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
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