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(IT-NEWSWIRE.COM, October 12, 2021 ) 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.
Browse in-depth TOC on "Legal AI Software Market”
52- Tables
42- Figures
134- Pages
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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).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
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MarketsandMarkets™ INC.
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MnM Blog: https://mnmblog.org
Content Source:https://www.marketsandmarkets.com/PressReleases/legal-ai-software.asp
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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