Global legaltech artificial intelligence market expected to generate around USD 37,858 million by 2026, at a CAGR of around 35.94% between 2019 and 2026. Artificial intelligence (AI) is increasingly transforming the field of law practice. Many legal professionals are aware that AI can significantly reduce cost and time while increasing accuracy.
The report covers a forecast and an analysis of the legaltech artificial intelligence market on a global and regional level. The study provides historical data for 2017 and 2018 along with a forecast from 2019 to 2026 based on revenue (USD Million). The study includes drivers and restraints of the legaltech artificial intelligence market along with their impact on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the legaltech artificial intelligence market on a global level.
In order to give the users of this report a comprehensive view of the legaltech artificial intelligence market, we have included a competitive landscape and an analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.
The report provides company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launch, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market on a global and regional basis. Moreover, the study covers price trend analysis and product portfolio of various companies according to the region.
The study provides a decisive view of the legaltech artificial intelligence market based on application, end-user, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2019 to 2026. The regional segmentation includes the historic and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. This segmentation also includes major countries, such as UK, Germany, France, the U.S., and China, among others.
Some major players operating in the global legaltech artificial intelligence market are Blue J Legal, Casetext Inc., Catalyst Repository Systems, eBREVIA, Everlaw, FiscalNote, Judicata, Justia, Knomos Knowledge Management Inc., Lawgeex, Legal Robot, Inc., LEVERTON, LexMachina, Loom Analytics, Luminance Technologies Ltd., Ravel Law, ROSS, and vLex.com, among others.
This report segments the global legaltech artificial intelligence market into:
Global LegalTech Artificial Intelligence Market: Application Analysis
Global LegalTech Artificial Intelligence Market: End-User Analysis
Global LegalTech Artificial Intelligence Market: Regional Analysis
List of Figures
1. Market research process
2. Market research methodology
3. Global Legaltech Artificial Intelligence market revenue, 2017–2026 (USD Million)
4. Porter’s Five Forces analysis
5. Market attractiveness analysis, by Application
6. Market attractiveness analysis, by End-User
7. Market attractiveness analysis, by Region
8. Company market share analysis, 2018
9. Global Legaltech Artificial Intelligence market revenue share by Application, 2018 and 2026
10. Global Legaltech Artificial Intelligence market for document management system market, 2017–2026 (USD Million)
11. Global Legaltech Artificial Intelligence market for e-discovery market, 2017–2026 (USD Million)
12. Global Legaltech Artificial Intelligence market for practice and case management market, 2017–2026 (USD Million)
13. Global Legaltech Artificial Intelligence market for e-billing market, 2017–2026 (USD Million)
14. Global Legaltech Artificial Intelligence market for contract management market, 2017–2026 (USD Million)
15. Global Legaltech Artificial Intelligence market for IP-management market, 2017–2026 (USD Million)
16. Global Legaltech Artificial Intelligence market for legal research market, 2017–2026 (USD Million)
17. Global Legaltech Artificial Intelligence market for legal analytics market, 2017–2026 (USD Million)
18. Global Legaltech Artificial Intelligence market for Cybersecurity market, 2017–2026 (USD Million)
19. Global Legaltech Artificial Intelligence market for predictive technology market, 2017–2026 (USD Million)
20. Global Legaltech Artificial Intelligence market for compliance market, 2017–2026 (USD Million)
21. Global Legaltech Artificial Intelligence market revenue share by End-User, 2018 and 2025
22. Global Legaltech Artificial Intelligence market for lawyers, 2017–2026 (USD Million)
23. Global Legaltech Artificial Intelligence market for clients, 2017–2026 (USD Million)
24. Global Legaltech Artificial Intelligence market revenue share by region, 2018 and 2025
25. North America Legaltech Artificial Intelligence market, 2017–2026 (USD Million)
26. Europe Legaltech Artificial Intelligence market, 2017–2026 (USD Million)
27. Asia Pacific Legaltech Artificial Intelligence market, 2017–2026 (USD Million)
28. Latin America Legaltech Artificial Intelligence market, 2017–2026 (USD Million)
29. The Middle East and Africa Legaltech Artificial Intelligence market, 2017–2026 (USD Million)
List of Tables
1. Legaltech Artificial Intelligence Market: Market Snapshot
2. Products of Legaltech Artificial Intelligence market
3. Drivers of global Legaltech Artificial Intelligence market: Impact analysis
4. Restraints of global Legaltech Artificial Intelligence market: Impact analysis
5. North America Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
6. North America Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
7. The U.S. Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
8. The U.S. Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
9. Rest of North America Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
10. Rest of North America Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
11. Europe Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
12. Europe Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
