Legal AI Market Share, Size, Trends, Industry Analysis Report, By Component (Solution, Services); By Technology; By Application; By End-user (Law Firms, Corporate Legal Departments, Others); By Region; and Segment Forecasts, 2023 - 2032

Legal AI Market Share, Size, Trends, Industry Analysis Report, By Component (Solution, Services); By Technology; By Application; By End-user (Law Firms, Corporate Legal Departments, Others); By Region; and Segment Forecasts, 2023 - 2032

The global legal AI market size is expected to reach USD 7.87 billion by 2032, according to a new study by Polaris Market Research. The report “Legal AI Market Share, Size, Trends, Industry Analysis Report, By Component (Solution, Services); By Technology; By Application; By End-use (Law Firms, Corporate Legal Departments, Others); By Region; and Segment Forecasts, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The legal industry faces mounting challenges due to the ever-expanding volume of legal documents, contracts, and regulations. To tackle these challenges, Legal Artificial Intelligence (AI) provides solutions like automated document analysis and eDiscovery tools that streamline and accelerate information processing. AI allows for the automation of repetitive tasks such as contract review and due diligence, leading to significant reductions in time and resources needed for these processes. The benefits offered by AI are driving a growing demand for its adoption in the legal sector. With the help of legal AI tools, legal professionals can redirect their efforts towards higher-value tasks, thereby enhancing efficiency and realizing cost savings through the automation of routine responsibilities.

AI tools are increasingly valuable in identifying risks, predicting case outcomes, and providing strategic guidance, empowering legal professionals to make well-informed decisions. Furthermore, the ever-evolving landscape of regulatory frameworks necessitates organizations to maintain compliance with a multitude of laws and regulations. This has generated a demand for AI-based solutions to aid in monitoring changes in regulations, evaluating compliance risks, and ensuring adherence to legal requirements. The continuous advancements in natural language processing, machine learning, and data analytics have significantly enhanced the capabilities of legal systems, driving the growth of the market. These technologies enable precise data extraction, semantic comprehension, and context-aware decision-making, thereby making legal solutions more robust and efficient.

The use of AI-powered virtual assistants and chatbots is witnessing rapid growth in legal settings, offering quick access to legal information, responses to common legal queries, and assistance with basic legal inquiries. These AI-driven assistants engage with users, comprehend their questions, and deliver pertinent answers, ultimately enhancing client service and operational efficiency. Additionally, this technology is being harnessed to address cybersecurity and compliance concerns. AI systems can identify and proactively prevent potential data breaches, monitor shifts in regulations, evaluate compliance risks, and ensure adherence to legal and privacy standards.

Legal AI Market Report Highlights

Services segment will grow at substantial pace, as it is service industry, and mounting cases necessitate the need for AI enabled legal services

E-discovery segment will grow rapidly, owing to its capability in collecting, processing, and analyzing legal electronic data in minimum time

North America held the largest share, on account od increasing burden of legal cases, and pressure on allied legal human resources to reduce its work-load

The key market players include Casetext, CosmoLex Cloud, DocuSign, Everlaw, Filevine, IBM Corporation, Icertis, & Knovos.

Polaris Market Research has segmented the legal AI market report based on component, technology, application, end use, and region:

Legal AI, Component Outlook (Revenue - USD Billion, 2019 - 2032)

Solution

Cloud-based

On-premises

Services

Consulting Services

Support Services

Others

Legal AI, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

Natural Language Processing Technology

Machine Learning and Deep Learning Technology

Legal AI, Application Outlook (Revenue - USD Billion, 2019 - 2032)

E-discovery

Legal Research

Analytics

Compliance and Regulatory Monitoring

Document Drafting and Review

Contract Management

Legal Chatbots

Others

Legal AI, End Use Outlook (Revenue - USD Billion, 2019 - 2032)

Law Firms

Corporate Legal Departments

Others

Legal AI, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa