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Legal Tech Artificial Intelligence (AI): Introduction
Companies that use technology in the legal sector are often referred to as Legal Tech firms. They offer technology-enabled software and products to lawyers, the industry as well as businesses and consumers. Artificial Intelligence (AI) in Legal Tech is extensively used in various applications. Companies are making use of machine learning as well as natural language processing technology and are developing software that caters to a variety of applications within the legal technology industry. Law firms devote a significant amount of time reviewing contracts. This can be accomplished within a shorter timeframe without compromise on quality through the aid technology known as Artificial Intelligence.
The impact of the Coronavirus directly affected the development of this market. Due to the closure of the coronavirus, most law firm businesses closed, which has significantly affected the market for artificial intelligence-based legal solutions.
The Global Legal Tech Artificial Intelligence Market Forecast and Overview:
In 2018, The value of the Global Legal Tech Artificial Intelligence Market was approximately USD 3,245 million and It is expected to be at USD 37, 858 million by 2026. It will grow at a CAGR of around 35.94% between 2019 to 2026.
The rising demand for AI-powered Solutions is the main driving force behind the market. The AI-powered software enhances the efficiency of document reviewing and analysis. Companies such as ROSS Intelligence supply AI software that helps examine and analyze legal documents using the aid of technology for language processing. AI has also proven to be effective in legal analysis, legal research due diligence, and eDiscovery. Legal analytics aids in sorting through the vast amounts of data to find trends that are that can be useful to lawyers. The divorce process takes an entire year. But, the application of AI technology allows clients to be guided by their own divorce options in a shorter amount of time. AI is beginning to transform the legal system and has augmented what human lawyers can do, allowing them to perform different tasks such as providing advice, negotiating deals, and more.
Some products in the Legal Tech AI market are niche and others are more general AI solutions. Companies such as IBM Corporation and zero specialize in legal analytics. Other companies such as Apttus Corporation and iManage specialize in providing contract management solutions.
It is clear that the Legal Tech AI sector isn't developed enough. It is still being researched to identify the application of legal technology AI across a variety of applications and the impact it has on the legal field. The human-like capabilities executed by AI software, such as decision-making, learning, and planning are driving the demand for it. Chatbots are also attracting attention in the legal field and could soon be a trend in the market. AI aids lawyers to complete their work quickly and efficiently. It's not predicted to replace lawyers in the near future. However, lawyers have to focus on acquiring different capabilities to compete with AI technology. The consequences of Coronavirus have had a direct impact on the development in the marketplace. Due to the closure of coronavirus, the majority of the law firm's offices were shut down, which greatly impacted the demand for Legal Tech AI solutions.
The Key Market Segmentation of the Global Legal Tech Artificial Intelligence Market:
Global Legal Tech Artificial Intelligence Market can be divided into End-User, Application, and Geographical landscapes, etc.
Legal Tech Artificial Intelligence Market Segmentation By End-User:
Legal Tech Artificial Intelligence Market Segmentation By Application:
Practise and Case
Legal Tech Artificial Intelligence Market Segmentation By Geographical Landscape:
The Middle East and Africa
Major Key Players in the Global Legal Tech Artificial Intelligence Market Are:
Lex Machina, Inc.
Luminance Technologies Ltd.
Catalyst Repository Systems
The Covid-19 Impact Analysis:
Many industries around the world were negatively affected in the past 18 months. It is due to the significant disruptions that affected their supply chain and manufacturing operations due to various lockdowns to protect the environment and other restrictions enforced by various governing authorities across the world. This is also true for the world Legal Tech Artificial Intelligence market.
In addition, demand from consumers has also decreased as people are more focused to eliminate unnecessary expenses out of their budgets since the overall economic situation of the majority of people has been greatly affected by this scourge. The above-mentioned elements are likely to impact the revenue growth of the world Legal Tech Artificial Intelligence market over the anticipated timeframe. However, when these governing authorities start to ease these lockdowns globally, the Legal Tech Artificial Intelligence market is likely to rebound accordingly.
The Global Legal Tech Artificial Intelligence Market Report Highlights:
Based on the region and geography, the global legal technology Artificial Intelligence (AI) market is divided into Asia Pacific, Europe, South America, North America, as well as Middle East & Africa.
Important Players in the Legal Tech Artificial Intelligence market are the U.S. and The U.K.
North America accounts for a significant portion of the Legal Tech Artificial Intelligence market as many Legal Tech firms are entering the Artificial Intelligence space.
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