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市場調查報告書
商品編碼
871394

法務產業的AI軟體的全球市場:成長率,趨勢及預測分析(2019年∼2024年)

AI Software Market in Legal Industry - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

出版日期: | 出版商: Mordor Intelligence Pvt Ltd | 英文 120 Pages | 商品交期: 2-3個工作天內

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  • 全貌
  • 簡介
  • 目錄
簡介

全球法務產業的AI軟體市場在2019年∼2024年的預測期間內,預測將以28%以上的年複合成長率成長。對法律事務所來說,作為提高生產率,發展效率化的工具,AI急速成為下個大技術。由於計算能力的提高及NLP、神經網及晶片領域的發展,演算法更加提高可能性,在法務領域的適用效用高漲。

本報告提供全球法務產業的AI軟體市場相關調查分析,市場概要,市場動態,市場區隔,各地區的市場分析,競爭情形,主要企業等相關的系統性資訊。

目錄

第1章 簡介

  • 調查的成果
  • 調查的前提條件
  • 調查範圍

第2章 調查方法

第3章 摘要整理

第4章 市場動態

  • 市場概況
  • 市場成長要素及阻礙因素
  • 市場成長要素
    • 對法律AI軟體的自動化的需求高漲
    • 法律界的訴訟數量的增加
    • 為了完成訴訟的法務相關企業的AI利用擴大
  • 市場課題
    • 資料的機密性和機密資料相關疑慮
  • 產業價值鏈分析
  • 產業的魅力 - 波特的五力分析
    • 新加入廠商的威脅
    • 買主/消費者談判力
    • 供應商談判力
    • 替代產品的威脅
    • 產業內的競爭激烈度
  • 科技概述

第5章 市場區隔

  • 各零件
    • 解決方案
    • 服務
  • 各部署
    • 內部部署
    • 雲端
  • 各應用領域
    • 法律研究
    • 契約的與重新評估管理
    • 電子付款
    • 電子化搜尋(電子訊息披露)
    • 遵守
    • 訴訟預測
    • 其他
  • 各終端用戶產業
    • 法律事務所
    • 企業的法務部門
    • 其他
  • 各地區
    • 北美
    • 歐洲
    • 亞太地區
    • 中南美
    • 中東、非洲

第6章 競爭情形

  • 企業簡介
    • Luminance Technologies Ltd.
    • ROSS Intelligence Inc.
    • Kira Inc.
    • IBM Corporation
    • Nalytics (Nalanda Technology Limited)
    • Casetext Inc.
    • CS Disco Inc.
    • Thomson Reuters Corporation
    • Veritone Inc.
    • LexisNexis Group Inc.
    • Neota Logic Inc.
    • Brainspace Corporation
    • Smokeball Inc.
    • Text IQ Inc.
    • OpenText Corporation

第7章 投資分析

第8章 市場機會及未來趨勢

目錄
Product Code: 66597

The AI software market in the legal industry is projected to register a growth of over 28% over the forecast period 2021 - 2026. The law firms have always been at the forefront of using emerging technological advancements for productivity, efficiency enhancements, and artificial intelligence (AI) to play an integral role in supporting such initiatives. AI is becoming the next big technology for law firms. The legal sector is witnessing increased utility in its application owing to the developments and the computing capacity improvement in NLP, neural networks & chips.

Key Highlights

  • The market studied is witnessing an increase in the adoption of artificial intelligence-based solutions to the efficient management of the entire legal process. For example, in-house legal departments spend 50% of their time reviewing contracts even as necessary as a non-disclosure agreement, creating bottlenecks and slowing down business and deals. AI is helping lawyers focus their review on each contract's relevant segments, saving a significant amount of lawyer-hours.
  • Rising demand for automation in applications like eDiscovery, contract review and management, case prediction, and compliance are boosting the market's growth. The automation in contract management enhances the sales team's ability to finalize deals, improves relationships with customers, and impacts many other areas of an organization to enable companies to realize tangible value.
  • According to a survey of near to 100 law firms by real estate giant CBRE, 48% of firms are already using AI software in their businesses, and 41% have immediate plans to implement the same. The survey also found 61% of the companies are using AI to generate and review legal documents, 47% for due diligence purposes, and 42% for research.
  • According to the "2020 Legal Analytics Study" conducted by LexisNexis, about 92% of the law firms are planning to increase their adoption of AI for analytics in the next 12 months. This is majorly driven by competitive pressures such as the need to excel in the business (57%), and client expectations (56%). The survey also found that about 73% of the companies are already using AI to gain competitive insights on opposing counsel, parties, judges. About 59% and 48% of the companies are using AI to determine case assessment and case strategy, respectively.
  • The COVID-19 challenge is unprecedented, both for the economy and for aspects of the legal system. Law-firms has to prepare for a wide range of scenarios, the likelihood of which will depend on the efficient implementation of public-health- and economic-policy interventions.
  • With the increasing economic crisis due to the COVID-19 pandemic, the increasing shareholder's litigations, supplier disputes will create opportunities for the legal industry players in the future. Furthermore, distressed debt, intellectual property, and force majeure disputes will drive the growth of the market in the coming years.

