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Global Legal AI Market Size Study, by Component (Solution, Services), by Technology (Natural Language Processing Technology, Machine Learning and Deep Learning Technology), by Application (E-Discovery, Legal Research, Analytics, Compliance and Regulatory

Publisher Bizwit Research & Consulting
Published Jan 13, 2025
Length 285 Pages
SKU # BIZW19502975

Description

Global Legal AI Market Size Study, by Component (Solution, Services), by Technology (Natural Language Processing Technology, Machine Learning and Deep Learning Technology), by Application (E-Discovery, Legal Research, Analytics, Compliance and Regulatory Monitoring, Document Drafting and Review, Contract Management, Legal Chatbots), by End Use (Law Firms, Corporate Legal Departments), and Regional Forecasts 2022-2032


The global legal AI market was valued at USD 1.24 billion in 2023 and is anticipated to grow at a robust CAGR of 17.3% from 2024 to 2032. Legal artificial intelligence (AI) has emerged as a transformative force within the legal industry, enabling law firms and corporate legal departments to harness advanced technologies for streamlining operations, improving accuracy, and reducing costs. AI-powered solutions are revolutionizing legal research, contract analysis, eDiscovery, compliance monitoring, and decision-making processes, paving the way for unprecedented efficiency and strategic planning.

The growth of this market is primarily driven by the increasing adoption of automation in legal processes, rising demand for advanced analytics, and the proliferation of AI tools leveraging Natural Language Processing (NLP) and Machine Learning (ML). Legal professionals are increasingly turning to AI for managing vast amounts of data and optimizing client services, making AI an indispensable part of modern legal workflows. As AI tools continue to evolve, their ability to interpret complex legal language, predict case outcomes, and automate repetitive tasks has made them crucial assets in enhancing the productivity and profitability of legal organizations.

Furthermore, the development of AI-powered chatbots and virtual assistants has redefined client interaction, offering 24/7 support and personalized guidance. These innovations have significantly improved client engagement and satisfaction, providing a competitive edge to early adopters in the industry. In addition, a robust regulatory framework is catalyzing the demand for AI-based compliance solutions, further solidifying AI's position as a cornerstone of legal technology.

The legal AI market's regional dynamics reveal that North America dominated the market in 2023, benefiting from advanced AI infrastructure and high adoption rates among legal professionals. Meanwhile, the Asia Pacific region is expected to witness the fastest growth during the forecast period, driven by a burgeoning legal tech ecosystem and supportive regulatory environments.

Major market players included in this report are:
• IBM Corporation
• Thomson Reuters Corporation
• Casetext Inc.
• LexisNexis
• Luminance Technologies Ltd.
• Open Text Corporation
• Everlaw, Inc.
• Filevine, Inc.
• Docusign, Inc.
• Icertis, Inc.
• Knovos LLC
• Neota Logic Inc.
• LAWYAW (Mystacks, Inc.)
• Veritone, Inc.
• Practice Insight Pty Ltd (WiseTime)

The detailed segments and sub-segment of the market are explained below:

By Component
• Solution
Cloud-based
On-Premises
• Services
Consulting Services
Support Services
Others

By Technology
• Natural Language Processing Technology
• Machine Learning and Deep Learning Technology

By Application
• E-Discovery
• Legal Research
• Analytics
• Compliance and Regulatory Monitoring
• Document Drafting and Review
• Contract Management
• Legal Chatbots
• Others

By End Use
• Law Firms
• Corporate Legal Departments
• Others

By Region:

North America
• U.S.
• Canada
• Mexico

Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe

Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Rest of Asia Pacific

Latin America
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA

Years considered for the study are as follows:
• Historical year – 2022
• Base year – 2023
• Forecast period – 2024 to 2032

Key Takeaways:
• Market Estimates & Forecast for 10 years from 2022 to 2032.
• Annualized revenues and regional-level analysis for each market segment.
• Detailed analysis of geographical landscape with country-level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand-side and supply-side analysis of the market.

Please note:The single user license is non-downloadable and non-printable. Global Site license allows these actions.

Table of Contents

285 Pages
Chapter 1. Global Legal AI Market Executive Summary
1.1. Global Legal AI Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
1.3.1. By Component
1.3.2. By Technology
1.3.3. By Application
1.3.4. By End Use
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion
Chapter 2. Global Legal AI Market Definition and Research Assumptions
2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
2.3.1. Inclusion & Exclusion
2.3.2. Limitations
2.3.3. Supply Side Analysis
2.3.3.1. Availability
2.3.3.2. Infrastructure
2.3.3.3. Regulatory Environment
2.3.3.4. Market Competition
2.3.3.5. Economic Viability (Consumer’s Perspective)
2.3.4. Demand Side Analysis
2.3.4.1. Consumer Awareness & Preferences
2.3.4.2. Technological Advancements
2.3.4.3. Environmental Considerations
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates
Chapter 3. Global Legal AI Market Dynamics
3.1. Market Drivers
3.1.1. Rising Demand for Automation in Legal Processes
3.1.2. Advancements in Natural Language Processing and Machine Learning
3.1.3. Increased Focus on Reducing Operational Costs
3.2. Market Challenges
3.2.1. High Initial Investment Costs
3.2.2. Lack of AI Knowledge Among Legal Professionals
3.3. Market Opportunities
3.3.1. Expanding Legal Tech Ecosystem in Emerging Economies
3.3.2. Development of AI-Powered Compliance Solutions
Chapter 4. Global Legal AI Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. PESTEL Analysis
4.2.1. Political
4.2.2. Economic
4.2.3. Social
4.2.4. Technological
4.2.5. Environmental
4.2.6. Legal
4.3. Top Investment Opportunities
4.4. Top Winning Strategies
4.5. Industry Expert Perspective
4.6. Analyst Recommendation & Conclusion
Chapter 5. Global Legal AI Market Size & Forecasts by Component (2022-2032)
5.1. Segment Dashboard
5.2. Solution
5.2.1. Cloud-based
5.2.2. On-Premises
5.3. Services
5.3.1. Consulting Services
5.3.2. Support Services
5.3.3. Others
Chapter 6. Global Legal AI Market Size & Forecasts by Technology (2022-2032)
6.1. Segment Dashboard
6.2. Natural Language Processing Technology
6.3. Machine Learning and Deep Learning Technology
Chapter 7. Global Legal AI Market Size & Forecasts by Application (2022-2032)
7.1. Segment Dashboard
7.2. E-Discovery
7.3. Legal Research
7.4. Analytics
7.5. Compliance and Regulatory Monitoring
7.6. Document Drafting and Review
7.7. Contract Management
7.8. Legal Chatbots
7.9. Others
Chapter 8. Global Legal AI Market Size & Forecasts by End Use (2022-2032)
8.1. Segment Dashboard
8.2. Law Firms
8.3. Corporate Legal Departments
8.4. Others
Chapter 9. Global Legal AI Market Size & Forecasts by Region (2022-2032)
9.1. North America Legal AI Market
9.1.1. U.S. Legal AI Market
9.1.2. Canada Legal AI Market
9.1.3. Mexico Legal AI Market
9.2. Europe Legal AI Market
9.2.1. U.K. Legal AI Market
9.2.2. Germany Legal AI Market
9.2.3. France Legal AI Market
9.2.4. Italy Legal AI Market
9.2.5. Spain Legal AI Market
9.2.6. Rest of Europe Legal AI Market
9.3. Asia Pacific Legal AI Market
9.3.1. China Legal AI Market
9.3.2. India Legal AI Market
9.3.3. Japan Legal AI Market
9.3.4. Australia Legal AI Market
9.3.5. South Korea Legal AI Market
9.3.6. Rest of Asia Pacific Legal AI Market
9.4. Latin America Legal AI Market
9.4.1. Brazil Legal AI Market
9.4.2. Argentina Legal AI Market
9.4.3. Rest of Latin America Legal AI Market
9.5. Middle East & Africa Legal AI Market
9.5.1. UAE Legal AI Market
9.5.2. Saudi Arabia Legal AI Market
9.5.3. South Africa Legal AI Market
9.5.4. Rest of MEA Legal AI Market
Chapter 10. Competitive Intelligence
10.1. Key Company SWOT Analysis
10.1.1. IBM Corporation
10.1.2. Thomson Reuters Corporation
10.1.3. Casetext Inc.
10.2. Top Market Strategies
10.3. Company Profiles
Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
List of Tables
TABLE 1. Global Legal AI Market, Report Scope
TABLE 2. Global Legal AI Market Size & Forecast by Region, 2022-2032 (USD Billion)
TABLE 3. Global Legal AI Market Size & Forecast by Component, 2022-2032 (USD Billion)
TABLE 4. Global Legal AI Market Size & Forecast by Technology, 2022-2032 (USD Billion)
TABLE 5. Global Legal AI Market Size & Forecast by Application, 2022-2032 (USD Billion)
TABLE 6. Regional Market Snapshot, 2022-2032
This list is not complete; the final report does contain more than 100 tables. The list may be updated in the final deliverable.
List of Figures
FIGURE 1. Global Legal AI Market Research Methodology
FIGURE 2. Market Size Estimation Techniques
FIGURE 3. Global Legal AI Market Trends, 2022-2032
FIGURE 4. Component Market Share Analysis, 2022 & 2032
FIGURE 5. Technology Market Share Analysis, 2022 & 2032
FIGURE 6. Regional Growth Opportunities, 2022-2032
This list is not complete; the final report does contain more than 50 figures. The list may be updated in the final deliverable.

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