法律AI市场规模,乐鱼体育手机网站入口分享与趋势分析回购rt By Component (Solution, Services), By Technology, By Application (E-discovery, Legal Research, Analytics, Legal Chatbots), By End-user, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The globallegal AI market sizewas estimated atUSD 1.04 billion in 2022and is expected to grow at a compound annual growth rate (CAGR) of 18.2% from 2023 to 2030. The growth of the market can be attributed to an upsurge in demand for automation in legal applications such as eDiscovery, case prediction, regulatory compliance, and contract review and management among others. Law firms and legal departments face the challenge of managing large volumes of data and documents. However, the emergence of artificial intelligence (AI)-based approaches helped legal firms, legal departments, and governments to streamline tasks such as contract review, legal research, due diligence, and document analysis.

人工智能算法能够不断monitoring regulatory changes, updates, and new legislation across various jurisdictions. These tools can automatically identify relevant changes and provide alerts to legal teams, ensuring they stay informed. They can take appropriate actions to update policies, procedures, or practices to maintain compliance. In addition,AIhas transformed compliance in contract management. The AI-powered contract analysis tools can automatically extract and analyze contract terms, clauses, and provisions to identify potential compliance issues. The aforementioned benefits associated with legal AI are fueling the growth of the market.

Moreover,the development of AI-powered legal chatbots and virtual assistants is opportunistic for the growth of the market. Thesechatbotsoffer legal guidance and support to individuals who cannot afford costlier legal services. For instance, in July 2023, FIGHTRIGHT Technologies, a startup specializing in litigation funding & analytics launched LawGeek, a generative AI-based chatbot. This innovative tool is engineered to provide users with a foundational direction for their legal queries. On the other hand, legal services companies are also integrating AI-based chatbots to increase the productivity of their lawyers. For instance, in March 2023, PricewaterhouseCoopers LLP (PwC) introduced a chatbot service for supporting its 4, 000 lawyers in over 100 countries to boost productivity.

Component Insights

The solution component accounted for the largest market share of over 76.0% in 2022. This segment growth is mainly attributed to the increased adoption of legal AI software for handling the legal department's work. AI-based software solutions are helping to automate and accelerate the routine, repetitive aspects of legal practices. In addition, the advent of innovative software solutions with features such as数据分析, machine learning, predictive modeling, and automation is projected to be opportunistic for the segment's growth. For instance, in February 2023, Allen & Overy, the global law firm, announced that its 3,500 lawyers and staff would use the AI-based solution from Harvey, the legal AI start-up, to automate document drafting and research.

Services offering of the market is expected to grow at a significant CAGR of over 19.0% over the forecast period. The need for software integration and consulting has boosted the growth of the services segment. In addition, their legal AI solutions necessitate regular upgrades and maintenance. This factor is further contributing to the growth of the segment. High investment into the legal AI industry will create lucrative growth opportunities for professional and managed services. For instance, in April 2023, Harvey, a start-up providing AI solutions and services for law firms, raised $21m in a Series A funding round to build new AI systems.

Technology Insights

The Machine Learning (ML) &Deep Learning(DL) technology segment accounted for the significant market share of over 60% in 2022. ML and DL have played a crucial role in legal industry automation. The growth of this segment is driven by the rising adoption of ML and DL to develop sophisticated algorithms that can analyze large volumes of legal data, extract insights, and automate various legal processes. ML algorithms have analyzed many legal documents, including case law, statutes, and regulations. Increased use of ML technology in legal research platforms has further boosted the growth of this segment. In legal research, ML enables advanced search capabilities and context-based analysis, enabling lawyers to access relevant legal information and improve their research efficiency efficiently.

TheNatural Language Processing(NLP) technology segment is expected to witness a CAGR of over 18% during the forecast period. This technology is a subfield of artificial intelligence that focuses on the interaction between computers and human language, enabling machines to understand, interpret, and generate human language. In the legal industry, NLP has transformed how legal professionals handle vast amounts of textual data, conduct legal research, analyze contracts, and automate various legal processes. The need to save time and improve legal research efficiency has contributed to this segment's growth.

