Legal AI Software Market Projected for Significant Growth (2024-2031) | International Business Machines, Thomson Reuters Corporation Reuters Corporation, Open Text Corporation India Private Limited.

The Legal AI Software Market report by DataM Intelligence provides insights into the latest trends and developments in the market. This report identifies the key growth opportunities in the market and provides recommendations for market participants to capitalize on these opportunities. Overall, the Legal AI Software market report is an essential resource for market participants who are looking to gain a comprehensive understanding of the market and identify opportunities for growth.

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Global Legal AI Software Market reached USD 0.5 billion in 2022 and is expected to reach USD 3.7 billion by 2030, growing with a CAGR of 28.7% during the forecast period 2024-2031.

The Legal AI Software Market focuses on the integration of artificial intelligence (AI) technologies into the legal sector, offering tools that automate tasks such as legal research, contract analysis, case prediction, and document management. These solutions enhance efficiency, reduce costs, and improve decision-making. Market growth is driven by the increasing adoption of AI for streamlining legal operations, improving accuracy, and the demand for cost-effective solutions in law firms and corporate legal departments.

Competitive Landscape

The section also contains information related to the new product launches, mergers, acquisitions, collaborations, etc., to give a clear understanding about the competitive landscape prevailing in the global market. With an emphasis on strategies there have been several primary developments done by major companies such as International Business Machines, Thomson Reuters Corporation Reuters Corporation, Open Text Corporation India Private Limited, Neota Logic Inc., Cognitiv+, Casetext, Inc., Klarity Intelligence, Inc., CaseMine, Kira Inc. and Reed Elsevier Inc.

Key Developments:

In March 2023, PricewaterhouseCoopers International Limited (PwC) partnered with the tech startup Harvey to launch an AI-powered chatbot service for its 4,000 lawyers across more than 100 countries. This service, which is integrated through a 12-month contract, is designed to assist PwC's legal team with tasks such as contract analysis, regulatory compliance, due diligence, and other legal advisory services, streamlining their workflow and enhancing efficiency.

In May 2023, Reed Elsevier Inc. introduced Lexis+ AI in beta, a generative AI solution aimed at transforming legal research and document drafting. The platform helps users draft legal documents or client emails by generating a first draft and offering options to modify language and tone using prompts. Lexis+ AI is built with privacy in mind and adheres to RELX's responsible AI principles, ensuring both functionality and ethical considerations in its use.

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Market Segments

The detailed segmentation offered in the report will help customers get a clear idea about the market segments and the factors that will drive segmental growth. The Legal AI Software market has been segmented

By Component: Services, Solution.

By Deployment Type: On-Premise, Cloud.

By Application: Legal Research, Contract Review and Management, E-Billing, Case Prediction, Others.

By End-User: Law Firms, Corporate Legal Departments.

Research Process

Both primary and secondary data sources have been used in the global Legal AI Software Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

Regional Analysis for Legal AI Software Market:

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

**The full version of the report includes an in-depth analysis of emerging players and startups, which will provide valuable insights into the evolving market landscape and key strategies being adopted**

This Report Covers:

✔ Go-to-market Strategy.

✔ Neutral perspective on the market performance.

✔Development trends, competitive landscape analysis, supply side analysis, demand side analysis, year-on-year growth, competitive benchmarking, vendor identification, and other significant analysis, as well as development status.

✔Customized regional/country reports as per request and country level analysis.

✔ Potential & niche segments and regions exhibiting promising growth covered.

✔ Analysis of Market Size (historical and forecast), Total Addressable Market (TAM), Serviceable Available Market (SAM), Serviceable Obtainable Market (SOM), Market Growth, Technological Trends, Market Share, Market Dynamics, Competitive Landscape and Major Players (Innovators, Start-ups, Laggard, and Pioneer).

Chapter Outline

⏩ Market Overview: It contains five chapters, as well as information about the research scope, major manufacturers covered, market segments, Legal AI Software market segments, study objectives, and years considered.

⏩ Market Landscape: The competition in the Global Legal AI Software Market is evaluated here in terms of value, turnover, revenues, and market share by organization, as well as market rate, competitive landscape, and recent developments, transaction, growth, sale, and market shares of top companies.

⏩ Companies Profiles: The global Legal AI Software market's leading players are studied based on sales, main products, gross profit margin, revenue, price, and growth production.

⏩ Market Outlook by Region: The report goes through gross margin, sales, income, supply, market share, CAGR, and market size by region in this segment. North America, Europe, Asia Pacific, Middle East & Africa, and South America are among the regions and countries studied in depth in this study.

⏩ Market Segments: It contains the deep research study which interprets how different end-user/application/type segments contribute to the Legal AI Software Market.

⏩ Market Forecast: Production Side: In this part of the report, the authors have focused on production and production value forecast, key producers forecast, and production and production value forecast by type.

⏩ Research Findings: This section of the report showcases the findings and analysis of the report.

⏩ Conclusion: This portion of the report is the last section of the report where the conclusion of the research study is provided.

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Frequently asked questions:

➠ What is the global sales value, production value, consumption value, import and export of Legal AI Software market?

➠ Who are the global key manufacturers of the Legal AI Software Industry? How is their operating situation (capacity, production, sales, price, cost, gross, and revenue)?

➠ What are the Legal AI Software market opportunities and threats faced by the vendors in the global Legal AI Software Industry?

➠ Which application/end-user or product type may seek incremental growth prospects? What is the market share of each type and application?

➠ What focused approach and constraints are holding the Legal AI Software market?

➠ What are the different sales, marketing, and distribution channels in the global industry?

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