NEW YORK, Sept. 20, 2021 /PRNewswire/ -- As per the research based on Zion Market Research study, LegalTech artificial intelligence (AI) industry gathered revenue about USD 3,245 million in 2018 and is set to garner revenue of approximately USD 37,858 million by 2026. The LegalTech artificial intelligence (AI) market is projected to register highest gains of approximately 35.94% in 2019-2026. Apparently, humungous demand for AI-driven solutions for prominently reviewing and analyzing legal documents using natural language processing tool will drive LegalTech Artificial Intelligence (AI) market growth. Apart from this, AI has also contributed notably towards cost-reduction in legal sector and this will promulgate scope of LegalTech Artificial Intelligence (AI) market in the years ahead.
Apart from this, AI is projected to have a deep impact on legal research, eDiscovery, and legal analytics. Though AI in legal domain is in nascent stage, it can help individuals conduct research, expedite digital discovery, and support diligence. Furthermore, law industry has adopted AI to improve contract analysis at time of litigation for ensuring relevance and quality of legal suits to clients. With launching of machine learning data models trained for predicting outcomes of law suits, there is massive demand for AI in LegalTech business, thereby driving market trends.
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Moreover, AI-driven software enhances speed, aptness, and proficiency of legal documents to be reviewed along with sorting of additional docs with a high speed as compared to human beings. This will enlarge scope of LegalTech Artificial Intelligence (AI) industry in coming decade. A large number of lawyers and attorneys have accepted research tools such as Lexis for streamlining law suit review and AI has helped them in providing instant outcomes as compared to individuals who take many days for determining similar law suits. This is projected to make AI be next-gen technology that will be most sought for in legal field over forthcoming years, thereby contributing substantially towards LegalTech Artificial Intelligence (AI) market over assessment period. Furthermore, action reviews are outcomes of AI-driven recommendation engines that recommend legal decisions to be taken on a prior data and case-related facts such as win probability, acceptance of settlement, and steps to strengthen arguments during litigation.
Need For Effective Real-Time Decision-Making in Litigation to Impel LegalTech Artificial Intelligence (AI) Market By 2026
Growth of LegalTech Artificial Intelligence (AI) market over assessment period is owing to necessity of taking instant decisions for lawyers in various kinds of litigations. In addition to this, AI helps lawyers in determining exact outcomes of law suits depending on historical data. In addition to this, AI can assist in predicting win or loss probability, evidence quality, decision probability, and strength of arguments, thereby strengthening capabilities of lawyers. All these aspects will steer expansion of LegalTech artificial intelligence (AI) market over anticipated timespan. With the business objective of reducing costs and time along with increasing accuracy, lawyers are trying to optimize use of machine learning algorithms in litigation and this will add significantly towards growth of LegalTech Artificial Intelligence (AI) market in near future.
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North America to Make Notable Contributions towards Market Size By 2026
The regional market growth over forecast period can be credited to presence of humungous number of LegalTech firms entering into AI space in countries such as Canada and the U.S. In addition to this, AI has become a buzzword across different sectors in developed countries such as the U.S. and LegalTech is no exception to this. Hence, various law firms and legal departments in the U.S. are making use of AI for standardizing and reviewing legal documents. Need for proficient & timely delivery of legal services will promulgate growth of business in region over forecast timeframe.
Some of key players impacting business landscape and profiled in report are LEVERTON, Loom Analytics, Luminance Technologies Ltd., Blue J Legal, eBREVIA, Casetext Inc., Catalyst Repository Systems, Everlaw, FiscalNote, Ravel Law, Judicata, ROSS, Justia, Knomos Knowledge Management Inc., Lawgeex, Legal Robot, Inc., LexMachina, and vLex.com.
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This review is based on a report by Zion Market Research, titled,"Global LegalTech Artificial Intelligence (AI) Market-by Application (Document Management System, E-Discovery, Practice and Case Management, E-Billing, Contract Management, IP-Management, Legal Research, Legal Analytics, Cyber Security, Predictive Technology, and Compliance) and by End-User (Lawyers and Clients): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018-2026."
This report segments the global LegalTech artificial intelligence market into:
By Application
- Document Management System
- E-Discovery
- Practice and Case Management
- E-Billing
- Contract Management
- IP-Management
- Legal Research
- Legal Analytics
- Cyber Security
- Predictive Technology
- Compliance
By End-User
- Lawyers
- Clients
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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