Application Insights

E-discovery applications accounted for a significant market share of over 20.0% in 2022. E-discovery involves identifying, collecting, processing, reviewing, and producing electronic documents and data during litigation discovery. The increasing volume of electronic data due to digitization in the legal industry has driven the growth of this segment. Additionally, several factors contributed to the growth of e-discovery in the legal AI market, such as the proliferation of digital communication channels and the growth of cloud computing.Cloud computingand digital communication channels have made it increasingly difficult for legal professionals to manage and review data manually, leading to a need for more efficient and effective AI-based e-discovery solutions. This significance of AI in the legal industry fuels the segment's growth.

Analytics application is anticipated to grow with a significant CAGR of around 19% during the forecast period. The growth of this segment is driven by the increasing use of artificial intelligence andmachine learningtechniques for legal analytics to extract valuable insights from vast legal data. Such insights help lawyers and legal professionals make informed decisions, predict outcomes, and enhance efficiency. In addition, predictive analytics has emerged as a powerful tool in the market; by leveraging historical case data, court decisions, and relevant legal factors, predictive analytics models can forecast the potential outcomes of legal cases.

End-user Insights

The law firm segment recorded the highest revenue share of around 53.0% in 2022 and is also expected to grow with a significant CAGR from 2023 to 2030. The growth of this segment is driven by increased spending on AI technology by law firms. The AI's ability to process and analyze vast amounts of legal data with speed and accuracy has proven immensely valuable to law firms, leading to their substantial growth in the market. In addition, the demand for AI in law firms is driven by its benefits, such as improved efficiency, cost-effectiveness, enhanced decision-making, and better client service.

传统上,律师花了无数小时manually reviewing documents, which was time-consuming and prone to human errors; with AI-powered document review tools, law firms can now automate the process, significantly reducing review time and improving accuracy. For example, e-discovery platforms like Relativity and Everlaw utilize AI algorithms to sift through vast troves of documents, identifying relevant information for legal cases efficiently. This allows law firms to handle large-scale litigation more effectively and attract high-profile clients, resulting in substantial growth.

Corporate legal departments are predicted to grow at a CAGR of around 19% from 2023 to 2030. The market's growth has not only impacted law firms but has also significantly transformed corporate legal departments. AI technology has become a valuable tool for in-house legal teams, enabling them to streamline operations, enhance efficiency, reduce costs, and make more strategic decisions. Litigation management is another area where AI has been instrumental in transforming corporate legal departments. AI-powered e-discovery tools and litigation analytics platforms empower legal teams to efficiently handle large volumes of data in litigation cases. For instance, companies such as Walmart and eBay have successfully used AI for litigation analytics to make informed decisions about settlement negotiation and litigation strategies.

Regional Insights

North America accounted for the highest market share of over 46.0% in 2022. Several factors contributed to the growth, including the increasing need for efficiency and cost-effectiveness in legal operations, the growing volume of legal data, and advancements in artificial intelligence and natural language processing technologies. With the rising demand for improved efficiency and productivity in the legal process, the region's law firms, and legal departments are pressured to handle large volumes of data, documents, and research tasks. AI solutions have helped legal firms in the region to automate and streamline various aspects of legal work, such as contract analysis, legal research, document review, and due diligence; leveraging AI technologies, legal professionals can save time, reduce errors, and enhance overall productivity. Additionally, AI-powered eDiscovery platforms have become essential for managing and reviewing electronic documents in litigation cases, further driving the adoption of AI tools in the region.

The Europe region is anticipated to record a considerable CAGR of around 18% from 2023 to 2030. Advancements in artificial intelligence, machine learning, and natural language processing technologies drive the growth of the Europe legal AI market. The legal landscape in Europe involves intricate laws, regulations, and compliance requirements across different jurisdictions. The region's law firms and legal departments are under increasing pressure to enhance operational efficiency and reduce costs. The AI tools helped law firms in the region to automate repetitive tasks, such as document review, contract analysis, and legal research, saving time and resources for legal professionals.

