Legal AI Software Market Growing at a CAGR 31.3% | Key Player IBM, Opentext, Thomson Reuters, Veritone, Ross Intelligence

Legal AI Software Market Growing at a CAGR 31.3% | Key Player IBM, Opentext, Thomson Reuters, Veritone, Ross Intelligence

“IBM (US), OpenText (US), Thomson Reuters (US), Veritone (US), ROSS Intelligence (US), Luminance (US), LexisNexis (US), Neota Logic (US), Everlaw (US), Legalsifter (US), Pensieve (India), Cognitiv+ (UK), Casetext (US), Klarity (US), Omni Software Systems (US), Nalanda Technology (UK), LawGeex (Israel), Kira (US), and CaseMine (India).”
Legal AI Software Market by Component (Solutions and Services), Deployment Mode, Technology, End User (Corporate Legal Departments and Law Firms), Application (Legal Research, Contract Management, and eDiscovery), and Region – Global Forecast to 2024

MarketsandMarkets expects the global Legal AI Software Market size to grow from USD 317 million in 2019 to USD 1,236 million by 2024, at a Compound Annual Growth Rate (CAGR) of 31.3% during the forecast period. Major growth factors for the market include a growing need for automation, reducing time required to complete various legal processes, and increasing efficiency.

Contract management application to grow at the highest CAGR during the forecast period

The legal AI market by applications covers eDiscovery, legal research, contract management, compliance, case prediction, and others (divorce automation, ebilling, knowledge management, and IP) segments. The contract management is expected to grow at the highest CAGR during the forecast period, owing to an increasing demand for AI-powered solutions to streamline the entire contract management process using legal AI software solutions.

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ML and deep learning technology to hold the largest market size during the forecast period

The legal AI software market by technology has 2 segments: ML and deep learning, and NLP. The ML and deep learning segment is expected to account for the largest market size during the forecast period, due to an increasing demand for intelligently automating the legal processes by integrating it into the legal AI software.

Legal AI software allows legal teams to perform their jobs more efficiently and cost effectively. A legal AI software integrated with ML and deep learning, and NLP technologies enables users to perform their legal task in less time and thereby helps end users achieve maximum productivity. AI affects various legal applications including eDiscovery, legal research, contract management, compliance, case prediction, and others (national firms, solo practitioners, students, judges, and subject matter experts). Law firms as well as corporate legal departments are increasing adopting legal AI software for the major applications. AI-powered software solutions are expected to be playing a critical role in assisting law firms and legal departments achieve increased profit margins, higher revenues, while reducing the overall cost.

Major vendors in the legal AI software market include IBM (US), OpenText (US), Thomson Reuters (US), Veritone (US), ROSS Intelligence (US), Luminance (US), LexisNexis (US), Neota Logic (US), Everlaw (US), Legalsifter (US), Pensieve (India), Cognitiv+ (UK), Casetext (US), Klarity (US), Omni Software Systems (US), Nalanda Technology (UK), LawGeex (Israel), Kira (US), and CaseMine (India).

Thomson Reuters (US) is a multinational company, founded in 2008 and headquartered in Toronto, Canada. Thomson Reuters is a provider of enterprise information management solutions that empower professionals and enterprises in various sectors, such as financial, legal, and risk compliance, to mitigate and anticipate risks. The company is following various organic and inorganic growth strategies to further enhance its competitive position in the market. For instance, in January 2019, Thomson Reuters updated its Westlaw Edge solution by integrating precedent analytics, a new capability in Westlaw Edge’s Litigation Analytics feature. The added capability will enable users to access deep analysis of topics and cases, and helps the users understand what parameters court judges rely upon when they draft opinions.

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Ross Intelligence (US), a key player in the legal AI software market, is a US-based company founded in 2014 and headquartered in California. The company offers an online platform to provide legal research services. It leverages ML and NLP technologies that enable legal professionals to determine the answers to legal research questions accurately in seconds. As a part of its growth strategy, Ross Intelligence in the legal AI software market is undertaking strategies, such as new product launches and partnerships. For instance, in February 2018, Ross Intelligence launched a case analysis tool named EVA, a new piece of AI-enabled tool acting as a companion to the pre-existing Ross intelligence tool. EVA is a brief analyzer that will help lawyers supercharge their legal research.

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