COVID-19 IMPACT ON LEGAL AI SOFTWARE MARKET
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the global Legal AI Software market. In addition, complete analysis of changes on the global Legal AI Software market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. The legal AI software market has witnessed significant growth during the covid period. During the covid period various industries adopted digitalization at a rapid pace due to which the demand for AI based software raised, which has benefitted the legal AI software market to grow as well. Moreover, industries like healthcare, BFSI and IT industry has also observed rapid growth and digitalization has been increased in these industries which has also helped the Legal AI Software market to grow further. However, due to covid pandemic, lockdown was imposed by various regulatory bodies in almost every part of the globe due to which the global trade also got affected negatively which affected the growth of Legal AI software market as well, but it is expected that, as the lockdown has been lifted and the AI based software are getting popular, the demand for the Legal based AI software is likely to boost in coming years.
OVERVIEW- LEGAL AI SOFTWARE MARKET
MARKET DRIVERS
The Legal AI Software market is witnessing tremendous growth during the forecast period 2022-2028. The key factors contributing to the growth of global Legal AI Software market is the heightened pressure to ensure operational excellence in legal processes due to which the adoption of the AI based software in the legal department of various industries is increasing at a rapid pace. This software helps the legal department of various industries to analyze the contract, review them and can make changes in them depending upon the requirement of rule/policies/laws which not only reduces the work pressure of the legal department but also help them in completing their task more efficiently. In addition to that, as the adoption of AI based software is increasing in almost every industry the work, the demand for legal based AI software is also increasing. These software help in reducing the manpower for the organization, save time for the organization as well helpful in reducing the errors in the legal documents which is why the demand for Legal AI software is increasing.
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MARKET OPPORTUNITIES
The ongoing technological advancements in Artificial Intelligence, IoT and cloud-based services is expected to provide lucrative growth opportunities to Legal AI Software market. With the introduction and rising use of smart devices integrated with AI and advancements in IoT and cloud-based services, there is a growing opportunity for Legal AI software market. This software can be used for optimizing routine litigation tasks by using Machine learning and artificial intelligence technologies. It also reduces the manual work in the law firm and automates the task which not only help the legal department to save their time and efforts but also helps in getting things done with more accuracy which is likely to drive the market further.
MARKET RESTRAINTS
Legal AI Software market is growing at a rapid pace, but still one of the major reasons which hinders the growth of this market is the lack of awareness about this software among the law firms and the legal departments. Since, traditionally the legal work is almost done manually which is why the use of technology is still limited and owing to the lack of awareness, the legal AI software are not that popular which is restricting to grow. This case is very relevant in case of developing countries where digitalization has just begun to take place and professional are not moving towards modern technology due to which in turn is likely to hamper the growth of the market.
MARKET CHALLENGES
The key challenge which legal AI software market is facing is the increased concern about cybersecurity and data privacy concern. As the cases of data breach is increasing in almost every part of the globe, there is more security concern about implementing any of the technological platform in the organization. Moreover, legal AI software is used for the legal work of the organization which is considered to be very sensitive, thus it becomes a challenge to strengthen the cybersecurity of the organization so that the legal AI software market can grow further.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of global Legal AI Software market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing popularity of legal AI software among various end-users has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2021-2028.
MARKET SEGMENTAL OVERVIEW
The Legal AI Software market is bifurcated into Component, Deployment, Organizational Size, End-Users and Geography.
LEGAL AI SOFTWARE MARKET BY COMPONENTS
The global Legal AI Software Market is studied for various components such as solution and services. For legal AI software market solution are the key components, since it can be deployed easily at the organization, and it helps the legal firms and professionals to manage their huge data and derive insights from them which results in better efficiency and saves time for them. Also, for large organization such software helps to make decisions in cases of complex legal cases. However, services offered by legal AI software saves the time and cost spent installation and configuration in the software deployment which is why the popularity of service component is also increasing.
