LegalTech Artificial Intelligence Market To Witness A Sizable Expansion of 35.94% CAGR by 2026 – Zion Market Research
Oct 1, 2020
LegalTech Artificial Intelligence Market by Application (Document Management System, E-Discovery, Practice and Case Management, E-Billing, Contract Management, IP-Management, Legal Research, Legal Analytics, Cyber Security, Predictive Technology, and Compliance) and by End-User (Lawyers and Clients): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026
New York, United States - September 30, 2020 /MarketersMedia/ —
Zion Market Research has published a new report titled “LegalTech Artificial Intelligence Market by Application (Document Management System, E-Discovery, Practice and Case Management, E-Billing, Contract Management, IP-Management, Legal Research, Legal Analytics, Cyber Security, Predictive Technology, and Compliance) and by End-User (Lawyers and Clients): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026”. According to the report, the global legaltech artificial intelligence market was valued at approximately USD 3,245 million in 2018 and is expected to generate around USD 37,858 million by 2026, at a CAGR of around 35.94% between 2019 and 2026.
Artificial intelligence (AI) is increasingly transforming the field of law practice. Many legal professionals are aware that AI can significantly reduce cost and time while increasing accuracy. AI plays an important role in faster and better delivery of certain legal services at an economical cost. Various corporate law firms and legal departments are implementing AI for the standardization and review of documents. AI in the legal context is defined as technologies that are intelligent but have certain defined functions. The rising funding for AI and the growing AI adoption in legal firms are major factors driving the global legaltech artificial intelligence market growth in the upcoming years. Additionally, rising acquisitions and mergers in the legaltech industry are also fuelling the global legaltech artificial intelligence market. However, the regular need for software updates and high-cost of technologies may hamper the global legaltech artificial intelligence market over the estimated timeline.
Based on end-user, the market is segmented into lawyers and clients. The lawyer's segment accounted for a major market share in 2018 and is expected to dominate over the forecast timeframe. Lawyers, both in-house and outside counsel, are in search of new and innovative ways to tap on the opportunities that AI offers to increase their efficiency and reduce costs. The quick implementation of AI for in-house legal counsel enables the lawyers to automate the processes and dedicate more time to important and valuable work. There has been a growth of around 65% in legaltech companies using AI as compared to corresponding Law Geex study in 2017.
By application, the legaltech artificial intelligence market is segmented into the document management system, e-discovery, practice and case management, e-billing, contract management, IP-management, legal research, legal analytics, cybersecurity, predictive technology, and compliance. E-billing application is estimated to show a significant CAGR over the forecast time period. It assists in sending bills and collecting electronic payments via the internet, where AI helps in maintaining confidential data.
Get Free Report Sample for more Insights - https://www.zionmarketresearch.com/sample/legaltech-artificial-intelligence-market
By region, Asia Pacific held the major market share in 2018 and is expected to dominate over the forecast timeframe. In terms of revenue, China contributed the highest market share to the Asia Pacific legaltech artificial intelligence market in 2018, owing to the rising number of printer cartridges manufacturers and increasing demand for domestic and commercial photo printing services across the country. The North American legaltech artificial intelligence market is anticipated to show considerable market growth in the years ahead, owing to the presence of key companies and large investments made in the AI market.
Some major players operating in the global legaltech artificial intelligence market are Blue J Legal, Casetext Inc., Catalyst Repository Systems, eBREVIA, Everlaw, FiscalNote, Judicata, Justia, Knomos Knowledge Management Inc., Lawgeex, Legal Robot, Inc., LEVERTON, LexMachina, Loom Analytics, Luminance Technologies Ltd., Ravel Law, ROSS, and vLex.com, among others.
Legal Operations Software Market - https://www.zionmarketresearch.com/report/legal-operations-software-market
This report segments the global legaltech artificial intelligence market into:
Global LegalTech Artificial Intelligence Market: Application Analysis
Document Management System
E-Discovery
Practice and Case Management
E-Billing
Contract Management
IP-Management
Legal Research
Legal Analytics
Cyber Security
Predictive Technology
Compliance
Global LegalTech Artificial Intelligence Market: End-User Analysis
Lawyers
Clients
Global LegalTech Artificial Intelligence Market: Regional Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
Browse Blog - https://www.trickstrend.com/
About Us:
Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, the company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.
Contact Info:
Name: Joel John
Email: Send Email
Organization: Zion Market Research
Address: 244 Fifth Avenue, Suite N202
Phone: +1-855-465-4651
Website: https://www.zionmarketresearch.com/
Source: MarketersMedia
Release ID: 88979189
More News
Rubio Travels to India to Strengthen Economic Ties Amid Strained U.S. Relations
The secretary of state will meet with Asia’s richest men in Mumbai as Washington continues negotiations over a trade deal with India.
What is Discovery Loop, Chinese teen AI prodigy Nathan Chen’s rumoured next destination?
