(EMAILWIRE.COM, March 25, 2022 ) According to a new market research report “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, and eDiscovery), and Region – Global Forecast to 2024″ published by MarketsandMarkets, the Legal AI Software Market expected to grow from USD 317 million in 2019 to USD 1,236 million by 2024, at a Compound Annual Growth Rate (CAGR) of 31.3% during the forecast period. Major growth factors for the legal AI software market include an increasing demand for AI-powered customer support service and automation.
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Contract management application to grow at the highest CAGR during the forecast period
The legal AI market by applications covers eDiscovery, legal research, contract management, compliance, case prediction, and others (divorce automation, ebilling, knowledge management, and IP) segments. The contract management is expected to grow at the highest CAGR during the forecast period, owing to an increasing demand for AI-powered solutions to streamline the entire contract management process using legal AI software solutions.
ML and deep learning technology to hold the largest market size during the forecast period
The legal AI software market by technology has 2 segments: ML and deep learning, and NLP. The ML and deep learning segment is expected to account for the largest market size during the forecast period, due to an increasing demand for intelligently automating the legal processes by integrating it into the legal AI software.
North America to hold the largest market size during the forecast period
North America is expected to hold the largest market size during the forecast period. In the region, the growth rate can be attributed to various factors including the adoption of advanced technologies, economic developments, increasing customer demand, and high investments by legal AI software solution providers. Driving forces in the region are large-scale investments, funding, and R&D activities in the marketspace. Major law firms and independent lawyers are adopting legal AI software solutions rapidly.
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The legal AI software market report provides the competitive landscape and company profiles of the key vendors by their product offerings and business strategies. Major vendors in the global legal AI software market include IBM (US), OpenText (US), Thomson Reuters (US), Veritone (US), ROSS Intelligence (US), Luminance (US), LexisNexis (US), Neota Logic (US), Everlaw (US), Legalsifter (US), Pensieve (India), Cognitiv+ (UK), Casetext (US), Klarity (US), Omni Software Systems (US), Nalanda Technology (UK), LawGeex (Israel), Kira (US), and CaseMine (India).
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