LEGAL AI SOFTWARE MARKET BY DEPLOYMENT
The various deployment methods analyzed in the global Legal AI Software market are cloud based and on-premise. Based on deployment model, on-premise model holds the significant share in the market, owing to various benefits associated to it such as it can be accessed easily without requirement of the internet, and this deployment method of the legal AI software does not require multiple users log-in since the data is on the same network and many more. However, as the investment in cloud computing is increasing, the market share of cloud-based deployment is also growing.
LEGAL AI SOFTWARE MARKET BY ORGANIZATIONAL SIZE
The global Legal AI Software Market studied for organizational size include large enterprises and small and medium enterprises (SMEs). On the basis of organizational size, the large enterprises hold the maximum share in the market, since legal AI software in large organization help the legal department to solve legal issue at a faster rate and they reduce the work pressure as well, in the large organization such software are very useful in saving overall cost of the organization as well. On another hand, as the adoption of digitalization is increasing in almost every industry, the market share of SMEs is also increasing.
LEGAL AI SOFTWARE MARKET BY APPLICATIONS
The report analyses various applications of Legal AI Software such as BFSI, Healthcare, IT & Telecommunication, Media & Entertainment, Government and others. Based on the end-users, BFSI is the major end-user of the legal AI software, this sector is consisting of banking, lending, insurance, investment, and other business activities related to the allocation of wealth and money, due to which a number of legal formalities are involved in this sector and with the help of AI based legal software, it becomes very easy to solve legal issues. Also, in recent years, adoption of digitalization and implementation of automation in the healthcare has created the demand for legal AI software market.
LEGAL AI SOFTWARE MARKET BY GEOGRAPHY
The report analyses various geographical regions such as North America, Europe, Asia Pacific and Rest of the World. Based on Geography, North America holds the major market share, since the adoption of technology is relatively high in this region, and the regulatory bodies are focusing upon implementation of AI in various industries, which is why the legal AI software is getting popular in among the organizations in this region. Moreover, in North America region, IoT, Machine Learning and automation are very common in various industries which makes it popular among end-users. Apart from that, as the digitalization is growing in the APAC region, and BFSI, Healthcare and IT industries are growing rapidly in this region, it is considered that the market share of the legal AI software is increasing rapidly in this region.
COMPETITIVE LANDSCAPE ANALYSIS
The Legal AI Software market is witnessing high competition owing to presence of many major players in the market. The key companies operating in the Legal AI Software market are catering to the demand by collaborating, innovative, acquiring small players and investing in a technologically advanced product portfolio across the globe.
The key players studied in market are IBM, OpenText, Thomson Reuters, Veritone, ROSS Intelligence, Luminance, LexisNexis, Neota Logic, Everlaw, Legalsifter, Pensieve, Casetext, Klarity, Omni Software System, Nalanda Technology among others
RECENT DEVELOPMENTS:
June 2021: Victor, the leading global managing general underwriter, announced the launch of Victor Contract Sifter, a first-of-its-kind automated contract review tool for design professionals in the design and construction industry that enables them to more efficiently and effectively manage their contractual risk.
May 2021: Luminance launched a brand-new AI-powered platform, Luminance Corporate, which aims to transform the way in-house lawyers understand, manage and negotiate their contracts. It allows the in-house lawyers to analyse the contact through machine learning.
November 2020: Onit, Inc., provider of enterprise spent management software acquired McCarthyFinch. Through this acquisition Onit, Inc intends to use the McCarthyFinch's AI skills to beef up its legal workflow software offerings. McCarthyFinch, an Auckland based company specialized in Artificial Intelligence, Natural Language, Deep Learning, Machine Learning, Data Science, Law, LegalTech, and LegalAI.
October 2019: IBM Watson Knowledge Studio and the Watson Discovery service, QNC GmbH, a legal tech firm, was able to launched its new “digital law firm” subscription service and provide affordable, fast, flat-rate online legal services to small enterprises in Germany
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