Press Resease

LegalTech Artificial Intelligence Market - Global Industry Analysis

LegalTech Artificial Intelligence Market by Application (Document Management System, E-Discovery, Practice and Case Management, E-Billing, Contract Management, IP-Management, Legal Research, Legal Analytics, Cyber Security, Predictive Technology, and Compliance) and by End-User (Lawyers and Clients): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026

Published Date: 26-Mar-2019 Category: Technology & Media Report Format : PDF Pages: 110 Report Code: ZMR-3952 Status : Published

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.

Description

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.

Gloabl LegalTech Artificial Intelligence Market

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

  • Document Management System
  • E-Discovery
  • Practice and Case Management
  • E-Billing
  • Contract Management
  • IP-Management
  • Legal Research
  • Legal Analytics
  • Cyber Security
  • Predictive Technology
  • Compliance

Global LegalTech Artificial Intelligence Market: End-User Analysis

  • Lawyers
  • Clients

Global LegalTech Artificial Intelligence Market: Regional Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • Middle East and Africa

Table Of Content

  • Chapter 1. Introduction
    • 1.1. Report description
      • 1.1.1. Objective
      • 1.1.2. Target Audience
      • 1.1.3. Unique Selling Proposition (USP) & Offerings
    • 1.2. Research scope
    • 1.3. Market Research Methodology
      • 1.3.1. Level 1: Primary Research
      • 1.3.2. Level 2: Secondary Research
      • 1.3.3. Level 3: Data Validation and Expert Panel Assessment
  • Chapter 2. Executive Summary
    • 2.1. Global Legaltech Artificial Intelligence market, 2017-2026 (USD Million)
    • 2.2. Global Legaltech Artificial Intelligence market: Snapshot
  • Chapter 3. Legaltech Artificial Intelligence Market - Market Dynamics
    • 3.1. Introduction
      • 3.1.1. Classification of Legaltech Artificial Intelligence
      • 3.1.2. Key trend analysis
    • 3.2. Market Drivers
      • 3.2.1. Rising funding for AI and growing adoption of AI in legal firms
      • 3.2.2. To tap into emerging markets, acquisition & merger is a strategic step among the market players
    • 3.3. Market Restraints
      • 3.3.1. The high cost of technologies and regular upgrading of software programs
    • 3.4. Opportunities
      • 3.4.1. Emerging markets in the Asia Pacific
    • 3.5. Porter's Five Forces Analysis
    • 3.6. Attractiveness Investment Proposition
      • 3.6.1. Market attractiveness analysis by Application segment
      • 3.6.2. Market attractiveness analysis by End-User segment
      • 3.6.3. Market attractiveness analysis by Region segment
      • 3.6.4. Legaltech Artificial Intelligence Market Country Ranking by Market Size, 2018
      • 3.6.5. Legaltech Artificial Intelligence Market Country Ranking by CAGR, 2019-2026
  • Chapter 4. Global Legaltech Artificial Intelligence Market - Competitive Landscape
    • 4.1. Company market share analysis, 2017 (subject to data availability)
    • 4.2. Strategic Development
      • 4.2.1. Acquisitions & Mergers
      • 4.2.2. New Products Launch
      • 4.2.3. Agreements, Partnerships, Collaborations and Joint Ventures, and Key Growth Strategies
    • 4.3. Research and Development and Regional Expansion
    • 4.4. List of Emerging Companies
  • Chapter 5. Global Legaltech Artificial Intelligence Market - Marketing Strategy Analysis
    • 5.1. Marketing Channels
    • 5.2. Pricing Analysis
    • 5.3. Target Client
    • 5.4. Consumer Preference Trends
    • 5.5. PESTEL Analysis
    • 5.6. SWOT Analysis
  • Chapter 6. Global Legaltech Artificial Intelligence Market - Application Analysis
    • 6.1. Legaltech Artificial Intelligence market: Application segment analysis
      • 6.1.1. Global Legaltech Artificial Intelligence market share by Application segment, 2018 and 2026
    • 6.2. Document Management System
      • 6.2.1. Overview
      • 6.2.2. Global document management system market, 2017-2026 (USD Million)
    • 6.3. Practice and case management
      • 6.3.1. Overview
      • 6.3.2. Global practice and case management market, 2017-2026 (USD Million)
    • 6.4. E-Billing
      • 6.4.1. Overview
      • 6.4.2. Global e-billing market, 2017-2026 (USD Million)
    • 6.5. Contract Management
      • 6.5.1. Overview
      • 6.5.2. Global contract management market, 2017-2026 (USD Million)
    • 6.6. IP-management
      • 6.6.1. Overview
      • 6.6.2. Global IP-management market, 2017-2026 (USD Million)
    • 6.7. Legal Research
      • 6.7.1. Overview
      • 6.7.2. Global legal research market, 2017-2026 (USD Million)
    • 6.8. Legal Analytics
      • 6.8.1. Overview
      • 6.8.2. Global legal analytics market, 2017-2026 (USD Million)
    • 6.9. Cybersecurity
      • 6.9.1. Overview
      • 6.9.2. Global Cybersecurity market, 2017-2026 (USD Million)
    • 6.10. Predictive Technology
      • 6.10.1. Overview
      • 6.10.2. Global predictive technology market, 2017-2026 (USD Million)
    • 6.11. Compliance
      • 6.11.1. Overview
      • 6.11.2. Global compliance market, 2017-2026 (USD Million)
  • Chapter 7. Global Legaltech Artificial Intelligence Market: End-User Analysis
    • 7.1. Global Legaltech Artificial Intelligence market: End-User overview
      • 7.1.1. Global Legaltech Artificial Intelligence Market share by End-User, 2018 and 2026
    • 7.2. Lawyers
      • 7.2.1. Overview
      • 7.2.2. Global Lawyers Market, 2017-2026 (USD Million)
    • 7.3. Clients
      • 7.3.1. Overview
      • 7.3.2. Global Clients Market, 2017-2026 (USD Million)
  • Chapter 8. Global Legaltech Artificial Intelligence Market: Regional Analysis
    • 8.1. Global Legaltech Artificial Intelligence Market: Regional overview
      • 8.1.1. Global Legaltech artificial intelligence market share by region, 2018 and 2026
    • 8.2. North America
      • 8.2.1. Overview
      • 8.2.2. North America Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
      • 8.2.3. North America Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
      • 8.2.4. The U.S.
      • 8.2.4.1. The U.S. Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
      • 8.2.4.2. The U.S. Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
      • 8.2.5. Rest of North America
      • 8.2.5.1. Rest of North America Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
      • 8.2.5.2. Rest of North America Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
    • 8.3. Europe
      • 8.3.1. Overview
      • 8.3.2. Europe Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
      • 8.3.3. Europe Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
      • 8.3.4. Germany
        • 8.3.4.1. Germany Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
        • 8.3.4.2. Germany Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
      • 8.3.5. UK
        • 8.3.5.1. UK Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
        • 8.3.5.2. UK Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
      • 8.3.6. France
        • 8.3.6.1. France Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
        • 8.3.6.2. France Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
      • 8.3.7. Spain
        • 8.3.7.1. Spain Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
        • 8.3.7.2. Spain Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
      • 8.3.8. Italy
        • 8.3.8.1. Italy Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
        • 8.3.8.2. Italy Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
      • 8.3.9. Rest of Europe
        • 8.3.9.1. Rest of Europe Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
        • 8.3.9.2. Rest of Europe Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
    • 8.4. Asia Pacific
      • 8.4.1. Overview
      • 8.4.2. Asia Pacific Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
      • 8.4.3. Asia Pacific Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
      • 8.4.4. China
        • 8.4.4.1. China Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
        • 8.4.4.2. China Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
      • 8.4.5. Japan
        • 8.4.5.1. Japan Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
        • 8.4.5.2. Japan Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
      • 8.4.6. India
        • 8.4.6.1. India Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
        • 8.4.6.2. India Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
      • 8.4.7. Southeast Asia
        • 8.4.7.1. Southeast Asia Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
        • 8.4.7.2. Southeast Asia Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
      • 8.4.8. Rest of Asia Pacific
        • 8.4.8.1. Rest of Asia Pacific Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
        • 8.4.8.2. Rest of Asia Pacific Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
    • 8.5. Latin America
      • 8.5.1. Overview
      • 8.5.2. Latin America Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
      • 8.5.3. Latin America Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
      • 8.5.4. Brazil
        • 8.5.4.1. Brazil Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
        • 8.5.4.2. Brazil Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
      • 8.5.5. Rest of Latin America
        • 8.5.5.1. Rest of Latin America Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
        • 8.5.5.2. Rest of Latin America Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
    • 8.6. The Middle East and Africa
      • 8.6.1. Overview
      • 8.6.2. The Middle East and Africa Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
      • 8.6.3. The Middle East and Africa Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
      • 8.6.4. GCC Countries
        • 8.6.4.1. GCC Countries Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
        • 8.6.4.2. GCC Countries Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
      • 8.6.5. South Africa
        • 8.6.5.1. South Africa Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
        • 8.6.5.2. South Africa Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
      • 8.6.6. Rest of the Middle East and Africa
        • 8.6.6.1. Rest of the Middle East and Africa Legaltech Artificial Intelligence market revenue, by Application, 2017-2026 (USD Million)
        • 8.6.6.2. Rest of the Middle East and Africa Legaltech Artificial Intelligence market revenue, by End-User, 2017-2026 (USD Million)
  • Chapter 9. Company Profile
    • 9.1. Blue J Legal
      • 9.1.1. Overview
      • 9.1.2. Financials
      • 9.1.3. Product portfolio
      • 9.1.4. Business strategy
      • 9.1.5. Recent developments
    • 9.2. Casetext Inc.
      • 9.2.1. Overview
      • 9.2.2. Financials
      • 9.2.3. Product portfolio
      • 9.2.4. Business strategy
      • 9.2.5. Recent developments
    • 9.3. Catalyst Repository Systems
      • 9.3.1. Overview
      • 9.3.2. Financials
      • 9.3.3. Product portfolio
      • 9.3.4. Business strategy
      • 9.3.5. Recent developments
    • 9.4. eBREVIA
      • 9.4.1. Overview
      • 9.4.2. Financials
      • 9.4.3. Product portfolio
      • 9.4.4. Business strategy
      • 9.4.5. Recent developments
    • 9.5. Everlaw
      • 9.5.1. Overview
      • 9.5.2. Financials
      • 9.5.3. Product portfolio
      • 9.5.4. Business strategy
      • 9.5.5. Recent developments
    • 9.6. FiscalNote
      • 9.6.1. Overview
      • 9.6.2. Financials
      • 9.6.3. Product portfolio
      • 9.6.4. Business strategy
      • 9.6.5. Recent developments
    • 9.7. Judicata
      • 9.7.1. Overview
      • 9.7.2. Financials
      • 9.7.3. Product portfolio
      • 9.7.4. Business strategy
      • 9.7.5. Recent developments
    • 9.8. Justia
      • 9.8.1. Overview
      • 9.8.2. Financials
      • 9.8.3. Product portfolio
      • 9.8.4. Business strategy
      • 9.8.5. Recent developments
    • 9.9. Knomos Knowledge Management Inc.
      • 9.9.1. Overview
      • 9.9.2. Financials
      • 9.9.3. Product portfolio
      • 9.9.4. Business strategy
      • 9.9.5. Recent developments
    • 9.10. Lawgeex
      • 9.10.1. Overview
      • 9.10.2. Financials
      • 9.10.3. Product portfolio
      • 9.10.4. Business strategy
      • 9.10.5. Recent developments
    • 9.11. Legal Robot, Inc.
      • 9.11.1. Overview
      • 9.11.2. Financials
      • 9.11.3. Product portfolio
      • 9.11.4. Business strategy
      • 9.11.5. Recent developments
    • 9.12. LEVERTON
      • 9.12.1. Overview
      • 9.12.2. Financials
      • 9.12.3. Product portfolio
      • 9.12.4. Business strategy
      • 9.12.5. Recent developments
    • 9.13. LexMachina
      • 9.13.1. Overview
      • 9.13.2. Financials
      • 9.13.3. Product portfolio
      • 9.13.4. Business strategy
      • 9.13.5. Recent developments
    • 9.14. Loom Analytics
      • 9.14.1. Overview
      • 9.14.2. Financials
      • 9.14.3. Product portfolio
      • 9.14.4. Business strategy
      • 9.14.5. Recent developments
    • 9.15. Luminance Technologies Ltd.
      • 9.15.1. Overview
      • 9.15.2. Financials
      • 9.15.3. Product portfolio
      • 9.15.4. Business strategy
      • 9.15.5. Recent developments
    • 9.16. Ravel Law
      • 9.16.1. Overview
      • 9.16.2. Financials
      • 9.16.3. Product portfolio
      • 9.16.4. Business strategy
      • 9.16.5. Recent developments
    • 9.17. ROSS
      • 9.17.1. Overview
      • 9.17.2. Financials
      • 9.17.3. Product portfolio
      • 9.17.4. Business strategy
      • 9.17.5. Recent developments
    • 9.18. vLex.com
      • 9.18.1. Overview
      • 9.18.2. Financials
      • 9.18.3. Product portfolio
      • 9.18.4. Business strategy
      • 9.18.5. Recent developments

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)
 

Methodology

Free Analysis

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.

Gloabl LegalTech Artificial Intelligence Market

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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