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TMCNet:  Legal AI Software Market by Component, Deployment Mode, Technology, End User, Application, and Region - Global Forecast to 2024

[May 14, 2019]

Legal AI Software Market by Component, Deployment Mode, Technology, End User, Application, and Region - Global Forecast to 2024

DUBLIN, May 14, 2019 /PRNewswire/ -- The "Legal AI Software Market by Component (Solutions and Services), Deployment Mode, Technology, End User (Corporate Legal Departments and Law Firms), Application (Legal Research, Contract Management & eDiscovery), and Region - Global Forecast to 2024" report has been added to's offering.

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The Legal AI Software Size to Grow From USD 317 Million in 2019 to USD 1,236 Million By 2024, at a CAGR of 31.3% During 2019-2024.

Major growth factors for the market include an increase in the adoption of AI-based solutions to manage the entire legal process efficiently. A growing demand for automation in applications such as eDiscovery, contract management, compliance, and case prediction are also expected to drive the market.

Software solutions to grow at a higher CAGR during the forecast period

The legal AI software market by solutions has software solutions and platforms segments. Software solutions have witnessed high adoption to achieve many benefits, such as smooth contract management process and analyzing legal data efficiently. It helps legal firms and professionals to manage their huge data and derive insights from them.

Corporate legal department to grow at the highest rate during the forecast period

The legal AI software by end user has corporate legal departments, law firms, and other segments. The corporate legal department segment is expected to grow at the highest CAGR during the forecast period, as legal AI software helps them in reducing the cost and streamlining work and processes, reducing repetitive tasks, and attorneys focusing more on building strategies, and increasing productivity. Law firms have adopted legal AI software to save time and increase efficiency.

Among regions, Europe to grow at the highest CAGR during the forecast period

The legal AI software market by region covers North America, Europe, APAC, MEA, and Latin America. Europe is expected to grow at the highest CAGR, owing to the increasing adoption of AI software solutions to manage the tasks efficiently and derive insights from the data. Growth in the number of AI vendors in major European countries, such as the UK, Germany, and France, and technological advancements are expected to be key growth drivers for the market in Europe. Also, an increasing demand for efficient business decision-making, reducing unwanted costs, and helping law firms to make legal case decisions efficiently is driving the market in the region.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Legal AI Software Market
4.2 Market Top 3 Applications
4.3 Market Top 3 Applications and Regions
4.4 Market By Application

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Markt Dynamics

5.2.1 Drivers 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
5.2.2 Restraints Lack of Awareness Among Law Firms
5.2.3 Opportunities Growing Demand for Data-Driven Decision By Legal Professionals Chatbots Helping Legal Firms to Take Significant Step Toward AI and Digital Transformation
5.2.4 Challenges Cybersecurity and Data Privacy Concerns of the Legal Data
5.3 Use Cases
5.4 Regulatory Implications
5.4.1 GDPr
5.4.2 HIPAA
5.4.3 FTC
5.4.4 ISO/IEC JTC 1/SC 42

6 Legal AI Software Market By Component
6.1 Introduction
6.2 Solutions
6.2.1 Software Solutions Software Solution Offers Enhanced Set of Features for Specific Legal Application
6.2.2 Platforms Platforms Provide A Complete Foundation to Create Various Legal Applications
6.3 Services
6.3.1 Professional Services Technicalities Involved in Implementing Legal AI Software Solutions to Boost the Growth of Professional Services
6.3.2 Managed Services Growing Deployment of Legal AI Software Solution to Drive Demand for Managed Services

7 Legal AI Software Market By Technology
7.1 Introduction
7.2 Machine Learning and Deep Learning
7.2.1 Growing Demand for Automation of Manual Legal Tasks to Drive Machine Learning and Deep Learning Segment
7.3 Natural Language Processing
7.3.1 Natural Language Processing to Grow at A Rapid Pace in the Coming Years

8 Legal AI Software Market By Deployment Mode
8.1 Introduction
8.2 Cloud
8.2.1 Scalability and Ease of Implementation to Boost the Growth of Cloud Deployment Mode
8.3 On-Premises
8.3.1 Data-Sensitive Organizations to Adopt On-Premises Deployment Mode for Legal AI Software Solutions

9 Legal AI Software Market By End User
9.1 Introduction
9.2 Corporate Legal Departments
9.2.1 Corporate Legal Departments Adopting AI-Powered Solutions to Reduce Cost
9.3 Law Firms
9.3.1 Law Firms Adopting AI-Powered Solutions to Save Time and Increase Efficiency
9.4 Others

10 Legal AI Software Market By Application
10.1 Introduction
10.2 Ediscovery
10.2.1 AI Solutions Becoming Crucial to Make Ediscovery Process More Effective and Efficient
10.3 Legal Research
10.3.1 AI Tools Becoming Crucial to Reduce Time Required to Complete Tedious Tasks in Research
10.4 Contract Management
10.4.1 AI-Powered Solutions Enabling Law Firms to Efficiently Streamline the Entire Contract Management Process
10.5 Compliance
10.5.1 Mandatory Compliance With Stringent Regulations to Drive the Adoption of AI-Powered Solutions By Law Firms
10.6 Case Prediction
10.6.1 AI Technology Becoming Crucial to Deliver Accurate Case Prediction Results
10.7 Others

11 Geographic Analysis
11.1 Introduction
11.2 North America
11.2.1 United States Growing Implementation of AI and Mi Based Solutions to Boost the Growth of Legal AI Software Market
11.2.2 Canada Increase in AI Based Investment and Funding to Drive the Growth of Market in Canada
11.3 Europe
11.3.1 United Kingdom Growing Investments and Funding in the Market to Drive the Deployment of Legal AI Software
11.3.2 Germany Rapid Adoption of New Technologies to Spur Demand for Legal AI Software Solutions
11.3.3 France Government Investments in AI Technology to Boost Market Growth in France
11.3.4 Rest of Europe
11.4 Asia Pacific
11.4.1 China Growing Investment in AI for Legal Industry to Offer Growth Opportunities for Market in China
11.4.2 Japan Startups Offering AI for Legal Industry to Drive Market in Japan
11.4.3 Singapore Government Initiatives in AI to Boost the Market Growth
11.4.4 Rest of Asia Pacific
11.5 Middle East and Africa
11.5.1 Middle East Upcoming AI Startups to Drive Market in the Middle East
11.5.2 Africa Rising Adoption of Advanced Digital Technologies to Offer Opportunities for Vendors of Legal AI Software Solutions and Services in Africa
11.6 Latin America
11.6.1 Brazil Emergence of Innovative Startups Offering Legal AI Solutions to Boost the Market Growth in Brazil
11.6.2 Mexico Government Initiatives to Drive the Adoption of AI-Based Solutions in Mexico
11.6.3 Rest of Latin America

12 Competitive Landscape
12.1 Competitive Leadership Mapping (Startup)
12.2 Strength of Product Portfolio
12.3 Business Strategy Excellence

13 Company Profiles
13.1 Introduction
13.2 IBM
13.3 Opentext
13.4 Thomson Reuters
13.5 Veritone
13.6 Ross Intelligence
13.7 Luminance
13.8 Lexisnexis
13.9 Neota Logic
13.10 Everlaw
13.11 Legalsifter
13.12 Pensieve
13.13 Cognitiv+
13.14 Casetext
13.15 Klarity
13.16 Omni Software Systems
13.17 Nalanda Technology
13.18 Lawgeex
13.19 Kira
13.20 Ey Riverview Law

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