Dublin, April 29, 2024 (GLOBE NEWSWIRE) -- The "LegalTech Artificial Intelligence Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global market for LegalTech artificial intelligence is witnessing a remarkable growth trajectory, poised to expand from $1.63 billion in 2023 to an estimated $6.4 billion by 2028. This surge represents a robust compound annual growth rate (CAGR) of 31.3%, fuelled by the digitization of legal processes and the increasing emphasis on data security and automation.
Several technological advancements are driving the LegalTech AI industry forward, including enhancements in natural language processing, advancements in legal research automation, and the rapid adoption of cloud-based solutions. These innovations are streamlining legal operations, making them more cost-effective, and significantly improving the efficiency of legal services. Moreover, the integration of emerging technologies like blockchain signals a transformative phase in legal processes, catering to the evolving needs of legal professionals and their clients.
Advancement in Contract Management
Automation in contract lifecycle management is a key growth area within the LegalTech AI market. State-of-the-art AI tools are assisting in the creation of smart contracts, which contributes to the ease of ensuring legal compliance and enhancing the precision of contract terms. These developments represent a pivotal shift in how legal contracts are managed and executed.
Strategic Acquisitions Shaping the Market Landscape
Strategic partnerships and acquisitions by leading companies are shaping the LegalTech artificial intelligence landscape. These developments are enabling key players to refine their offerings and provide integrated, comprehensive solutions for digital advocacy, leveraging the power of AI to offer cutting-edge platforms renowned for their reliability and security.
Regional Market Insights
North America has emerged as the largest region in the LegalTech AI market, and the sector's expansion is prominently seen across diverse geographies, including Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa. The diverse application of LegalTech AI across these regions underscores the global nature of this technological evolution.
Enhancing Legal Procedures through AI
LegalTech AI encompasses a broad spectrum of software and services designed to augment legal analytics, contract management, eDiscovery, and other critical legal operations. By leveraging these AI-driven tools, law firms and legal service providers are achieving increased efficiency and productivity across a myriad of legal functions.
The LegalTech artificial intelligence market's upward trajectory is indicative of the sector's growing importance and its integral role in shaping the future of legal services. As the market continues to mature, entities providing these technology solutions are not only generating substantial revenues but also revolutionizing the intricacies of legal processes, ultimately offering streamlined, secure, and sophisticated services for the legal industry.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $2.15 Billion |
| Forecasted Market Value (USD) by 2028 | $6.4 Billion |
| Compound Annual Growth Rate | 31.3% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- International Business Machines Corporation (IBM)
- Opentext Corporation
- Conga Solutions
- Veritone Inc.
- FiscalNote Holdings Inc.
- Lawgeex
- Lex Machina Inc
- Reveal
- LawGeex
- Kira Inc
- Neota Logic Inc
- Blue J Legal
- eBREVIA
- Justia
- Casetext Inc
- LawTrades
- Catalyst Repository Systems Inc
- Luminance Technologies Ltd
- Legal Robot Inc
- Woodpecker
For more information about this report visit https://www.researchandmarkets.com/r/o13i7
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