Legal AI software market is anticipated to grow at a CAGR of 36.8% during the forecast period (2024-2031). The market’s growth is attributed to balancing innovation and security. Copyright legislation has to strike a balance between supporting AI innovation and protecting content creators’ rights. It needs to encourage AI development while maintaining creators’ rights. For instance, in March 2023, Copyright Office launched new initiative to examine the copyright law and policy issues raised by AI, including the scope of copyright in works generated using AI tools and the use of copyrighted materials in AI training.
The global legal AI software market is segmented on the component, deployment application, and end-user. Based on the component, the market is sub-segmented into solution, and services. Based on the deployment, the market is sub-segmented into on-premise, and cloud. Based on the application, the market is sub-segmented into legal research, contract review and management, e-billing, e-discovery, compliance, case prediction, and others. Further, on the basis of end-user, the market is sub-segmented into law firms, corporate legal departments, and others. The solution subcategory is expected to capture a significant portion of the market share within the component segment. This is attributed to the growing adoption of legal AI software for handling the legal department’s tasks. AI-powered software solutions are assisting in the automation and acceleration of mundane, repetitive components of legal practice.
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Market Coverage
- Market number available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Legal Artificial intelligence (AI) Software Market Segmentation
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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Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
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
- Thomson Reuters Corp.
- Veritone, Inc.
- William
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