Global Artificial Intelligence in Law Market Overview:
Artificial Intelligence companies continue to find ways of developing technology that will manage laborious tasks in different industries for better speed and accuracy. In the legal profession, Artificial Intelligence has already found its way into supporting lawyers and clients alike. The growing interest in applying AI in law is slowly transforming the profession and closing in on the work of paralegals, legal researchers, and litigators. AI is currently being applied in the legal profession; AI is helping lawyers to streamline work processing. The market for AI in law is expected to grow rapidly during the upcoming years.
Growth Drivers
- The Exponential Growth in Legal Services Market
- Rising Automation in the Law Sector Booming the Growth for the AI Market
- Pressures on Legal Process Management Fueling the Demand for AI Technology
Roadblocks
- Not Completely Accepted By Legal Professionals
- High Cost Involved in the Technology
- Privacy and Protection of Personal Data is Another Concern
Opportunities
- AI Continually Changing the Legal Profession, Requiring Lawyers to Possess an Increasing Number Of Skills To Make Use Of Such Technology To Remain Competitive In The Market
Challenges
- Legal Roles Will Be Automated and Be Replaced By Artificially Intelligent Systems during Upcoming Years
Competitive Landscape:
Some of the key players profiled in the report are AIBrain (United States), Amazon Web Services (United States), IBM (United States), LawGeex (Israel), vLex (Spain), Premonition (United States), LegalSifter (United States), Doctrine (France), Knomos Knowledge Management Inc. (Canada), TrademarkVision (Australia), ROSS Intelligence (United States), Counselytics (United States) and BookLawyer (United States). Additionally, following companies can also be profiled that are part of our coverage like Luminance Technologies (United Kingdom), Practiceleague Elm Platform (India), Leverton (United States), Ross Intelligence (United States), Kira (Canada), Everlaw (United States) and Legalsifter (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Artificial Intelligence in Law market by 2027. Considering Market by End Users, the sub-segment i.e. Lawyers will boost the Artificial Intelligence in Law market.
On 15 Oct 2019, LawGeex, the leading Contract Review Automation (CRA) provider, announced the release of LawGeex 5.0, the latest version of its award-winning AI platform, which automates the review and approval of routine contracts.
What Can be Explored with the Artificial Intelligence in Law Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Artificial Intelligence in Law Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Artificial Intelligence in Law
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Artificial Intelligence in Law market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Artificial Intelligence in Law market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Artificial Intelligence in Law Technology Providers, AI Software Developers, Research & Consulting Firms, Regulatory & Government Bodies, End Users and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.