PUNE, India, Feb. 4, 2020 /PRNewswire/ -- The digital reforms in the legal industry have transformed the traditional courtrooms and law practices, thus strengthening the prevalence of Artificial Intelligence (AI) in legal technology or legaltech. The increasing burden of legal activities, carried out around the globe, over a limited number of law practioners has pushed the digitization of legal practices such as Document Management System, e-Discovery, Practice and Case Management, e-Billing, Contract Management and many others. Major law firms are adopting legaltech solutions featuring AI capabilities to tackle the growing competition and reduce the turn-around time of legal cases. For instance, CMS Legal, a global law firm, has deployed AI-based software for quick and efficient analysis of contracts and other legal documents. Data analytics in law industry can be a complex and time consuming task owing to the huge amount of paperwork. Artificial Intelligence has been recognized for its analytical capabilities and legaltech has harnessed that capability in recent years. Companies such as Luminance Technologies Ltd. are offering AI based platform for locating patterns from the loaded document and identifying deviations from standard clauses. These factors have thus catalyzed the growth of global legaltech artificial intelligence market.
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The digitalization trend has also impacted the judicial system of numerous governments. Countries worldwide are transforming their conventional judicial practices along with their courtrooms. For instance, countries such as China and Australia have implemented digital courts to reduce the net cost of legal services to government. China introduced Judicial Big Data Service Network platform in 2017 to improve the judicial system of country using big data and artificial intelligence. This initiative has led to introduction of three online courts with plans to expand further. These courts are limited to civil and administrative claims form e-commerce and other online activities. These courts employ virtual judges based on artificial intelligence and the entire hearing takes place online. Moreover, the state of New South Wales, Australia introduced online courts in 2016 to conduct preliminary hearings. These factors have pushed the law firms and clients to adopt digital methods owing to the ease of use and reduced turn-around time. Artificial intelligence has improved the efficiency of legaltech thus increasing its adoption in government agencies as well as private law firms and is thus, fueling the growth of global legaltech artificial intelligence market.
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The detailed research study provides a qualitative and quantitative analysis of the global legaltech artificial intelligence market. The market has been analyzed from demand as well as the supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply-side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Key Findings of the Report:
- In terms of revenue, global legaltech artificial intelligence market was valued at 3,245.95 Million in the year 2018 and is expected to grow with a CAGR of 37.7% over the forecast period owing to the transformation of traditional to digital law practices.
- On the basis of end user, lawyers segment dominated the market in 2018 and is expected to dominate over the forecast period owing to the rise in legaltech companies which has resulted into deeper penetration of legaltech technologies with cost-effective and productive tools.
- North America region is leading global legaltech artificial intelligence market and is expected to grow over forecast period owing to growing investments in AI related technologies in the region.
- Some of the players in the global legaltech artificial intelligence market includes Blue J Legal Inc., Casetext Inc., Catalyst Repository Systems, eBREVIA, Luminance Technologies Ltd., Microsoft, PwC amongst others.
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Global LegalTech Artificial Intelligence Market
- By Application
- Document Management System
- Practice and Case Management
- Contract Management
- IP Management
- Legal Research
- Legal Analytics
- Predictive Technology
- By End User
- Civil Lawyer
- Corporate Lawyer
- Criminal Lawyer
- By Region:
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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