Legal AI software provides AI powered solution for handling the legal departments work. The software automates and accelerates the more routine, repetitive aspects of legal practice. It provides standardize contract templates with up –to-date language, effective screening, and drafting. The software enhances the accuracy of every procedure included in the legal department lifecycle as it is linked with the AI technology. It consists of a several advanced tools which can analyze the data based on requested modification methods. The software helps the legal departments to draft high-quality litigation work in very minimum time and drive down the cost by nearly 80 percent.
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LEGAL AI SOFTWARE MARKET OUTLOOK
Globally, the adoption of AI technology is increasing rapidly and legal departments cannot be an exception to it. The AI linked legal department can provide higher accuracy and reduce the time of processes, which results in the increasing demand of the legal AI software. The heightened pressure to ensure operational excellence in legal processes also fuels the demand of legal AI software as it enhances the efficiency and increases the productivity. Moreover, features of the legal AI software such as data analytics, predictive modelling, machine learning and automation supports the growth of the market.
LEGAL AI SOFTWARE MARKET SEGMENTAL OVERVIEW
The study analyses the legal AI software market based on component, deployment type, organization size, end-users, and geography.
LEGAL AI SOFTWARE MARKET BY COMPONENT
The components of the legal AI software are solution and services. Under the solution segment the legal AI software offers eDiscovery, contract management, case prediction, end point security, compliance and other solutions.
LEGAL AI SOFTWARE MARKET BY DEPLOYMENT TYPE
By deployment type the legal AI software is bifurcated into the cloud-based and on-premises deployment type. The on-premise deployment is expected to contribute the major share in the growth of legal AI market. The legal AI software deals with the massive amount of confidential data daily, and it is important to keep that data secure. For which, the organisations are inclining toward the on-premise deployment as it offers complete security control in users hand.
LEGAL AI SOFTWARE MARKET BY ORGANIZATION SIZE
Based on the organizational size legal AI software market is segmented into large organizations and small & medium-sized organizations. Large enterprises are expected to contribute the largest share in the growth of legal AI software market as they are more feasible to adopt the advanced technologies than small and medium scale industries.
LEGAL AI SOFTWARE MARKET BY END-USER
Major end-users of the legal AI software market covered in the study BFSI, healthcare, IT & telecom, media and entertainment, government and others.
LEGAL AI SOFTWARE MARKET BY KEY PLAYER
The key competitors of the legal AI software market IBM (US), OpenText (US), Thomson Reuters (US), Veritone (US), ROSS Intelligence (US), Luminance (US), LexisNexis (US), Neota Logic (US), Everlaw (US), Legalsifter (US), Pensieve (India), Cognitiv+ (UK), Casetext (US), Klarity (US), Omni Software Systems (US), Nalanda Technology (UK), LawGeex (Israel), Kira (US), and CaseMine (India) among others.
LEGAL AI SOFTWARE MARKET BY GEOGRAPHY
Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific and the Rest of the World. North America held the largest market share of the legal AI software market. The advancement in the technologies and increasing adoption of legal AI software in the growing countries like US and Canada supports the growth of legal AI software in the North America region.
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