By the end of 2030, the LegalTech Artificial Intelligence Market is anticipated to reach USD 10.3 Billion, expanding at a CAGR of 32.50% between 2023 and 2030.
COVID-19 Impact and Current Market Status
As COVID-19 spreads, legal technology developers are prepared to invest money in cutting-edge technologies. The pandemic spurred demand for cloud services and other cutting-edge technologies, reflecting the necessity for legal departments to perform additional legal responsibilities. Additionally, the increased demand for business transaction work following COVID has forced tech companies to give machine learning and NLP technology top priority. For instance, during the COVID-19 period, video conferencing became more popular and legal firms prioritized apps that make use of AI technology. AI grew more popular in order to improve customer experience by collecting data in real-time and offering personalized services.
Both developing and developed economies adopted legal technology more quickly as a result of the epidemic. 80% of lawyers who participated in Wolters Kluwer's Future Ready Lawyer 2021 study said that the epidemic has raised their need for technical solutions. Remote hearing increased the demand for platform-based technology that facilitates collaboration, such blockchain and contract review.
Global Legaltech Artificial Intelligence Market Segment Analysis – By End User
Due to the growth of legal tech firms, which has led to a broader penetration of legal tech technologies with affordable and effective tools, the lawyers sector dominated the market in 2029 and is predicted to continue dominating over the projected period.
Global Legaltech Artificial Intelligence Market Segment Analysis - By Application
The market is divided based on application into e-Discovery, Practice and Case Management, Document Management System, e-Billing, and others.
Global Legaltech Artificial Intelligence Market Segment Analysis - By Geography
The LegalTech Artificial Intelligence Market is anticipated to be dominated by the United Kingdom and the United States. Due to the increasing number of LegalTech businesses joining the artificial intelligence market, North America holds a significant portion of the market.
Following investments in artificial intelligence (AI) and cutting-edge software technologies to automate the lead generation process and save costs with highly automated processes, the United States and Canada are anticipated to offer attractive growth potential. As an illustration, Docket Alarm will introduce a new Enhance feature in August 2021. This tool will convert litigation reports and email alerts into a variety of formats and incorporate live connections to complaints and dockets, case studies, judges, and firms.
Legaltech is the practice of speeding up legal services via the use of technology and innovations. A company called Legal Tech provides software to the legal industry as well as tech-enabled services to consumers and enterprises (which include internal counsel and law firms). AI refers to the use of computer science to build intelligent machines that mimic human brain function. AI machines are capable of learning, choosing, planning, and exercising due diligence in similar ways to humans. In the Legaltech sector, AI is a significant participant.
Time is saved, production rises, and the likelihood of error also falls. LegalTech companies are businesses that specialize on legal technology. They provide businesses, consumers, and the legal industry with tech-enabled services and solutions. AI is frequently employed in legal technology for a variety of purposes. In order to support a variety of applications within the legal technology industry, businesses are utilizing machine learning and linguistic communication processing technologies and building software. Law companies spend a lot of time examining contracts, but with the help of AI, this process might be completed faster without sacrificing quality.
The key force behind the market's growth is the rising need for AI-based solutions. Language processing methods are used in artificial intelligence (AI) software developed by businesses like ROSS Intelligence to review and analyze legal documents. Likewise, legal research, legal analytics, due diligence, and eDiscovery have all demonstrated the value of AI. Legal analytics assists in sorting through voluminous knowledge to look for trends that are helpful to lawyers. Divorce proceedings might last for over a year. However, clients can find divorce options more quickly thanks to the use of AI technology.
However, future legal exchanges are not anticipated. However, lawyers had to become specialists in order to develop new skills to work with AI technology. The market's growth has been directly impacted by the effects of Coronavirus. The coronavirus shutdown caused the majority of law firms' businesses to shut down, substantially hurting the market for legal-tech AI solutions.
The "Global Legaltech Artificial Intelligence Market" study report will provide useful information with a focus on the global market. The top rivals in the market are Casetext Inc., eBREVIA, Everlaw, Catalyst Repository Systems, FiscalNote, Knomos Knowledge Management Inc., Judicata, Justia, Lawgeex, and Legal Robot, Inc. The competitive landscape section also includes information on the key development strategies, market positioning analysis, and market share analysis of the aforementioned competitors on a global scale.
Recent Developments of Global Legaltech Artificial Intelligence Market
- The Legal Tech market, which provides solutions to both corporate legal departments and law firms, is expected to generate $15.9 billion in revenue by 2021, according to Catalyst, a growth equity venture capital firm based in New York.
Legaltech Artificial Intelligence Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2030||USD 10.3 Billion|
|Growth Rate||CAGR of 32.50 % during 2020-2030|
|Segment Covered||End- User, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Casetext Inc., eBREVIA, Everlaw, Catalyst Repository Systems, FiscalNote, Knomos Knowledge Management Inc., Judicata, Justia, Lawgeex, and Legal Robot & among others.|
Key Segments of the Global Legaltech Artificial Intelligence Market
End User Overview
- Document Management System
- Practice and Case Management
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa