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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

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

The legal AI software market to grow at a Compound Annual Growth Rate (CAGR) of 31.3% during the forecast period
MarketsandMarkets forecasts the legal AI software size to grow from USD 317 million in 2019 to USD 1,236 million by 2024, at a CAGR of 31.3% during 2019-2024. Major growth factors for the market include an increase in the adoption of AI-based solutions to manage the entire legal process efficiently. A growing demand for automation in applications such as eDiscovery, contract management, compliance, and case prediction are also expected to drive the market.

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.

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 streamlining 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. Also, an increasing demand for efficient business decision-making, reducing unwanted costs, and helping law firms to make legal case decisions efficiently is driving the market in the region.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from key organizations operating in the legal AI software market.

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%

The report includes the study of key players offering legal AI software solutions. It profiles major vendors in the global legal AI software market, including 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). It also includes an in-depth competitive analysis of the key legal AI software players, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.

Research coverage
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).

Key benefits of buying the report
The report would help the market leaders and new entrants in the global legal AI software market in the following ways:
1. The report segments the market into various subsegments, hence it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are further split across applications and regions.
2. It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.
3. It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.


  • INTRODUCTION
    • OBJECTIVES OF THE STUDY
    • MARKET DEFINITION
    • MARKET SCOPE
      • MARKET SEGMENTATION
      • REGIONS COVERED
    • YEARS CONSIDERED FOR THE STUDY
    • CURRENCY CONSIDERED
      • Table UNITED STATES DOLLAR EXCHANGE RATE, 2016–2018
    • STAKEHOLDERS
  • RESEARCH METHODOLOGY
    • RESEARCH DATA
      • SECONDARY DATA
      • PRIMARY DATA
    • MARKET BREAKUP AND DATA TRIANGULATION
    • MARKET SIZE ESTIMATION
      • TOP-DOWN APPROACH
      • BOTTOM-UP APPROACH
    • MARKET FORECAST
      • Table FACTOR ANALYSIS
    • ASSUMPTIONS FOR THE STUDY
    • LIMITATIONS OF THE STUDY
  • EXECUTIVE SUMMARY
    • Table GLOBAL LEGAL AI SOFTWARE MARKET SIZE AND GROWTH RATE, 2017–2024 (USD MILLION AND Y-O-Y %)
  • PREMIUM INSIGHTS
    • ATTRACTIVE OPPORTUNITIES IN THE LEGAL AI SOFTWARE MARKET
    • LEGAL AI SOFTWARE MARKET: TOP 3 APPLICATIONS
    • LEGAL AI SOFTWARE MARKET: TOP 3 APPLICATIONS AND REGIONS
    • LEGAL AI SOFTWARE MARKET, BY APPLICATION
  • MARKET OVERVIEW AND INDUSTRY TRENDS
    • INTRODUCTION
    • MARKET DYNAMICS
      • DRIVERS
      • RESTRAINTS
      • OPPORTUNITIES
      • CHALLENGES
    • USE CASES
      • USE CASE: SCENARIO 1
      • USE CASE: SCENARIO 2
      • USE CASE: SCENARIO 3
      • USE CASE: SCENARIO 4
      • USE CASE: SCENARIO 5
    • REGULATORY IMPLICATIONS
      • GDPR
      • HIPAA
      • FTC
      • ISO/IEC JTC 1/SC 42
  • LEGAL AI SOFTWARE MARKET, BY COMPONENT
    • INTRODUCTION
      • Table LEGAL AI SOFTWARE MARKET SIZE, BY COMPONENT, 2017–2024 (USD MILLION)
    • SOLUTIONS
      • Table LEGAL AI SOFTWARE MARKET SIZE, BY SOLUTIONS, 2017–2024 (USD MILLION)
      • SOFTWARE SOLUTIONS
      • PLATFORMS
    • SERVICES
      • Table LEGAL AI SOFTWARE MARKET SIZE, BY SERVICE, 2017–2024(USD MILLION)
      • PROFESSIONAL SERVICES
      • MANAGED SERVICES
  • LEGAL AI SOFTWARE MARKET, BY TECHNOLOGY
    • INTRODUCTION
      • Table LEGAL AI SOFTWARE MARKET SIZE, BY TECHNOLOGY, 2017–2024(USD MILLION)
    • MACHINE LEARNING AND DEEP LEARNING
      • GROWING DEMAND FOR AUTOMATION OF MANUAL LEGAL TASKS TO DRIVE MACHINE LEARNING AND DEEP LEARNING SEGMENT
    • NATURAL LANGUAGE PROCESSING
      • NATURAL LANGUAGE PROCESSING TO GROW AT A RAPID PACE IN THE COMING YEARS
  • LEGAL AI SOFTWARE MARKET, BY DEPLOYMENT MODE
    • INTRODUCTION
      • Table LEGAL AI SOFTWARE MARKET SIZE, BY DEPLOYMENT MODE, 2017–2024(USD MILLION)
    • CLOUD
      • SCALABILITY AND EASE OF IMPLEMENTATION TO BOOST THE GROWTH OF CLOUD DEPLOYMENT MODE
    • ON-PREMISES
      • DATA-SENSITIVE ORGANIZATIONS TO ADOPT ON-PREMISES DEPLOYMENT MODE FOR LEGAL AI SOFTWARE SOLUTIONS
  • LEGAL AI SOFTWARE MARKET, BY END USER
    • INTRODUCTION
      • Table LEGAL AI SOFTWARE MARKET SIZE, BY END USER, 2017–2024 (USD MILLION)
    • CORPORATE LEGAL DEPARTMENTS
      • CORPORATE LEGAL DEPARTMENTS ADOPTING AI-POWERED SOLUTIONS TO REDUCE COST
    • LAW FIRMS
      • LAW FIRMS ADOPTING AI-POWERED SOLUTIONS TO SAVE TIME AND INCREASE EFFICIENCY
        • Table LIST OF TOP 100 GLOBAL LAW FIRMS BY REVENUE
    • OTHERS
  • LEGAL AI SOFTWARE MARKET, BY APPLICATION
    • INTRODUCTION
      • Table LEGAL AI SOFTWARE AI MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
    • EDISCOVERY
      • AI SOLUTIONS BECOMING CRUCIAL TO MAKE EDISCOVERY PROCESS MORE EFFECTIVE AND EFFICIENT
    • LEGAL RESEARCH
      • AI TOOLS BECOMING CRUCIAL TO REDUCE TIME REQUIRED TO COMPLETE TEDIOUS TASKS IN RESEARCH
    • CONTRACT MANAGEMENT
      • AI-POWERED SOLUTIONS ENABLING LAW FIRMS TO EFFICIENTLY STREAMLINE THE ENTIRE CONTRACT MANAGEMENT PROCESS
    • COMPLIANCE
      • MANDATORY COMPLIANCE WITH STRINGENT REGULATIONS TO DRIVE THE ADOPTION OF AI-POWERED SOLUTIONS BY LAW FIRMS
    • CASE PREDICTION
      • AI TECHNOLOGY BECOMING CRUCIAL TO DELIVER ACCURATE CASE PREDICTION RESULTS
    • OTHERS
  • GEOGRAPHIC ANALYSIS
    • INTRODUCTION