Just days after announcing his departure from Moonshot AI, teen Chinese artificial intelligence prodigy Nathan Chen Guangyu seems to have found his next destination. On Tuesday, Arfur Grok, a widely-watched anonymous social media account that tracks AI talent movements in the US, posted that the former Moonshot AI researcher was joining Discovery Loop, an AI start-up founded by four former Google senior researchers including former chief scientist Jeff Dean. Launched just two months ago, the...
China creates state-owned firm in Xiongan to develop nation’s AI data resources
China has set up a new state-owned enterprise dedicated to managing the country’s massive data resources, a significant move designed to turbocharge the nation’s artificial intelligence industry and bolster its digital economy. The National Data Group Co – based in China’s “city of the future”, Xiongan New Area in northern Hebei province – is tasked with “developing and utilising data resources, unlocking the value of data elements, serving AI development and fostering a data industry...
India’s record US$108b Jio IPO tests market faith as Musk rivalry heats up
The coming launch of India’s largest-ever initial public offering (IPO) will test investor confidence in the country’s leading telecoms operator, Jio Platforms, the digital arm of billionaire Mukesh Ambani’s Reliance Industries. Jio’s public share offer on Wednesday comes close on the heels of an escalating row between Ambani and Elon Musk. The SpaceX founder has accused the Indian industrialist of using monopolistic influence to block Starlink’s entry into India – a charge Reliance has denied,...
Who is Yuki Chen, China’s ‘superstar’ hacker who just joined AI leader Z.ai?
Yuki Chen, a prolific Chinese cybersecurity researcher, has joined leading Chinese artificial intelligence model company Z.ai as the country’s AI sector grapples with the technology’s growing impact on global cyberspace. Chen’s appointment comes amid growing concern over AI-assisted cyberattacks and autonomous agents acting beyond their instructions, including recent cases involving Chinese tech giant Tencent Holdings as well as US start-ups OpenAI and Anthropic. “New journey, new mission!” Chen...
Australian Lawmaker Helen Haines Remains in Critical Condition After Car Attack
Helen Haines, an independent, remained in critical condition after she was struck by a vehicle. A 43-year-old man was charged and will appear in court on Wednesday.
As Indonesia faces MSCI downgrade threat, officials vow reforms to ease fears
As the threat of a reclassification by MSCI that could relegate Indonesia to an investment hinterland looms, the country’s financial regulators and stock exchange officials have vowed to address systemic concerns, including removing stocks with concentrated ownership. The global index provider announced on Friday it was launching a formal consultation to decide whether to downgrade Southeast Asia’s largest economy from “emerging market” to “stand-alone” status, similar to countries such as...
In Malaysia, viral air purifier test fans flames of anger over haze
As haze from forest fires in Indonesia continues to shroud Southeast Asia, Malaysians have taken to social media to air their grievances, with a video of an elevated outdoor reading from an air purifier among viral content marking public frustration. The clip, posted by user syahierarafie, shows a device detecting an Air Pollutant Index (API) of up to 318 in Gelang Patah, a suburban town in western Johor Bahru which borders Singapore. The video has drawn over 990,000 views as of Tuesday. “Today,...
Malaysia’s opposition bloc declared invalid, but limited gains for Anwar
Malaysia’s main opposition coalition lost its registration on Tuesday, just 11 days before nominations for a state election, drawing accusations that Prime Minister Anwar Ibrahim’s government is using state powers to cripple its rivals. The decision leaves Perikatan Nasional (PN) – already fractured by a bitter dispute between its Islamist anchor, the Pan-Malaysian Islamic Party (PAS), and estranged partner Bersatu – fighting to preserve its electoral identity ahead of Melaka’s November 14...
Ex-army captain in Singapore jailed 17 months for sex with 15-year-old boy
Two Singaporean men lost their positions in the armed forces after they were convicted of having sex with a 15-year-old boy. Former army captain Chaw Chia Jun, 41, was sentenced to 17 months’ jail on Tuesday, while his co-accused Owen Toh Wei Song, a former navy cook, was jailed for 12 months on September 22, according to CNA. Singapore’s Ministry of Defence has confirmed that both were suspended after their arrest in 2024 and were no longer in the military. “The Singapore Armed Forces holds its...
Energy shock could spark Asia’s next debt crisis
A country need not run out of money to find itself in a debt crisis. It only has to run short of US dollars to pay for its energy. At the recent International Monetary Fund-World Bank annual meetings in Bangkok, the IMF, which expects global economic growth of 3.1 per cent this year and 3.4 per cent the next, cautioned that energy-importing and lower-income economies face a harder road, even as those riding the artificial intelligence boom fare relatively well. According to the World Bank’s...
Calls to sue Indonesia over haze; Pinduoduo craze sweeps Malaysia: 7 Asia highlights
We have selected seven stories from the SCMP’s coverage of Asia over the past week that resonated with our readers and shed light on topical issues. If you would like to see more of our reporting, please consider subscribing. 1. ‘Forgive us’: Indonesians urge Singapore, Malaysia to sue Jakarta over haze Many Indonesians are urging foreign governments on social media, including those of neighbouring countries affected by the haze, to take action against Jakarta over its handling of the fires. 2....
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.