AI in Legal Services Market to Reach $61.6 Billion by 2031: Key Insights and Trends

(EstateNewsWire.com, October 01, 2024 ) According to the latest research by InsightAce Analytic, the Global AI in Legal Services Market is valued at US$ 9.2 Billion in 2023, and it is expected to reach US$ 61.6 Bn by 2031, with a CAGR of 27.7% during the forecast period of 2024-2031.

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The number of legal documents, contracts, and rules that are created every day presents a growing number of issues for the legal sector. Legal Artificial Intelligence (AI) offers solutions such as eDiscovery technologies that expedite and simplify information processing and automated document analysis to address these issues. Due diligence and contract review are two examples of repetitive activities that AI makes possible to automate, which significantly lowers the time and resources required for these procedures. The legal industry is becoming more and more in need of adopting AI due to its advantages. Legal practitioners can increase productivity and save money by automating regular work with the aid of legal AI solutions, which allow them to focus their attention on higher-value projects. AI tools are becoming more useful in helping legal professionals make educated judgments by forecasting case outcomes, recognizing risks, and offering strategic recommendations.

Moreover, enterprises must ensure adherence to numerous rules and regulations due to the constantly changing regulatory landscape. As a result, there is a need for AI-based solutions to help with regulatory monitoring, compliance risk assessment, and legal requirement adherence. The industry is expanding as a result of the constant improvements made in natural language processing, machine learning, and data analytics, which have greatly improved the capabilities of legal systems.

List of Major Players in the AI in Legal Services Market:
• IBM Corporation
• ROSS Intelligence
• Luminance Technologies Ltd.
• Casetext Inc.
• Kira Systems Inc.
• Legal Robot Inc.
• Neota Logic Inc.
• RAVN Systems (now part of iManage)
• Seal Software (now part of DocuSign)
• Everlaw Inc.
• eBrevia Inc.
• NexLP Inc.
• Judicata Inc.
• Cognitiv+ (now part of NetDocuments)
• LawGeex Ltd.
• Legatics Ltd.
• Disco (formerly CS Disco Inc.)
• ThoughtRiver Ltd.
• Evisort Inc.
• Eigen Technologies Ltd.
• Premonition AI Ltd.
• Ayfie Group AS
• Omnius AG
• Knovos Inc.
• Lecorpio (now part of CPA Global)

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Market Dynamics:

Drivers-
Increased funding for AI-driven legal solutions and businesses in the legal technology space is fostering market innovation and growth. This initiative expedites the use of increasingly advanced AI tools in the legal sector. Additionally, advances in NLP enable AI to interpret and process human language more efficiently. This improves AI tools' capacity for document inspection, legal research, and contract analysis, making them more trustworthy and desirable to legal practitioners.

Challenges:
There are important ethical and legal concerns with the application of AI in legal services. Concerns around confidentiality, privacy of data, and the possibility of unfair or biased results may impede the adoption of AI. Ensuring adherence to data protection standards and legal ethics presents a significant problem. Furthermore, the application of AI in legal services lacks established procedures and standards. Law firms may find it challenging to implement AI technology consistently as a result of inconsistent AI performance and integration issues.

Regional Trends:
The North American AI in the legal services market is expected to report a major market revenue share. It is projected to grow at a high CAGR in the near future. The growth of AI in the legal services industry in the region is attributed to the presence of major players, technological advancements, innovative product launches and others. Besides, Asia Pacific had a remarkable share in the market due to its developed economy as well as growing adoption of the product. Moreover, In Asia Pacific, funding for AI and legal technology startups is increasing. The creation of new AI tools and solutions is being fueled by this capital inflow, which is promoting innovation and market expansion.

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Recent Developments:

• In June 2024, Thomson Reuters (TRI.TO) announced that it will purchase Casetext, a legal company that provides an artificial intelligence-powered assistant for law professionals, in a $650 million all-cash transaction. The CFO of Thomson Reuters announced that the firm intends to allocate approximately $100 million per year towards investments in artificial intelligence (AI). This budget will be in addition to the company's merger and acquisition budget of approximately $10 billion, which will be utilized between now and 2025.

Segmentation of AI in Legal Services Market-
By Type-
• Natural Language Processing (NLP)
• Machine Learning
• Predictive Analytics
• Data Analytics and Visualization
• Robotic Process Automation (RPA)
• Virtual Assistants
• Expert Systems
By Application-
• Contract Review and Analysis
• Legal Research
• E-Discovery and Litigation Support
• Due Diligence
• Predictive Legal Analytics
• Compliance Management
• Document Automation
• Case Prediction and Outcome Analysis
• Intellectual Property Management
• Legal Chatbots
By End User-
• Law Firms
• Corporate Legal Departments
• Government and Regulatory Bodies
• Legal Tech Companies
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

Insight Ace Analytics

Diana D’souza

+917972967118

diana.dsouza@insightaceanalytics.com

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