Global Legal AI Software Market is Due to Grow and Reach $1.89 Billion by 2026 - ResearchAndMarkets.com

By: Business Wire

heavily in digital transformation has almost doubled in the past year.

The accounting and services giant questioned 1,200 executives at organizations of at least 500 people with above $250 million in revenue, finding that 19% planned to invest $20 million or more during 2019. When asked the same question at the start of 2018, 10% gave that answer.

The Global Legal AI Software Market is expected to reach $1.89 billion by 2026 growing at a CAGR of 30.5% from 2017 to 2026. Legal AI software refers to the usage of AI technology to perform various tasks carried out by law firms and corporate legal departments. Some of the factors such as increasing demand for AI-powered customer support service and growing demand for automation in applications such as eDiscovery, contract management, compliance, and case prediction are propelling the market growth. However, lack of awareness among law firms and Cybersecurity are the restraining the market growth.

Based on End-User, Corporate legal department segment has significant growth during the forecast period. Legal AI software helps them in reducing the cost and stream lining work and processes, reducing repetitive tasks, and attorneys focusing more on building strategies, and increasing productivity.

Deployment Mode Covered:

  • On-Premises
  • Cloud

Components Covered:

  • Services
  • Solutions

Applications Covered:

  • Case Prediction
  • Compliance
  • Contract Management
  • Ediscovery
  • Legal Research
  • Other Applications

Technologies Covered:

  • Natural Language Processing
  • Machine Learning and Deep Learning

End-Users Covered:

  • Law Firms
  • Corporate Legal Departments
  • Other End Users

Regions Covered:

  • North America
  • Europe
  • Asia Pacific

 

  • South America
  • Middle East & Africa

Key Questions Answered in this Report:


Key Topics Covered:

1 Market Synopsis

2 Research Outline

2.1 Research Snapshot

2.2 Research Methodology

2.3 Research Sources

2.3.1 Primary Research Sources

2.3.2 Secondary Research Sources

3 Market Dynamics

3.1 Drivers

3.2 Restraints

4 Market Environment

4.1 Bargaining power of suppliers

4.2 Bargaining power of buyers

4.3 Threat of substitutes

4.4 Threat of new entrants

4.5 Competitive rivalry

5 Global Legal AI Software Market, By Deployment Mode

5.1 Introduction

5.2 On-Premises

5.3 Cloud

6 Global Legal AI Software Market, By Component

6.1 Introduction

6.2 Services

6.3 Solutions

7 Global Legal AI Software Market, By Application

7.1 Introduction

7.2 Case Prediction

7.3 Compliance

7.4 Contract Management

7.5 Ediscovery

7.6 Legal Research

7.7 Other Applications

8 Global Legal AI Software Market, By Technology

8.1 Introduction

8.2 Natural Language Processing

8.3 Machine Learning and Deep Learning

9 Global Legal AI Software Market, By End User

9.1 Introduction

9.2 Law Firms

9.3 Corporate Legal Departments

9.4 Other End Users

10 Global Legal AI Software Market, By Geography

10.1 Introduction

10.2 North America

10.3 Europe

10.4 Asia Pacific

10.5 South America

10.6 Middle East & Africa

11 Strategic Benchmarking

12 Vendors Landscape

12.1 IBM

12.2 Veritone

12.3 Thomson Reuters

12.4 Ross Intelligence

12.5 Pensieve

12.6 Opentext

12.7 Omni Software Systems

12.8 Neota Logic

12.9 Nalanda Technology

12.10 Luminance

12.11 Lexisnexis

12.12 Legalsifter

12.13 Lawgeex

12.14 Klarity

12.15 Kira

12.16 Ey Riverview Law

12.17 Everlaw

12.18 Cognitiv+

12.19 Casetext

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