Today, Artificial intelligence is gaining more attraction and progressively transforming the field of law practice. Its potential to reduce cost and time while increasing accuracy, several professionals in legal space are considering to utilize the solution. In the Legal field, AI plays a significant role in faster and better delivery of certain legal services at an economical cost. Various corporate law firms and legal departments are now deploying this technology for the standardization and review of documents. That is why; the global LegalTech Artificial Intelligence market is predicted to generate USD 37,858 million by 2026. Its growing adoption and huge investment by legal firms are the key factors in driving the market growth in the upcoming years.
In 2018, the global LegalTech Artificial Intelligence market was valued at around USD 3,245 million and now is expected to grow at a CAGR of 35.94 percent through the projected timeframe 2019-2026. The market is also largely driven by rising acquisitions and mergers in the LegalTech industry. However, the regular requirement of software updates and high-cost of technologies may slow down the market growth for global legaltech AI. The global LegalTech AI market is categorized into Application and End-User. On the basis of application, the market is also segment into Document Management System, E-Discovery, E-Billing, Contract Management, Practice and Case Management, IP-Management, Legal Analytics, Legal Research, Cyber Security, Predictive Technology, and Compliance and
Moreover, based on end-user, it’s classified into lawyers and clients, where the lawyer’s segment accounted for a major market share in 2018 and is anticipated to lead over the forecast period. Lawyers, both in-house and outside counsel, are seeking new and innovative ways to tap on the opportunities that AI provides to fuel their efficiency and lower the costs.