What is LegalTech Artificial Intelligence?
Artificial intelligence is increasingly transforming industries, including law practice. Companies that use technology for the legal sector are known as LegalTech companies. They provide software and services to the legal sector, businesses, corporations, and consumers. AI in legal practices is gaining popularity due to increased accuracy and efficiency in legal records keeping with low cost. With the help of Artificial Intelligence, Law firms can review contracts in less time, without compromising on quality. The United States market for LegalTech Artificial Intelligence is expected to rise with the growing number of mergers and acquisitions in the LegalTech industry and significant investments in AI-related technologies in the region. According to the ABA’s 2020 Legal Technology Survey Report, Artificial intelligence-based tools continue to be used by only a very small percentage of law firms.
The market study is broken down, by Application (Legal Analytics, Legal Research, e-discovery, Contract Management, E-Billing, Prediction Technology and Others (IP-Management, Cyber Security, Document Automation)) and major geographies with country level break-up.
The United States LegalTech Artificial Intelligence market is fairly fragmented. The key companies continue to drive innovation and, adopt digital transformations, and the overall competitive ecosystem is dominated by market leaders as well as emerging players with niche offerings. Research Analyst at AMA estimates that Players from United States will contribute to the maximum growth of Global LegalTech Artificial Intelligence market throughout the predicted period.
ROSS Intelligence, Inc. (United States), Legalmation (United States), Casetext Inc. (United States), LawGeex (United States), LexisNexis (United States), eBREVIA (United States), LegalSifter, Inc. (United States), Luminance Technologies Ltd. (United Kingdom), Kira Inc. (Canada) and Blue J Legal Inc. (Canada) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Leverton Holdings, LLC (United States), Everlaw (United Kingdom), FiscalNote (United States), Apttus Corporation (United States) and Open Text Corporation (Canada).
AdvanceMarketAnalytics has segmented the market of Global LegalTech Artificial Intelligence market by Type, Application and Region.
On the basis of geography, the market of LegalTech Artificial Intelligence has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Pricing, the sub-segment i.e. Monthly Subscription will boost the LegalTech Artificial Intelligence market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Software will boost the LegalTech Artificial Intelligence market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Lawyers will boost the LegalTech Artificial Intelligence market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
On April 23, 2018, LegalMation™, developer of a revolutionary A.I. platform, has announced that Ogletree Deakins, a leading labor and employment law firm, will utilize LegalMation’s innovative technology on certain litigation matters.
- Introduction of Blockchain Technology in the Law Sector
- Growing Digitization and Increasing Use of Cloud
- Growing Demand for AI-based Solution in the Legal Sector
- Increased Efficiency with Fewer Chances of Error by AI Enabled System
- Increasing Adoption of AI Technology in Government Agencies and Private Law Firms
- Huge Opportunities for Start-ups and New Market Entrants
- Increasing Burden of Legal Activities across the Law Sector
- High Cost of the Services and Software’s owing to More Features
- Issues Regarding the Data Privacy
- Less Awareness among Firms for AI in Legal Services
Key Target AudienceLegalTech Artificial Intelligence Service Providers, Software Developers and Solution Providers, Law Firms and Legal Service Providers, Government Agencies and Lawyers, End-Use Industries, Investors/Partners and Others
About ApproachDuring this study the evaluation and validation of the market size is done through various sources including primary and secondary analysis. AMA Research & Media follows industrial and regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.
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