Global LegalTech Artificial Intelligence (AI) Market: Introduction
Technology companies in the legal sector are known as LegalTech companies. They provide software and tech-enabled services to the legal sector, businesses, and consumers. Artificial Intelligence (AI) in LegalTech is widely used for several applications. Companies are using machine learning and natural language processing technologies and developing software to cater to diverse applications in the legal technology sector. Law firms invest significant amounts of time in reviewing contracts, which can be done in less time without compromising on quality with the help of Artificial Intelligence.
The effects of Corona virus has directly influenced the growth of the market. As a result of the corona virus lockout, the bulk of law firms businesses closed, which significantly hampered the market for legal-tech artificial intelligence solutions.
Global LegalTech Artificial Intelligence (AI) Market: Dynamics
- Increasing demand for AI based Solution.
- AI-powered software improves the efficiency of document review and analysis. Companies such as ROSS Intelligence provide Artificial Intelligence software to help review and analyze legal documents with the help of natural language processing technology. Artificial Intelligence has also proved to be impactful in legal analytics, legal research, due diligence, and eDiscovery. Legal analytics helps in sorting through large amounts of data to find trends of value to attorneys. Divorce procedures take more than a year’s time. However, the use of Artificial Intelligence technology self-guides clients to divorce solutions in lesser time. Artificial Intelligence has begun to transform the legal sector and is augmenting what humans do, allowing them to work on different tasks such as advising, negotiating deals, etc.
- A few products in the LegalTech Artificial Intelligence market are niche, while others are more generic AI solutions. Companies such as IBM Corporation and Zero focus on legal analytics. Other companies such as Apttus Corporation and iManage focus on offering contract management solutions. The LegalTech Artificial Intelligence market is not mature enough. Research is still ongoing for identifying the use of legal tech Artificial Intelligence in different applications and its impact on the legal sector. The humanlike functions performed by Artificial Intelligence software such as learning, decision making, and planning drives demand for it. Chatbots are also drawing attention in the legal sector and are expected to become a trend in the market. Artificial Intelligence is helping lawyers perform tasks efficiently and in time. However, it is not expected to replace lawyers in the future. Nevertheless, lawyers need to focus on attaining different skills to work alongside AI technology.
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North America Led the Global Market in 2019
- Based on region, the global LegalTech Artificial Intelligence (AI) market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
- The U.S. and the U.K. are expected to be prominent countries of the LegalTech Artificial Intelligence market.
- North America accounts for a dominant share of the LegalTech Artificial Intelligence market as a large number of LegalTech companies are entering the Artificial Intelligence space.
Key Players Operating in the Global Market
Key players operating in the global LegalTech Artificial Intelligence (AI) market are listed below:
- ROSS Intelligence
- IBM Corporation
- Casetext Inc.
- Lex Machina, Inc.
- Kira Inc.
- Luminance Technologies Ltd.
- Apttus Corporation
- Catalyst Repository Systems
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Global LegalTech Artificial Intelligence (AI) Market: Research Scope
Global LegalTech Artificial Intelligence (AI) Market, by Component
Figure: Global LegalTech Artificial Intelligence (AI) Market, by Component
Global LegalTech Artificial Intelligence (AI) Market, by Application
- Legal analytics
- Legal research
- Contract management
- Prediction technology
Global LegalTech Artificial Intelligence (AI) Market, by End-user
- Law Firms
- Legal Service Providers
Global LegalTech Artificial Intelligence (AI) Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Figure: Global LegalTech Artificial Intelligence (AI) Market, by Region
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.