The AI Software Market

Legal AI defined as the utilization of artificial intelligence technology to facilitate several tasks carried out by law firms and corporate legal departments. AI is the hypothesis and development of intelligent machines, which have the ability to perform tasks which generally need human intelligence. The significant aim behind leveraging AI powered systems is to reduce the gap between human and machines by enabling these systems to collect, analyze and project future outcomes and mimic an advanced and intelligent system same as the human brain. Benefits of AI such as rising precision, efficiencies, cost savings and speed is the key factor propelling the growth of AI software market in legal industry. Artificial intelligence has the ability to transform businesses and the services and products they provide. In addition to this, the increasing number of litigations in the legal industry around the world, surging demand for automation in legal AI software, requirement to minimize the time it takes to accomplish the legal case are also responsible for the growth of AI software market in legal industry over the forecast period. In addition, there is a rising demand for data-driven decisions and solutions by legal professionals which enhances the use of advanced technologies. Moreover, the adoption of innovative tools such as chatbots assists legal firms to take crucial steps towards artificial intelligence and be a major part of digital transformations. These and various such factors are offering vital growth opportunities for the players operating in legal AI software industry, and eventually fuel the growth of this market during the forecast period.

Furthermore, the research is still going on for identifying the use of legal software Artificial Intelligence in various applications and its impact on the legal industry. The humanlike functions carried out by Artificial Intelligence software such as learning, decision making and planning propels demand for artificial intelligence software. Chatbots are also drawing attention in the legal sector and are expected to become a trend in the market. Artificial Intelligence is assisting lawyers perform tasks efficiently and in time.

The global AI Software Market in Legal Industry is segregated on the basis of Component as Solution and Services. Based on Deployment the global AI Software Market in Legal Industry is segmented in On-Premise and Cloud. Based on Application the global AI Software Market in Legal Industry is segmented in Contract Review and Management, E-Billing, E-Discovery, Compliance, Case Prediction and Other Applications. Based on End-user Industry the global AI Software Market in Legal Industry is segmented in Law Firms, Corporate Legal Departments and Other End-user Industries.

The global AI Software Market in Legal Industry report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The AI Software Market in Legal Industry for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.

Competitive Analysis

Everlaw, Ey Riverview Law, IBM, Kira, Klarity and others are among the major players in the global AI Software Market in Legal Industry. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.

• In January 2019, OpenText acquired Repository Systems, a prominent provider of eDiscovery solutions for corporate legal departments and law firms, to improve its market position as a provider of AI-enabled eDiscovery solution.
• In October 2019, QNC GmbH, a legal tech firm, with the help of IBM Watson Knowledge Studio and the Watson Discovery service, was able to introduce its new “digital law firm” subscription service and offer inexpensive, fast, flat-rate online legal services to small enterprises in Germany.
• In October 2019, ROSS Intelligence and Clio declared integration among their innovative AI-based products. Cilo is one of the major players in the cloud-based legal technology provider. As a result of this collaboration, all Clio customers will be able to use ROSS’s Document Analyzer.
• In September 2018, Kira Systems, an AI-driven contract analytics software company, declared a USD 50 million small investment from Insight Venture Partners. The company offers AI software Kira, which assists in reducing the time spent on document review by 20% to 90% and improve the precision of the review.

The global AI Software Market in Legal Industry has been segmented as below:

AI Software Market in Legal Industry, By Component

• Solution
• Services

AI Software Market in Legal Industry, By Deployment

• On-Premise
• Cloud

AI Software Market in Legal Industry, By Application

• Legal Research
• Contract Review and Management
• E-Billing
• E-Discovery
• Compliance
• Case Prediction
• Other Applications

AI Software Market in Legal Industry, By End-user Industry

• Law Firms
• Corporate Legal Departments
• Other End-user Industries

AI Software Market in Legal Industry, By Region

• Europe
• North America
• Asia Pacific
• Rest of The World

AI Software Market in Legal Industry, By Company

• Everlaw
• Ey Riverview Law
• IBM
• Kira
• Klarity
• Lawgeex
• Legalsifter
• Lexisnexis
• Luminance
• Nalanda Technology
• Neota Logic
• Omni Software Systems
• Opentext
• Pensieve
• Ross Intelligence
• Thomson Reuters
• Veritone

