS Intelligence, Inc.
- Smokeball
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- We cover more than 15 major industries, further segmented into more than 90 sectors.
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