      • Table LEGAL AI SOFTWARE MARKET SIZE, BY REGION, 2017–2024 (USD MILLION)
    • NORTH AMERICA
      • Table NORTH AMERICA: LEGAL AI SOFTWARE MARKET SIZE, BY COMPONENT, 2017–2024 (USD MILLION)
      • Table NORTH AMERICA: LEGAL AI SOFTWARE MARKET SIZE, BY SOLUTION, 2017–2024 (USD MILLION)
      • Table NORTH AMERICA: LEGAL AI SOFTWARE MARKET SIZE, BY SERVICE, 2017–2024 (USD MILLION)
      • Table NORTH AMERICA: LEGAL AI SOFTWARE MARKET SIZE, BY DEPLOYMENT MODE, 2017–2024 (USD MILLION)
      • Table NORTH AMERICA: LEGAL AI SOFTWARE MARKET SIZE, BY TECHNOLOGY, 2017–2024 (USD MILLION)
      • Table NORTH AMERICA: LEGAL AI SOFTWARE MARKET SIZE, BY END USER, 2017–2024 (USD MILLION)
      • Table NORTH AMERICA: LEGAL AI SOFTWARE MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
      • Table NORTH AMERICA: LEGAL AI SOFTWARE MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION)
      • UNITED STATES
      • CANADA
    • EUROPE
      • Table EUROPE: LEGAL AI SOFTWARE MARKET SIZE, BY COMPONENT, 2017–2024 (USD MILLION)
      • Table EUROPE: LEGAL AI SOFTWARE MARKET SIZE, BY SOLUTION, 2017–2024 (USD MILLION)
      • Table EUROPE: LEGAL AI SOFTWARE MARKET SIZE, BY SERVICE, 2017–2024 (USD MILLION)
      • Table EUROPE: LEGAL AI SOFTWARE MARKET SIZE, BY DEPLOYMENT MODE, 2017–2024 (USD MILLION)
      • Table EUROPE: LEGAL AI SOFTWARE MARKET SIZE, BY TECHNOLOGY, 2017–2024 (USD MILLION)
      • Table EUROPE: LEGAL AI SOFTWARE MARKET SIZE, BY END USER, 2017–2024 (USD MILLION)
      • Table EUROPE: LEGAL AI SOFTWARE MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
      • Table EUROPE: LEGAL AI SOFTWARE MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION)
      • UNITED KINGDOM
      • GERMANY
      • FRANCE
      • REST OF EUROPE
    • ASIA PACIFIC
      • Table ASIA PACIFIC: LEGAL AI SOFTWARE MARKET SIZE, BY COMPONENT, 2017–2024 (USD MILLION)
      • Table ASIA PACIFIC: LEGAL AI SOFTWARE MARKET SIZE, BY SOLUTION, 2017–2024 (USD MILLION)
      • Table ASIA PACIFIC: LEGAL AI SOFTWARE MARKET SIZE, BY SERVICE, 2017–2024 (USD MILLION)
      • Table ASIA PACIFIC: LEGAL AI SOFTWARE MARKET SIZE, BY DEPLOYMENT MODE, 2017–2024 (USD MILLION)
      • Table ASIA PACIFIC: LEGAL AI SOFTWARE MARKET SIZE, BY TECHNOLOGY, 2017–2024 (USD MILLION)
      • Table ASIA PACIFIC: LEGAL AI SOFTWARE MARKET SIZE, BY END USER, 2017–2024 (USD MILLION)
      • Table ASIA PACIFIC: LEGAL AI SOFTWARE MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
      • Table ASIA PACIFIC: LEGAL AI SOFTWARE MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION)
      • CHINA
      • JAPAN
      • SINGAPORE
      • REST OF ASIA PACIFIC
    • MIDDLE EAST AND AFRICA
      • Table MIDDLE EAST AND AFRICA: LEGAL AI SOFTWARE MARKET SIZE, BY COMPONENT, 2017–2024 (USD MILLION)
      • Table MIDDLE EAST AND AFRICA: LEGAL AI SOFTWARE MARKET SIZE, BY SOLUTION, 2017–2024 (USD MILLION)
      • Table MIDDLE EAST AND AFRICA: LEGAL AI SOFTWARE MARKET SIZE, BY SERVICE, 2017–2024 (USD MILLION)
      • Table MIDDLE EAST AND AFRICA: LEGAL AI SOFTWARE MARKET SIZE, BY DEPLOYMENT MODE, 2017–2024 (USD MILLION)