13. Germany Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
14. Germany Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
15. UK Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
16. UK Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
17. France Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
18. France Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
19. Spain Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
20. Spain Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
21. Italy Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
22. Italy Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
23. Rest of Europe Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
24. Rest of Europe Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
25. Asia Pacific Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
26. Asia Pacific Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
27. China Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
28. China Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
29. Japan Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
30. Japan Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
31. India Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
32. India Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
33. Southeast Asia Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
34. Southeast Asia Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
35. Rest of Asia Pacific Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
36. Rest of Asia Pacific Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
37. Latin America Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
38. Latin America Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
39. Brazil Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
40. Brazil Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
41. Rest of Latin America Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
42. Rest of Latin America Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
43. The Middle East and Africa Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
44. The Middle East and Africa Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
45. GCC Countries Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
46. GCC Countries Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
47. South Africa Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
48. South Africa Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
49. Rest of the Middle East and Africa Legaltech Artificial Intelligence market revenue, by Application, 2017–2026 (USD Million)
50. Rest of the Middle East and Africa Legaltech Artificial Intelligence market revenue, by End-User, 2017–2026 (USD Million)
Artificial intelligence (AI) is increasingly transforming the field of law practice. Many legal professionals are aware that AI can significantly reduce cost and time while increasing accuracy. AI plays an important role in faster and better delivery of certain legal services at an economical cost. Various corporate law firms and legal departments are implementing AI for the standardization and review of documents. AI in the legal context is defined as technologies that are intelligent but have certain defined functions. The rising funding for AI and the growing AI adoption in legal firms are major factors driving the global legaltech artificial intelligence market growth in the upcoming years. Additionally, rising acquisitions and mergers in the legaltech industry are also fuelling the global legaltech artificial intelligence market. However, the regular need for software updates and high-cost of technologies may hamper the global legaltech artificial intelligence market over the estimated timeline.
The rising funding for AI and the growing adoption of AI in legal firms are major factors driving the global legaltech artificial intelligence market growth. The quick implementation of AI for in-house legal counsel enables the lawyers to automate the processes and dedicate more time to important and valuable work. There has been a growth of around 65% in legaltech companies using AI as compared to corresponding Law Geex study in 2017. For instance, as per Crunch base, legal tech startups raised US$1.25 million in Q1 2017 as compared to over US$49 million in just the first month of 2018 alone. Legal tech offers several opportunities for technology companies looking to own a share of the legal market by developing products for law firms or selling services directly to the consumers.
By application, the legaltech artificial intelligence market is segmented into the document management system, e-discovery, practice and case management, e-billing, contract management, IP-management, legal research, legal analytics, cybersecurity, predictive technology, and compliance. By end-user, the market is segmented into lawyers and clients.
By region, Asia Pacific held the major market share in 2018 and is expected to dominate over the forecast timeframe. In terms of revenue, China contributed the highest market share to the Asia Pacific legaltech artificial intelligence market in 2018, owing to the rising number of printer cartridges manufacturers and increasing demand for domestic and commercial photo printing services across the country.
Some major players operating in the global legaltech artificial intelligence market are Blue J Legal, Casetext Inc., Catalyst Repository Systems, eBREVIA, Everlaw, FiscalNote, Judicata, Justia, Knomos Knowledge Management Inc., Lawgeex, Legal Robot, Inc., LEVERTON, LexMachina, Loom Analytics, Luminance Technologies Ltd., Ravel Law, ROSS, and vLex.com, among others.
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