Key Companies and Market Share Insights

The key players are evolving rapidly, and new players have emerged or gained prominence as companies offer an AI-powered eDiscovery platform that assists lawyers in managing and analysing large volumes of electronic documents for litigation purposes. Their technology incorporates machine learning algorithms to streamline the discovery process and identify relevant information efficiently. They are also using AI and ML to analyze and extract insights for legal data, specifically in intellectual property litigation. The platform provides valuable analytics and competitive intelligence to support legal strategy and decision-making.

This technology leverages AI to organize, search, and extract information from legal documents, thereby improving efficiency and productivity for law firms. Companies developed an AI platform that allows for the automation of legal processes and document generation. It also helps lawyers and legal professionals build and deploy AI applications without programming skills. In May 2023, Lex Machina, a LexisNexis company, launched its highly demanded API system for state court Legal Analytics. It helps the consumer access the court analysis data processing, which provides greater incorporation and seamless workflow. Some prominent players in the global legal AI market include:

• Casetext Inc.

• CosmoLex Cloud, LLC

• DocuSign, Inc.

• Everlaw, Inc.

• Filevine Inc.

• IBM Corporation

• Icertis, Inc.

• Knovos, LLC

• LegalSifter

• 律商联讯

• Luminance Technologies Ltd.

• LAWYAW (Mystacks, Inc.)

• Neota Logic

• Open Text Corporation

• Practice Insight Pty Ltd (WiseTime)

• Themis Solutions Inc. (Clio)

• Thomson Reuters

• TimeSolv Corporation

• Veritone, Inc.

Legal AI Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 1.21 billion
Revenue forecast in 2030	USD 3.89 billion
Growth rate	CAGR of 18.2% from 2023 to 2030
The base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030
Quantitative units	Revenue in USD million/billion and CAGR from 2023 to 2030
Report Coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered	Component, technology, application, end-user, region
Country scope	U.S.; Canada; Germany; UK; France; Italy; Spain; China; Japan; India; South Korea; Brazil; Argentina; South Africa; UAE
Key companies profiled	Casetext Inc.; CosmoLEx Cloud LLC; DocuSign Inc.; Everlaw Inc.; Filevine Inc.; IBM Corporation; Icertis Inc.; Knovos LLC; Legal Sifter; LexisNexis; Luminance Technologies Ltd.; LAWYAW (Mystacks, Inc.); Neota Logic; Open Text Corporation; Practice Insights Pty Ltd.; Themis Solution Inc.; Thomson Reuters; TimeSoly Corporation; Veritone Inc.
Customization scope	Free report customization (equivalent to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.
革命制度党cing and purchase options	Avail customized purchase options to meet your exact research needs. Explore purchase options

世界人口l Legal AI Market Report Segmentation

This report forecasts revenue growth and analyzes the latest industry trends in each sub-segment from 2018 to 2030. For this study, Grand View Research has segmented the global legal AI market report based on component, technology, application, end-user, and region:

• Component Outlook (Revenue, USD Million, 2018 - 2030)

  • Solution

    • Cloud-based

    • On-premises

  • Services

    • Consulting Services

    • Support Services

    • Others

• Technology Outlook (Revenue, USD Million, 2018 - 2030)

  • Natural Language Processing Technology

  • Machine Learning and Deep Learning Technology

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • E-discovery

  • Legal Research

  • Analytics

  • Compliance and Regulatory Monitoring

  • Document drafting and review

  • Contract Management

  • Legal Chatbots

  • Others

• End-user Outlook (Revenue, USD Million, 2018 - 2030)

  • Law Firms

  • Corporate Legal Department

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

  • Latin America

    • Brazil

    • Argentina

  • Middle East and Africa

    • UAE

    • South Africa