DUBLIN–(BUSINESS WIRE)–The “Legal Software (focus on machine learning) Global Market Report 2021: COVID-19 Growth and Change to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global legal software (focus on machine learning) market is expected to grow from $0.33 billion in 2020 to $0.37 billion in 2021 at a compound annual growth rate (CAGR) of 12.1%. The market is expected to reach $0.95 billion in 2025 at a CAGR of 26.6%.
Major players in the legal software market are Microsoft Corporation, IBM Corporation, Google, Inc., Baidu, Inc., and Hewlett Packard Enterprise Development LP (HPE).
Legal software that includes artificial intelligence (AI) and machine learning (ML) are yet to be fully regulated by governing bodies in order to protect the confidential data involved in the processes. For instance, Indian government has set to regulate the development and implementation of AI. However, countries such as the USA are contemplating over the thought to regulate ML and AI as there could be a threat in legally constraining the ML or AI before it could fully be developed in practice.
The legal software market consists of sales of legal software and related services. Legal software is used to deliver solution and services using artificial intelligence and machine learning for corporate legal departments and law firms.
The legal software (focus on machine learning) market covered in this report is segmented by application into ediscovery, legal research. It is also segmented by end user into corporate legal departments, law firms; by technology into machine learning and deep learning, natural language processing and by deployment mode into cloud, on-premise.
Machine learning market is restrained due to lack of awareness among law firms. Data, information and knowledge together constitute a vital business asset for law firms in decision making process. Law firms face an increasingly competitive market as large accounting firms are re-establishing their legal practices and reducing the amount of work available to the legal firms. According to survey by Bloomberg Law, only 24% of law firms use machine learning or AI indicating the knowledge gap an underuse of the technology. The lack of awareness thus hampers the growth of the market.
Many online platforms have been introduced that provide potential clients to connect with the lawyers for simple services that includes trademark registration, leases, registration and execution of wills, contracts and lease agreements, dishonouring of cheques, recovering suits, and consumer complaints.
For instance, LegalZoom, a US based firms helps you find attorneys without any hourly fees and documents provided by this firm are accepted by courts and government agencies across all the 50 states. This trend in providing online service will drive the demand or legal software.
In November 2020, Onit, Inc., a USA based provider of enterprise spend management software acquired McCarthyFinch for an undisclosed amount. 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.
Increasing demand for intelligent business processes in law firms is driving the growth of machine learning market. Intelligent business process includes adoption of artificial intelligence (AI) or machine learning in the business processes. AI is the development of system that has the ability to perform tasks requiring human intelligence.
Software solutions are highly adopted in developed countries like the USA to achieve benefits, such as contract management and efficient legal data analysis. Machine learning helps legal firms and professionals to manage their huge data and derive insights from them.
According to Legal Technology Survey Report by ABA Surveying, 35% of respondents from large firms with over 500 attorneys reported they used AI and 16% of respondents at firms with 100 or more attorneys were most likely considering an AI purchase. The growing demand to adopt machine learning in the law firms drives the market.
Key Topics Covered:
1. Executive Summary
2. Legal Software Market Characteristics
3. Legal Software Market Trends and Strategies
4. Impact Of COVID-19 On Legal Software
5. Legal Software Market Size and Growth
5.1. Global Legal Software Historic Market, 2015-2020, $ Billion
5.1.1. Drivers Of the Market
5.1.2. Restraints On the Market
5.2. Global Legal Software Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers Of the Market
5.2.2. Restraints On the Market
6. Legal Software Market Segmentation
6.1. Global Legal Software Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- ediscovery
- Legal Research
6.2. Global Legal Software Market, Segmentation by End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Corporate Legal Departments
- Law Firms
6.3. Global Legal Software Market, Segmentation by Technology, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Machine Learning and Deep Learning
- Natural Language Processing
6.4. Global Legal Software Market, Segmentation by Deployment Mode, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Cloud
- On-Premise
7. Legal Software Market Regional and Country Analysis
7.1. Global Legal Software Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Legal Software Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Companies Mentioned
- Microsoft Corporation
- IBM Corporation
- Google Inc.
- Baidu Inc.
- Hewlett Packard Enterprise Development LP (HPE)
- Intel Corporation
- SAP SE
- SAS Institute Inc
- BigML Inc
- Fair Isaac Corporation (FICO)
- Wipro
- Nuance Communications
- KNIME.com AG
- RapidMiner Inc
- Angoss Software Corporation
- H2O.ai
- Alpine Data
- Domino Data Lab Inc.
- Dataiku
- Luminoso Technologies Inc.
- TrademarkVision
- Fractal Analytics Inc.
- TIBCO Software Inc.
- Teradata
- Dell Inc.
- Oracle Corporation
For more information about this report visit https://www.researchandmarkets.com/r/azrapj
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