Artificial intelligence (AI) is rapidly changing the legal industry. The technology can significantly reduce expenses and time while enhancing accuracy. AI technology assists legal professionals in performing narrowly defined tasks such as legal research and document evaluation amongst other routine activities. The use of AI in areas such as contract administration and review enables experienced legal practitioners to move their focus from routine tasks to other value-added tasks such as strategy development and navigating complex legal problems. AI is used by a variety of corporate law firms and legal departments to standardize and review documents. Furthermore, the majority of firms in the United States, China, Germany, and Korea are investing in legal technology services. For instance, in August 2021, QVentures announced their latest fund investment in Semeris, a legal AI startup that develops contract analysis products for the financial sector. Semeris, which was created to assist financial services companies in reviewing, analyzing, and summarizing legal documentation, aims to provide "superhuman powers" to anyone who interacts with complex legal documents. AI tools assist legal support to professionals in carrying out their due diligence more effectively and efficiently, while also improving accuracy. In a legal context, artificial intelligence (AI) is defined as technologies that appear intelligent but perform specific functions.
In terms of revenue, global legaltech artificial intelligence market was valued at US$ 4786.11 Mn in 2020 growing at a CAGR of 20.1% over the forecast period (2021 – 2030). The study analyses the market in terms of revenue across all the major regions, which have been bifurcated into countries.
LegalTech has demonstrated that artificial intelligence and machine learning are here to stay by fundamentally altering the way lawyers work. One of these changes is the use of artificial intelligence and machine learning to improve lawyer decisions through dispute forecasting and analysis. In comparison to legal experts, this correctly predicted court outcomes. This trend is expected to pick up in the near future and surge the growth of global legaltech artificial intelligence market over the forecast period.
Artificial intelligence (AI) is rapidly gaining traction in the legal world. Lawyers, both in-house and outside counsel, are developing new and innovative strategies to capitalize on the opportunities AI provides in terms of cost reduction and quality enhancement. The rapid adoption of artificial intelligence (AI) for in-house legal counsel reflects lawyers' need to automate processes and devote more time to more valuable work, which is accelerating the growth of legaltech artificial intelligence market. For instance, in October 2020, DISCO, a legal technology company, announced an equity financing of $60 million. This funding pushes DISCO's total investment to $195 million, confirming the company's position in enterprise legal technology and establishing the company as a disruptor in the broader artificial intelligence and cloud computing sector.
Some of the players operating in the legaltech artificial intelligence market are Lex Machina, Loomanalytics, Justia Inc., FiscalNote, Inc., Open Text Corporation, Casetext Inc., Everlaw, Luminance Technologies Ltd., ROSS Intelligence, Inc., vLex LLC, Judicata, Legal Robot, Inc., Leverton Holdings, LLC, Lawgeex, Blue J Legal Inc., and Donelley Financial Solutions amongst other market participants.
Global LegalTech Artificial Intelligence Market:
- Document Management System
- Practice and Case management
- Contract Management
- Legal Research
- Legal Analytics
- Cyber security
- Predictive Technology
- Civil Lawyer
- Corporate Lawyer
- Criminal Lawyer
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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