Legal AI Software Market Scope
AI has a massive potential to bring accuracy, efficiencies, cost savings, and speed to a whole range of formerly human activities and to offer entirely new insights into the market and consumer behavior. It has the ability to transform businesses and the services and products they offer. A decision to adopt AI can increase fundamental ethical and moral issues for society.
The market study is segmented, by Application (eDiscovery, Legal Research, Contract Management, Compliance, Case Prediction and Others) and major geographies with country level break-up.
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Legal AI Software market throughout the predicted period.
IBM (United States), OpenText (United States), Thomson Reuters (United States), Veritone (United States), ROSS Intelligence (United States), Luminance (United States), LexisNexis (United States), Neota Logic (United States), Everlaw (United States) and Legalsifter (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Pensieve (India), Cognitiv+ (UK), Casetext (United States), Klarity (United States), Omni Software Systems (United States), Nalanda Technology (UK), LawGeex (Israel), Kira (United States) and CaseMine (India).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
AdvanceMarketAnalytics has segmented the market of Global Legal AI Software market by Type, Application and Region.
On the basis of geography, the market of Legal AI Software 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). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
On 31st January 2019, OpenText acquired Repository Systems, a leading provider of eDiscovery solutions for corporate legal departments and law firms, to strengthen its market position as a provider of AI-powered eDiscovery solution.
- Increase in the Use of AI By Legal Companies to Reduce the Time It Takes to Complete the Legal Case
- Growing Number of Litigations Across the Globe in the Legal Industry
- Increasing Demand for Automation in Legal AI Software
- Growing Demand for Data-Driven Decision By Legal Professionals
- Chatbots Helping Legal Firms to Take Significant Step Toward AI and Digital Transformation
- Lack of Awareness Among Law Firms
- Cybersecurity and Data Privacy Concerns of the Legal Data
Key Target AudienceLegal AI Software Providers, Government Regulatory Bodies, Research Organizations, Government Research Organizations and Others
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Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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