Legal Artificial intelligence (AI) Software Market Trends, Latest Insights, Analysis and Forecast 2024-2031
The global legal artificial intelligence (AI) software market is anticipated to grow at a CAGR of 36.8% during the forecast period (2024-2031). AI software can be used to review and analyze documents for errors, inconsistencies, and relevant clauses. It can also identify terms and concepts to aid in document retrieval and understanding. Additionally, AI-based tools can assist in contract management, legal research, due diligence, and e-discovery. These tools can quickly identify and analyze data points, and help to reduce the time and cost associated with tasks. Furthermore, the growth of the market’s is attributed to productivity and efficiency. Legal AI software can automate routine processes such as document inspection and contract analysis, increasing the productivity of legal personnel. As a result, productivity increases and legal professionals can concentrate on more sophisticated and strategic work. For instance, in September 2023, EY launched AI platform EY.ai following $1.4 billion investment. These investments have enabled the incorporation of AI into proprietary EY technologies such as EY Fabric, which is utilized by 60,000 EY clients and over 1.5 million unique client users, in addition to assisting in the completion of a succession of EY technology acquisitions with accompanying cloud and automation technologies.
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Furthermore, solutions can be used to process large datasets, making them suitable for law firms and legal departments of all sizes and allowing them to be adapted to various business requirements. For instance, in August 2023, Gunderson Dettmer Launched ChatGD. The first US-Based firm to develop proprietary internal generative AI App.
Global Legal Artificial intelligence (AI) Software Market Report Segment
By Component
- Solution
- Services
By Deployment
- On-Premise
- Cloud
By Application
- Legal Research
- Contract Review and Management
- E-billing
- E-discovery
- Compliance
- Case Prediction
- Others (Document Review and Analysis)
By End-User
- Law Firms
- Corporate Legal Departments
- Others (Legal Professionals, Government and Public Sector, Compliance and Regulatory Departments)
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Company Profiles
- Ernst & Young Global Ltd.
- Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP
- Kira Inc.
- LexisNexis group
- Luminance Technologies Ltd.
- Neota Logic Inc.
- Open Text Corp.
- Reveal Data Corp.
- ROSS Intelligence, Inc.
- Smokeball
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