What is AI in the legal tech market?

AI in the legal tech market refers to the application of artificial intelligence technologies to streamline, enhance, and automate various legal processes and services. This includes tasks such as document review, legal research, contract analysis, predictive analytics, and more.

How big is AI in Legal Tech Market?

The Global AI in Legal Tech Market size is expected to be worth around USD 16.5 Billion By 2033, from USD 1.6 Billion in 2023, growing at a CAGR of 26.3% during the forecast period from 2024 to 2033.

What are the key factors driving the growth of the AI in Legal Tech Market?

The growth of the AI in Legal Tech Market is primarily driven by the increasing need for efficiency and accuracy in legal processes, as well as the demand for innovative solutions to handle large volumes of data and streamline workflow.

What are the current trends and advancements in AI in Legal Tech Market?

Current trends and advancements in AI in the Legal Tech Market include the development of natural language processing (NLP) algorithms for contract analysis, predictive analytics for case outcomes, and AI-powered virtual assistants for legal research.

Who are the leading players in the AI in Legal Tech Market?

Leading players in the AI in Legal Tech Market include companies like IBM Corporation, Thomson Reuters, LexisNexis, ROSS Intelligence, Luminance, Kira Systems, Neota Logic, Eigen Technologies, ContractPodAi, Casetext Inc., eBREVIA, Everlaw, Catalyst Repository Systems, FiscalNote, Knomos Knowledge Management Inc., Judicata, Justia, Lawgeex, Legal Robot, Other Key Players

What are the major challenges and opportunities in the AI in Legal Tech Market?

Major challenges in the AI in Legal Tech Market include concerns about data privacy and security, the need for regulatory compliance, and the potential for bias in AI algorithms. However, there are also significant opportunities for improving access to justice, reducing costs, and enhancing decision-making processes through AI adoption.

Global AI in Legal Tech Market By Technology (Natural Language Processing (NLP), Machine Learning (ML), Predictive Analytics, Document Automation, Expert Systems, Other Technologies), By Deployment Mode (Cloud-based, On-premise), By Application (Contract Review and Management, E-Discovery, Legal Research, Compliance Management, Case Prediction, Intellectual Property Management, Other Applications), By End-User (Law Firms, Corporate Legal Departments, Government Agencies, Other), Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033

Published date: May 2024
Report ID: 120265
Number of Pages: 395
Format:

- IBM Corporation
- Thomson Reuters
- LexisNexis
- ROSS Intelligence
- Luminance
- Kira Systems
- Neota Logic
- Eigen Technologies
- ContractPodAi
- Casetext Inc.
- eBREVIA
- Everlaw
- Catalyst Repository Systems
- FiscalNote
- Knomos Knowledge Management Inc.
- Judicata
- Justia
- Lawgeex
- Legal Robot
- Other Key Players
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