The report covers the below scope:

• Global AI Software Market in Legal Industry sizes from 2020 to 2026, along with CAGR for 2020-2026
• Market size comparison for 2019 vs 2026, with actual data for 2019, estimates for 2019 and forecast from 2020 to 2026
• Global AI Software Market in Legal Industry trends, covering comprehensive range of consumer trends & manufacturer trends
• Value chain analysis covering participants from raw material suppliers to the downstream buyer in the global AI Software Market in Legal Industry
• Major market opportunities and challenges in forecast timeframe to be focused
• Competitive landscape with analysis on competition pattern, portfolio comparisons, development trends and strategic management
• Comprehensive company profiles of the key industry players

The years considered for the study are as follows:

• Base year - 2019
• Estimated year - 2019
• Projected year - 2020
• Forecast period - 2021 to 2026

Report Scope:

The global AI Software Market in Legal Industry report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global AI Software Market in Legal Industry share. Major industry players with significant revenue share include Everlaw, Ey Riverview Law, IBM, Kira, Klarity and others.

Why to Buy this Report:

• Gain detailed insights on the AI Software Market in Legal industry trends
• Find complete analysis on the market status
• Identify the AI Software Market in Legal Industry opportunities and growth segments
• Analyse competitive dynamics by evaluating business segments & product portfolios
• Facilitate strategy planning and industry dynamics to enhance decision making

Target Audience:

• The report targeted towards the existing players in the industry is as follows:
• Market Manufacturers/Service Providers
• Market Wholesale/Traders
• Investment and Financial Institutions

Free and Paid Customization based on the requirement

1.      Introduction

1.1.       Key Points

1.2.      Report Description

1.3.      Markets Covered

1.4.      Stakeholders

2.     Research Methodology

2.1.      Research Scope

2.2.     Research Methodology

2.2.1.     Market Research Process

2.2.2.    Research Methodology

2.2.2.1.           Secondary Research

2.2.2.2.          Primary Research

2.2.2.3.          Models for Estimation

2.3.     Market Size Estimation

2.3.1.     Bottom-Up Approach

2.3.2.    Top-Down Approach

3.     Executive Summary

4.    Market Overview

4.1.      Introduction

4.2.     Drivers

4.3.     Restraints

4.4.     Opportunities

4.5.     Challenges

5.     AI Software Market in Legal Industry, By Component

5.1.      Key Points

5.2.  Solution

5.3.  Services

6.    AI Software Market in Legal Industry, By Deployment   

6.1.      Key Points

6.2. On-Premise

6.3. Cloud

7.     AI Software Market in Legal Industry, By Application

7.1.      Key Points

7.2.  Legal Research

7.3.  Contract Review and Management

7.4.  E-Billing

7.5.  E-Discovery

7.6.  Compliance

7.7.  Case Prediction

7.8.  Other Applications

8.    AI Software Market in Legal Industry, By End-user Industry

8.1.      Key Points

8.2. Law Firms

8.3. Corporate Legal Departments

8.4. Other End-user Industries

9.    Competitive Landscape

9.1.      Introduction

9.2.     Start-up companies- AI Software Market in Legal Industry

9.3.     Recent Developments

9.3.1.     Mergers & Acquisitions

9.3.2.    New Product Developments

9.3.3.    Portfolio/Production Capacity Expansions

9.3.4.    Joint Ventures, Collaborations, Partnerships & Agreements

9.3.5.     Others

10.            Company Profile

10.1. Everlaw

10.2.    Ey Riverview Law

10.3.    IBM

10.4.    Kira

10.5.    Klarity

10.6.    Lawgeex

10.7.     Legalsifter

10.8.    Lexisnexis

10.9.    Luminance

10.10.Nalanda Technology

10.11.  Neota Logic

10.12. Omni Software Systems

10.13. Opentext

10.14. Pensieve

10.15. Ross Intelligence

10.16. Thomson Reuters

10.17. Veritone