The AI Software Market in Legal Industry is expected to grow from USD 2.19 billion in 2024 to USD 3.64 billion by 2029, at a CAGR of 10.70% during the forecast period (2024-2029).
Artificial intelligence (AI) has always been at the forefront of utilizing new technical breakthroughs for productivity and efficiency improvements in the legal industry. Also, due to the advancements and the increase in processing power in NLP, neural networks, and chips, the legal sector is observing improved value in its application.
The legal industry's AI software market has a low market penetration rate, creating tremendous potential for incumbent companies and outsiders looking to enter the sector. However, current market participants have a tremendous edge over any new entrants. Due to the outstanding prospects, rising investments, and supporting activities, competition among present market participants is expected to heat up.
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