LegalTech Artificial Intelligence Market Size, Share, Growth, Trends, and Forecast 2032

LegalTech Artificial Intelligence Market: Size

The global LegalTech Artificial Intelligence market size was worth around USD 12.19 billion in 2023 and is predicted to grow to around USD 165.31 billion by 2032 with a compound annual growth rate (CAGR) of roughly 33.6% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the LegalTech Artificial Intelligence market on a global and regional level.

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LegalTech Artificial Intelligence Market: Overview

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.

The rising funding for AI and the growing adoption of AI in legal firms are major factors driving the global legaltech artificial intelligence market growth. 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. For instance, as per Crunch base, legal tech startups raised US$1.25 million in Q1 2017 as compared to over US$49 million in just the first month of 2018 alone. Legal tech offers several opportunities for technology companies looking to own a share of the legal market by developing products for law firms or selling services directly to the consumers.

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The report provides company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launch, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market on a global and regional basis. Moreover, the study covers price trend analysis and product portfolio of various companies according to the region.

LegalTech Artificial Intelligence Market: Segmentation

The study provides a decisive view of the legaltech artificial intelligence market based on application, end-user, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

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.

By end-user, the market is segmented into lawyers and clients.

LegalTech Artificial Intelligence Market: Report Scope

LegalTech Artificial Intelligence Market: Regional Analysis

The regional segmentation includes the historic and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. This segmentation also includes major countries, such as UK, Germany, France, the U.S., and China, among others.

By region, Asia Pacific held the major market share in 2023 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 2023, owing to the rising number of printer cartridges manufacturers and increasing demand for domestic and commercial photo printing services across the country.

LegalTech Artificial Intelligence Market: Competitive Players

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
• vLex.com

The Global LegalTech Artificial Intelligence Market is segmented as follows:

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
• Middle East and Africa