Key Market Trends

Contract Review and Management is Expected to Witness a Significant Growth Rate

  • AI software is predominantly making its presence felt in the legal industry by helping and automating various tasks. AI tools are used to complete any number of contract-related tasks from clause identification and extraction to contract review and management.
  • AI is improving how firms and in-house legal departments are handling contracts by centralizing contract management through a single AI tool and automating routine tasks across the contract management lifecycle.
  • Furthermore, AI is transforming the contract review and management services in the Asia -Pacific region. For instance, One of India's leading firms, Cyril Amarchand Mangaldas, is leveraging the power of AI for contract analysis and review by partnering with Canadian AI assistant Kira Systems.
  • In October 2019, LawGeex, a significant contract review automation (CRA) provider, released LawGeex 5.0, which automates the review and approval of routine contracts incorporating customer requests in three vital areas such as accelerated deployment, data-driven optimization, and extended coverage.
  • Nowadays, AI-powered chatbot asks a series of questions before guiding users through the legal process to avoid parking tickets, sue corporations for data breaches, and even get money back when airline prices drop. According to AskCody, chatbots are 90% faster and 10% more accurate than humans at contract review.

North America is Expected to Hold a Major Share

  • North America is projected to hold a significant share owing to the rising adoption of cutting-edge technologies such as AI. Furthermore, the region has a strong foothold of vendors who provides AI software and platforms for the legal Industry.
  • Some of them include OpenText Corporation, IBM Corporation, Ross Intelligence Inc., Veritone Inc., and Neota Logic Inc., among others. In the recent past, Ross Intelligence Inc. collaborated with Jackson Lewis, one of the leading law firms in the United States, to deploy the Ross Intelligence AI legal research solution firm-wide.
  • AI is helping the lawyers improve their productivity, which is positively boosting the market's growth in the region. For example, according to lawyers for IBM Corporation, adopting AI has cut down the time their lawyers spent for analyzing the trademark search results by near to 50%. This includes algorithms that help to model the outcome of trademark litigation by analyzing a wide variety of factors.
  • AI is also used to surface previously hidden and hard to manage contractual obligations, to increase compliance, and maximize revenue. Agiloft, a United States-based player in commerce lifecycle management, partnered with Xeeva, an international provider of AI-powered procurement software, to develop a completely integrated source-to-contract experience for the enterprise customers of the company. Available in 18 languages and already in use in over 45 countries, the platform from Xeeva is built with patented AI at its core, which is integrated across the entire suite to drive superior results in organizations quantifiably.

Competitive Landscape

The AI software market in the legal industry is neither consolidated nor fragmented as many large companies and startups have made a well-established presence in the market. The market is emerging and over the forecast period. The AI software market in the legal industry is neither consolidated nor fragmented as many large companies and startups have made a well-established presence in the market. The market is emerging, and over the forecast period, the market competition is expected to be intense owing to the entry of new players. Vendors are offering solutions and platforms for different applications as per end-user industries needs. The companies are adopting numerous organic and inorganic growth strategies, such as solution enhancements, partnerships, agreements, mergers, and acquisitions, to further expand their presence in the global legal AI software market.

  • In October 2019, with the help of IBM Watson Knowledge Studio and the Watson Discovery service, QNC GmbH, a legal tech firm, was able to launch its new "digital law firm" subscription service and provide affordable, fast, flat-rate online legal services to small enterprises in Germany.
  • In October 2019, ROSS Intelligence and Clio announced an integration between their innovative AI-enabled products. Cilo is one of the significant players in the cloud-based legal technology provider. As a result of this partnership, all Clio customers will have a chance to use ROSS's Document Analyzer.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

TABLE OF CONTENTS

1 INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS

  • 4.1 Market Overview
  • 4.2 Industry Attractiveness - Porter's Five Forces Analysis
    • 4.2.1 Threat of New Entrants
    • 4.2.2 Bargaining Power of Buyers/Consumers
    • 4.2.3 Bargaining Power of Suppliers
    • 4.2.4 Threat of Substitute Products
    • 4.2.5 Intensity of Competitive Rivalry
  • 4.3 Assessment of Impact of COVID-19 on the Industry

5 MARKET DYNAMICS

  • 5.1 Market Drivers
    • 5.1.1 Growing Demand for Automation and Increasing Number of Litigations in the Legal Industry
    • 5.1.2 Growth in the Utilization of AI by Legal Companies to Complete Legal Cases
  • 5.2 Market Challenges
    • 5.2.1 Data Privacy Concerns of the Confidential and Legal Data

6 MARKET SEGMENTATION

  • 6.1 Component
    • 6.1.1 Solution
    • 6.1.2 Services
  • 6.2 Deployment
    • 6.2.1 On-Premise
    • 6.2.2 Cloud
  • 6.3 Application
    • 6.3.1 Legal Research
    • 6.3.2 Contract Review and Management
    • 6.3.3 E-Billing
    • 6.3.4 E-Discovery
    • 6.3.5 Compliance
    • 6.3.6 Case Prediction
    • 6.3.7 Other Applications
  • 6.4 End-user Industry
    • 6.4.1 Law Firms
    • 6.4.2 Corporate Legal Departments
    • 6.4.3 Other End-user Industries
  • 6.5 Geography
    • 6.5.1 North America
    • 6.5.2 Europe
    • 6.5.3 Asia Pacific
    • 6.5.4 Latin America
    • 6.5.5 Middle East and Africa

7 COMPETITIVE LANDSCAPE*

  • 7.1 Company Profiles
    • 7.1.1 Luminance Technologies Ltd.
    • 7.1.2 ROSS Intelligence Inc.
    • 7.1.3 Kira Inc.
    • 7.1.4 IBM Corporation
    • 7.1.5 LexisNexis Group Inc.
    • 7.1.6 CS Disco Inc.
    • 7.1.7 Thomson Reuters Corporation
    • 7.1.8 Veritone Inc.
    • 7.1.9 Casetext Inc
    • 7.1.10 Neota Logic Inc.
    • 7.1.11 Brainspace Corporation
    • 7.1.12 Smokeball Inc.
    • 7.1.13 Text IQ Inc.
    • 7.1.14 OpenText Corporation

8 INVESTMENT ANALYSIS

9 FUTURE OF THE MARKET