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The Legal AI Software size to grow from US$ 317 Million in 2019 to US$ 1,236 Million by 2024, at a CAGR of 31.3% during 2019–2024. This report spread across 134 pages, profiling 19 companies and supported with 52 tables and 42 figures are now available in this research.
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Top Key Players profiled in the Legal AI Software Market:
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) CaseMine (India)
“Software solutions to grow at a higher CAGR during the forecast period”
The legal AI software market by solutions has software solutions and platforms segments.Software solutions have witnessed high adoption to achieve many benefits, such as smooth contract management process and analyzing legal data efficiently. It helps legal firms and professionals to manage their huge data and derive insights from them.
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“Corporate legal department to grow at the highest rate during the forecast period”
The legal AI software by end user has corporate legal departments, law firms, and other segments.The coporate legal department segment is expected to grow at the highest CAGR during the forecast period, as legal AI software helps them in reducing the cost and stream lining work and processes, reducing repetitive tasks, and attorneys focusing more on building strategies, and increasing productivity. Law firms have adopted legal AI software to save time and increase efficiency.
“Among regions, Europe to grow at the highest CAGR during the forecast period”
The legal AI software market by region covers North America, Europe, APAC, MEA, and Latin America. Europe is expected to grow at the highest CAGR,owing to the increasing adoption of AI software solutions to manage the tasks efficiently and derive insights from the data. Growth in the number of AI vendors in major European countries, such as the UK, Germany,and France, and technological advancements are expected to be key growth drivers for the market in Europe.
Breakdown of primary participants’ profile:
By Company: Tier I:15 %, Tier II: 42%, and Tier III: 43% By Designation: C-Level: 62%, Director Level: 18%, and Others: 20% By Region: North America: 40%, Europe: 20%, APAC: 30%, MEA: 5%, and Latin America: 5%
· To analyze strategic approaches, such as product/solution/service launches, acquisitions, agreements, and partnerships, in the legal AI software market
· To study the complete value chain of market
· To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies, along with the detailed competitive landscape for market leaders
· To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
· To strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
· To analyze opportunities in the market for stakeholders by identifying the high growth segments of the legal AI software ecosystem
Competitive Landscape of Legal AI Software Market:
1 Competitive Leadership Mapping (Startup)
1.1 Progressive Companies
1.2 Responsive Companies
1.3 Dynamic Companies
1.4 Starting Blocks
2 Strength of Product Portfolio
3 Business Strategy Excellence
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The Report segments the global legal AI software market by applications eDiscovery, legal research, contract management, compliance, case prediction, and others (divorce automation, ebilling, knowledge management, and IP management);component (solutions and services); technology (ML and deep learning, and NLP); end user (corporate legal department, law firms and others [national firms, solo practitioners, students, subject matter experts, and judges]);and region (North America, Europe, Asia Pacific, Middle East and Africa, and Latin America).