      • Table MIDDLE EAST AND AFRICA: LEGAL AI SOFTWARE MARKET SIZE, BY TECHNOLOGY, 2017–2024 (USD MILLION)
      • Table MIDDLE EAST AND AFRICA: LEGAL AI SOFTWARE MARKET SIZE, BY END USER, 2017–2024 (USD MILLION)
      • Table MIDDLE EAST AND AFRICA: LEGAL AI SOFTWARE MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
      • Table MIDDLE EAST AND AFRICA: LEGAL AI SOFTWARE MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION)
      • MIDDLE EAST
      • AFRICA
    • LATIN AMERICA
      • Table LATIN AMERICA: LEGAL AI SOFTWARE MARKET SIZE, BY COMPONENT, 2017–2024 (USD MILLION)
      • Table LATIN AMERICA: LEGAL AI SOFTWARE MARKET SIZE, BY SOLUTION, 2017–2024 (USD MILLION)
      • Table LATIN AMERICA: LEGAL AI SOFTWARE MARKET SIZE, BY SERVICE, 2017–2024 (USD MILLION)
      • Table LATIN AMERICA: LEGAL AI SOFTWARE MARKET SIZE, BY DEPLOYMENT MODE, 2017–2024 (USD MILLION)
      • Table LATIN AMERICA: LEGAL AI SOFTWARE MARKET SIZE, BY TECHNOLOGY, 2017–2024 (USD MILLION)
      • Table LATIN AMERICA: LEGAL AI SOFTWARE MARKET SIZE, BY END USER, 2017–2024 (USD MILLION)
      • Table LATIN AMERICA: LEGAL AI SOFTWARE MARKET SIZE, BY APPLICATION, 2017–2024 (USD MILLION)
      • Table LATIN AMERICA: LEGAL AI SOFTWARE MARKET SIZE, BY COUNTRY, 2017–2024 (USD MILLION)
      • BRAZIL
      • MEXICO
      • REST OF LATIN AMERICA
  • COMPETITIVE LANDSCAPE
    • COMPETITIVE LEADERSHIP MAPPING (STARTUP)
      • PROGRESSIVE COMPANIES
      • RESPONSIVE COMPANIES
      • DYNAMIC COMPANIES
      • STARTING BLOCKS
    • STRENGTH OF PRODUCT PORTFOLIO
    • BUSINESS STRATEGY EXCELLENCE
  • COMPANY PROFILES
    • INTRODUCTION
    • IBM
      • BUSINESS OVERVIEW
      • PLATFORMS OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • OPENTEXT
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • THOMSON REUTERS
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
      • MNM VIEW
    • VERITONE
      • BUSINESS OVERVIEW
      • PLATFORMS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • ROSS INTELLIGENCE
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • LUMINANCE
      • BUSINESS OVERVIEW
      • PLATFORMS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • LEXISNEXIS
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • NEOTA LOGIC
      • BUSINESS OVERVIEW
      • SOLUTIONS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • EVERLAW
      • BUSINESS OVERVIEW
      • PLATFORMS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • LEGALSIFTER
      • BUSINESS OVERVIEW
      • PRODUCTS OFFERED
      • RECENT DEVELOPMENTS
      • MNM VIEW
    • PENSIEVE
    • COGNITIV+
    • CASETEXT
    • KLARITY
    • OMNI SOFTWARE SYSTEMS
    • NALANDA TECHNOLOGY
    • LAWGEEX
    • KIRA
    • EY RIVERVIEW LAW
  • APPENDIX
    • INDUSTRY EXCERPTS
    • DISCUSSION GUIDE
    • KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
    • AVAILABLE CUSTOMIZATIONS
    • RELATED REPORTS
    • AUTHOR DETAILS

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